The corporation, which owns and operates the central London site of the centuries-old market, had this month put on hold relocation plans to a new £1bn site in Dagenham to review the "financial sustainability" of the planned move.
The Court of Common Council, the main decision-making body for the corporation, voted yesterday to pull out of running the sites.
A market has existed around the Smithfield site for more than 800 years. The corporation was given the right to run it and other wholesale food markets in 1327 by Edward III.
The current market site was built in 1868, designed by the architect Sir Horace Jones, who also designed Billingsgate when it was redeveloped in the 19th century. The UK's largest inland fish market was moved to its current site in Poplar in 1982.
The corporation said it would provide compensation to traders, who will be able to continue their operations at the markets until at least 2028. Compensation could total more than £300m, according to the Times.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Peace deal
What will the agreement entail?
'I felt the scapegoat' Bellingham laments media treatment on England duty
Jude Bellingham has said he felt the \"whole world crumbling down on me\" after being mistreated and made a scapegoat for England's defeat in the European Championship final.
United spent £8.6m sacking staff in drive to cut costs
Manchester United spent £8.6m on redundancies in the first quarter of its financial year due to Sir Jim Ratcliffe's drive to reduce the workforce from around 1,000 by 250, the club's latest accounts show.
Slot says contract dispute may be bringing best out of Salah
Khephren Thuram on his father Lilian's activism, what Thierry Henry always told him, and facing Aston Villa
Saka leads Arsenal's charge to blast away doubts on the road in Europe
This was some response to charges of being shot shy. Arsenal's lack of cutting edge on foreign trips had been the pre-match talking point but it turned out they had saved up a hiding for the continent's form team.
City stunned by late fightback as Guardiola's winless run goes on
Manchester City's losing sequence is over - just. But they are still a listing ship that can go down at any moment.
Kerr breaks new ground coaching men at Hearts
Shelley Kerr will lead male player development at the Edinburgh club
'He's a cool cat' Special Bethell ready to pounce on Test debut
Test debutant has impressed everyone from a young age but can he carry off batting at No 3 against New Zealand?
West Brom deny Isidor and hold out for draw
Sunderland extended their unbeaten run to 10 games but, as the smattering of gentle boos that greeted the final whistle testified, it was most certainly not a cause for celebration on Wearside.
George in the groove and ready to rock for England
Manchester United left-back was never going to let rehab end her dream and hopes for a Wembley bow against USA
