Correction: November 28, 2024 ​An earlier version of this article incorrectly identified the music ensemble for which Simon Rattle is a conductor. It is the London Symphony Orchestra, not the London Philharmonic Orchestra.

The trouble with capitalism is it has no soul. It only values what can be measured in currency, which means that less tangible qualities – such as beauty, nature, civic pride or historical meaning – are not factored into the balance sheet.

Smithfield meat market and Billingsgate fish market in London are set to close and be turned into cultural and housing developments

London's historic Smithfield meat market is at risk of being closed for good at a vote in the City of London. The City of London Corporation, which owns and operates the site, has previously planned to relocate the market and Billingsgate fish market to a new £1 billion development in Dagenham.

It is shortly after 4am in central London and a fleet of white transit vans is pulling into parking bays. Porters bent double against the driving rain are rattling supermarket trolleys to and fro across the cobbles,

The City of London Corporation has shelved plans to relocate Smithfield and Billingsgate fish markets to a £1 billion development in Dagenham.

Two of London’s most famous markets — one selling fish, the other meat — are set to close in the coming years, bringing an end to traditions stretching back to medieval times

Smithfield meat market, near St Paul's Cathedral, and Billingsgate fish market in Canary Wharf are to be closed after the City of London Corporation voted to withdraw support for them. The Corporation said it would now work with traders to help them find alternative premises.

Smithfield Market, located near St Paul’s Cathedral, has been trading for over 800 years. However, the City of London Corporation announced on Tuesday that the council voted to cease operations. Billingsgate Fish Market will also meet the same fate.