AFTER 42 happy years in a warehouse on a roundabout in Poplar, Billingsgate Fish Market may be living out its last days. The market is owned by the City of London, and it seems that the Men in Suits are putting the boot in.

It seems that Billingsgate is yet another casualty of the cost of living crisis. The market is subsidised by the City of London, which had been planning to move Billingsgate, along with Smithfield Meat Market, to swanky new premises in Dagenham fit for a 21st century market. It was hoped that both markets could have expanded and secured firm futures for themselves there. Now the City of London has decided that such a move would be too expensive and it has walked away – leaving both markets on their own and likely to close by 2028.

Billingsgate has impressive statistics: it’s the oldest fish market in London, having traded since the 18th century, and it’s still the largest. It is appreciated by the fishing industry, because it offers a central venue from which fishers can sell their catch. It is appreciated by chefs from across London and beyond, because they have a single “plaice” where they can go to source their quality ingredients. And it’s even appeciated by some of the locals, who know how to get in early and pop over for supplies they can use to fill their freezers.

The City of London has already spent £300m buying a site in Dagenham and getting it ready for building the new markets – but it looks like the City will either have to sell the site again, to recoup its costs, or develop it for another purpose (planners’ speak for “build houses on it”).

What will happen to the Billingsgate site? If the market had moved out to Dagenham, the plan was to build houses on the old site. Some of them would have been built by the City of London. Some would have been designated “unaffordable luxury flats”, included to raise the cash to build social housing on the site. But Tower Hamlets would have had a reasonabe look in, and a reasonable amount of social housing. The future of the site is now unclear.

Also unclear is the future of the traders at the fish market. The City of London have come up with some pious twaddle about hoping they can help the traders all find new premises – but that would be nothing like as convenient for those who catch the fish and those who buy it. Tower Hamlets Executive Mayor Lutfur Rahman has stepped in to save residents from cuts in services carried out by Tory and Labour Governments, but even he can’t pick up the cost of the fish market. At the moment it looks like only the Government can step in and save this regional resource: perhaps local Labour councillors and MPs can get togethe and make a joint appear for it to do so.

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