Source: ShutterstockSmithfield MarketThe future of Smithfield Meat Market, one of Londons most historic trading sites, hangs in the air following a decision by the City of London Corporation. The market, which has operated for over eight centuries, will cease trading at its current location as part of a plan to withdraw the Corporations involvement in direct market operations.The closure was confirmed after the Corporation voted to end plans to relocate Smithfield and Billingsgate Fish Market to a new 1 billion site at Dagenham Dock. Rising construction costs and inflation were cited as reasons for abandoning the project, which had already incurred 308 million in costs for site acquisition and remediation.This decision represents a positive new chapter for Smithfield and Billingsgate Markets in that it empowers traders to build a sustainable future in premises that align with their long-term business goals, said Chris Hayward, policy chairman of the City of London Corporation. By stepping back from direct market operations, we will help to create opportunities for these businesses to thrive independently.The Corporation will provide financial compensation to traders and assist them in relocating to new premises. Trading at both markets will continue until at least 2028, allowing for a phased transition.Smithfield Market, designed by Sir Horace Jones and completed in 1868, is a landmark of Victorian architecture. The site has a history of livestock and meat trading that dates back to the medieval period. Plans to convert part of the market into the new London Museum remain unaffected by the decision.The Corporation stated that it is working with traders to identify alternative sites and ensure continuity in the food supply chain. Were committed to making sure [traders] have the financial support and guidance they need to transition seamlessly and successfully to new locations, Hayward said.Billingsgate Fish Market, another historic market that has operated since 1327, also faces an uncertain future. Originally located on Lower Thames Street, it moved to its current site in Poplar in 1982. The site has been earmarked for housing development following its closure.The Corporation will submit a Private Bill to Parliament to formally end its responsibilities for operating the markets at their current sites. It also plans to continue to work with Barking and Dagenham Council to redevelop the Dagenham Dock site.While this is disappointing news, we understand the financial pressures that key investment projects are facing, said Councillor Dominic Twomey, Leader of Barking and Dagenham Council. We are committed to continue working with the City of London Corporation to unlock the huge potential of the Dagenham Dock site.