The markets, which have been a vital part of the capital’s food and restaurant scene, are set to close in 2028 after the City of London Corporation announced its council had voted to cease trading.
There had been plans to relocate the markets to a new £1bn development in Dagenham but they have now been scrapped with The City of London saying that a rise in projected costs due to factors including inflation and the increasing cost of construction had made the move unaffordable.
Instead it says it will provide financial compensation to traders at the markets, reported to be worth more than £300m.
Smithfield’s meat market is believed to be the oldest market in the world. Its current site was built in 1868, designed by architect Sir Horace Jones, who also designed Billingsgate market when it was redeveloped in the 19th century.
Billingsgate was relocated to its current site in Canary Wharf in 1982.
Traders will be able to continue their operations at both markets until at least 2028.