The City Corporation’s principle decision-making council has voted to deposit a Private Bill in Parliament on 29 November to relocate Billingsgate and Smithfield wholesale markets.
The City Corporation will invest around £1bn directly into Barking and Dagenham to regenerate 42 acres of industrial land into a modern wholesale food market.
Relocating the Smithfield meat market will also pave the way to reinvigorate the existing site near to the Farringdon Elizabeth Line station.
The site will become home to the new London Museum, and cultural and commercial space.
The land at Canary Wharf that will be unlocked by relocating Billingsgate fish market could provide around 2,000 homes and other social infrastructure.
Chairman of the City Corporation’s Policy and Resources Committee, Chris Hayward, said: “Our investment in delivering modern, environmentally-sustainable wholesale markets in Barking and Dagenham will boost the economy across east London, supporting jobs, skills and training.
“The existing Smithfield Market site is at the heart of our vision for Destination City, where the new London Museum will showcase the capital’s rich culture and history to millions of visitors.
“Relocating our markets will help ease traffic and improve air quality in inner London, while unlocking land at Billingsgate for new housing.”
The new market at Dagenham Dock is expected to open between 2027-2028.