The Markets Board of the City of London Council met on Wednesday, 7 October 2026, to discuss updates on market operations, energy usage, and business plans. The Board was asked to approve the continuation of the tenancy-at-will for the East London Mushroom Collective and was notified of updated car park tariffs for Smithfield Car Park.

Public Updates from General Managers

Updates were received from the General Managers of Smithfield, New Spitalfields, and Billingsgate Markets. Daniel Ritchie, General Manager of Smithfield Market, reported that staffing levels were back to full complement following the recruitment of a cleaner, though permission to recruit a market constable was still being sought. Cleaning standards were noted as improving, despite the ongoing challenges of maintaining cleanliness at the site. The introduction of bird-netting across Buyers Walk and the refurbishment of public toilets were highlighted. Emma Beard, General Manager of New Spitalfields Market, noted that the solar project was in its final commissioning stages and that the emergency lighting replacement project was complete. Julia Kanji, General Manager of Billingsgate Market, reported that cleansing standards remained high and that energy performance and efficiency were a key focus, with the market engaging with the City Corporation's Energy Team on a new utilities management platform.

The Markets Division Business Plan Update

A report on the Markets Division Business Plan for 2026/27 was presented, detailing progress made during the first quarter (April-June 2026). Key performance indicators (KPIs) were reviewed, including outstanding debt as a percentage of total invoice income, market occupancy, and waste diversion from landfill. While outstanding debt was slightly above target at 1.61%, occupancy remained strong at 97%. The waste diversion targets were being met, with 51% of waste being recycled. The report also noted a £150,000 overspend against the projected net expenditure budget for the first quarter. Henry Pollard, a member of the Markets Board, commended the team for excellent figures regarding outstanding debt, suggesting they were an exemplar for other corporation departments.

The City Surveyor's Wholesale Market Risk Update

This report provided an overview of the risk management procedures within the Markets Division, ensuring they met the corporate Risk Management Framework. Key departmental risks with a score of 8 or above were detailed, including the extended operation of Smithfield and Billingsgate Markets, transport risks at Billingsgate, New Spitalfields, and Smithfield, health and safety risks at Billingsgate, and building maintenance management at Smithfield. The risk of condenser water failure at Smithfield had been elevated to Amber 12 following recent issues. Mitigating actions for these risks were outlined, with a focus on maintaining infrastructure, developing strategic contingency plans, and ensuring ongoing safety measures.

Energy Update

An update on energy, cost, and carbon-related matters was presented. Unit prices for energy had reduced in the 2025/26 financial year compared to the previous year, although standing charges had increased. Water prices had risen by an average of 33% in 2025/26, with further increases anticipated. A new software, Etainabl, was being implemented to provide greater visibility of costs and consumption. The City Corporation's Power Purchase Agreement (PPA) had provided the markets with £2.9 million in credits since its inception in January 2023. While total energy consumption had reduced at Smithfield Market, it had marginally increased at New Spitalfields and Billingsgate, partly due to warmer weather and staff turnover. Carbon emissions across all sites had reduced compared to the baseline year. Emma Bushell, Assistant Director – Head of Energy & Sustainability, highlighted ongoing actions to drive down energy consumption, including mechanical and controls issue rectification at Smithfield, boiler control upgrades at Billingsgate, and the installation of a solar PV system at New Spitalfields.

Smithfield Car Park Tariffs and Charges

This report outlined a three-year pricing strategy for visitor parking charges and resident season tickets at Smithfield Car Park, aligning with changes agreed for other City Corporation car parks. From 1 April 2027, hourly tariffs for electric and hydrogen vehicles will increase to £4.75, petrol/diesel/hybrid vehicles to £6.10, and other vehicles to £8.50. Annual resident permits will be reduced to £600 in 2027, with subsequent annual increases of 5%. A significant change noted was that residents of the Barbican Estate would no longer be eligible to apply for a resident permit in these public car parks from 8 September 2026, to address capacity and policy alignment issues.

East London Mushroom Collective

The Board was asked to approve the continuation of the tenancy-at-will for the East London Mushroom Collective at New Spitalfields Market at a peppercorn rent until January 2028. The Collective operates a sustainable, container-based mushroom farm, using upcycled waste materials and zero-emission vehicles for delivery. This initiative supports the City Corporation's Corporate Plan ambition of Leading Sustainable Environment. The space occupied by the Collective is approximately 1,500 square feet and has limited alternative commercial utility due to its location and operational restrictions. Continuing the peppercorn rent represents a Benefit in Kind, valued at approximately £12,000 per annum, but supports an operation aligned with the City Corporation's sustainability objectives. The Board was asked to approve the continuation of this arrangement.