The oldest meat and fish markets in London, which date back 850 years, are facing permanent closure from 2028.
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.
The original plan had been to relocate the markets to a £1bn development in Dagenham, but a sharp rise in construction costs and wider inflation has forced a rethink.
Traders, who have been offered compensation, have said the move means a London tradition will be lost, with one saying "it's all about the money now".
Smithfield is the largest wholesale meat market in the UK and one of the biggest in Europe. The current iteration of the market has been trading at the site since the 1860s. Prior to that it was a livestock market, which dated back to the medieval period.
Work has already begun on turning this site into a new cultural and commercial hub, which includes the new London Museum.
Billingsgate is the largest inland fish market in the UK, with an average of 25,000 tonnes of fish and fish products sold there every year. The original market first traded in Lower Thames Street in the City in 1327, before moving to its current site in Poplar, east London, in 1982.
It provides fish to businesses including fishmongers, fish-and-chip shops, delicatessens and restaurants.
This site has now been earmarked to provide thousands of new homes.
Initially the Corporation had planned to move both markets as well as New Spitalfields in Leyton to a £1bn purpose-built site in Dagenham, however this was dropped earlier this month over cost concerns as the council had already spent £308m purchasing and remediating the site in Dagenham.
The decision to close the markets and offer traders compensation was made by the Corporation's Court of Common Council.
The Corporation will now have to file a Private Bill in Parliament as it seeks to absolve itself of the legal responsibility of running the markets.
It said traders would be able to continue their operations at the markets until at least 2028.
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