London’s historic Smithfield meat market is to shut down for good after its operators voted to reject plans to relocate it.
The oldest meat market in the capital, which dates back 850 years, now faces permanent closure from 2028.
The original plan was to relocate it to a £1bn development in Dagenham, along with Billingsgate fish market in Canary Wharf, which will also close for good.
However, a surge in construction costs and wider inflation led the City of London Corporation, which operates and owns both sites, to reject the plan.
The corporation said it would now work with market traders at both sites to help them find alternative premises.
Traders, who have also been offered compensation, told the BBC that "it's all about the money now".
But Chris Hayward, policy chairman of the City of London Corporation, said the move "represents a positive new chapter" for the markets.
"By stepping back from direct market operations, we will help to create opportunities for these businesses to thrive independently," he said.
"We're committed to making sure they have the financial support and guidance they need to transition seamlessly and successfully to new locations."
A meat market has existed around the Smithfield site for more than 800 years.
In 1327, Edward III gave the City of London Corporation the right to run it and other wholesale food markets.
