Agenda item

Report of the Director of Markets & Consumer Protection.

The Committee considered a report of the Director of Markets and Consumer Protection seeking approval for the 2015-18 Business Plan of the City of London’s Wholesale Markets.

The Director of Markets and Consumer Protection prefaced discussion by advising Members that the Superintendent at New Spitalfields Market would be departing the Corporation in June to take up an offer of employment elsewhere. Consequently this would be his last meeting; Members thanked the Superintendent for his efforts over the years.

A Member referred to the lease negotiations at New Spitalfields Market mentioned in the business plan, asking if there had been any impact on the financial position in respect of ongoing losses. It was advised that no relevant figures were yet available in terms of financial movement as the process had only recently been concluded, but a cost analysis would be undertaken for next year.

It was asked why the figure for income in 2015/16 was lower than the forecast outturn for 2014/15; the Director advised that he didn’t have the detail to hand but would report back to the Member following the meeting.

A Member made reference to the ongoing Crossrail station construction around Billingsgate, asking why the Market’s works couldn’t have been undertaken simultaneously to minimise the period of disruption to traders. It was clarified that the vast majority of Crossrail construction works took place outside of trading hours so any disruption was minimal; it would also have been prohibitively difficult logistically to coordinate works with Crossrail.

RESOLVED: That the Business Plan for 2015-18 be approved.