Chetwoods confirmed to the AJ that work on the megaproject planned for the former Barking Reach Power Station had stopped.The City of London Corporation bought the Dagenham site for around 125 million in 2018, but voted last week to absolve itself of continuing to operate both Smithfield and Billingsgate markets and to ditch the Dagenham relocation plan, saying the move had become unaffordable.The corporation confirmed that a private meeting of its Court of Common Council on 26 November ratified a decision to end its interest in co-locating the wholesale food markets of Smithfield and Billingsgate to a new site at Dagenham Dock.AdvertisementChetwoods had revealed outline proposals for the new wholesale mega-market set to be the largest in the UK in a January 2020 consultation, and submitted a planning application in June 2020. Source:Google Earth As well as modern, sustainable facilities for market tenants, the Dagenham site would have provided a training school for market traders and food workers in Barking and Dagenham.This week a Chetwoods spokesperson told the AJ: In line with the City of London Corporations public statement, consultants have been asked to pause work on the project.In a statement, the City of London Corporation said the decision to scrap the plan reflects a careful balance between respecting the history of Smithfield and Billingsgate markets and managing resources for this project responsibly. Source:Shutterstock Smithfield Markets planned move to Dagenham has been scrappedIt said the move had become unaffordable after project costs rose due to a number of external factors, including inflation and the increasing cost of construction.AdvertisementThe corporation said it was providing financial support for traders at Smithfield and Billingsgate, to help them relocate to new premises. Traders will continue their operations until at least 2028, the corporation confirmed.New Spitalfields Market can continue operating in its current location, according to the corporation, as it has more modern infrastructure and a longer operational life.Smithfield meat market has occupied the same site near Farringdon since the 10th century. The Museum of London has now taken over the site for its new 337 million home, which is scheduled to open in 2026.The New Spitalfields fruit and vegetable market moved out of the city to Leyton in 1991, while Billingsgate fish market relocated to the Isle of Dogs in 1982.Chetwoods plans would have consolidated the three markets into one new site at Dagenham Dock.The City of London Corporation had previously described Dagenham Dock as the only viable site to secure the long-term futures of the markets.