Smithfield and Billingsgate market redevelopment plans begin – but traders’ future in doubt

City of London Corporation sets up regeneration team but has not allocated any new money for the project

Smithfield and Billingsgate food markets in London will be turned into new homes and a cultural destination under plans by their owner - but the future of the meat and fish traders housed on each site remains in doubt.

A council within the City of London Corporation, which is responsible for running the capital's Square Mile, has voted to task a team to oversee the regeneration of 28 hectares (70 acres) of land across Greater London. However, it has not allocated any new money for the project.