‘World’s oldest surviving market’ running for 1,000 YEARS will close down as costs spiral

A MARKET thought to beryllium the oldest successful the satellite volition adjacent down aft moving for astir 1,000 years.

City of London bosses had planned to determination Smithfield nutrient marketplace to Dagenham connected the Essex border.

But they person contiguous scrapped the £1billion determination amid spiralling costs.

Smithfield volition not beryllium moved to the caller determination pursuing the U-turn - but it volition inactive adjacent down.

An insider told The Times: "The full marketplace determination has been catastrophically mismanaged."

But 1 trader said: "I’ve been moving present for 30 years, and it's been astir to adjacent for 30 years - truthful I’m taking it each with a pinch of salt."

Meat traders astatine the cardinal London marketplace could get much than £300million successful compensation, it is reported.

The marketplace volition enactment unfastened until "at least" 2028 aft the City of London Corporation voted to unopen it this afternoon.

Traders person sold meat successful and astir modern-day Smithfield since earlier 1000AD.

A medieval clerk described it arsenic "a creaseless tract wherever each Friday determination is simply a celebrated rendezvous of good horses to beryllium sold".

The clerk added: "In different 4th are placed swine with their heavy flanks, and cows and oxen of immense bulk."

Former customers see novelist Charles Dickens, who described its "filth and abdominous and humor and foam" successful Great Expectations.

Now officials privation to crook Smithfield into a "mixed-use taste development" lodging the Museum of London.

But 3 apical lawyers person warned the Corporation's determination could beryllium "unlawful".

In a letter, they said: "Understanding the societal and economical value of the existing markets is captious to immoderate determination by the tribunal to abolish them.

"As is the societal and economical implications of doing so.

"The nonaccomplishment to person this accusation disposable would, we are concerned, beryllium unlawful."

But the Corporation said its ain lawyers are "satisfied" the determination is legal.

City of London seat Chris Hayward said: "People are eating little nutrient and fish.

"An expanding magnitude of commercialized is handled straight online and we recognize that a bulk of traders volition proceed with their businesses.

"The spot of the markets has ever been successful the traders, not the buildings."

The Corporation has already splashed retired £308million moving the market.

Last twelvemonth traders were fixed £115million successful compensation aft Smithfield's poultry marketplace shut.