Agenda item

Report of the Director of Markets and Consumer Protection.

The Committee considered a report of the Director of Markets and Consumer Protection regarding a future Strategic Review of the City’s Wholesale Markets.

The Deputy Chairman stated that the review objectives should make it explicitly clear that the suitability and long-term sustainability of each site as well as the potential consolidation of the markets would be covered.

A Member commented that the report did not provide any real detail on cash flow and how, for example, a new site might be purchased and built on whilst continuing to maintain the existing sites. The Members went on to question whether the Policy and Resources and Corporate Asset Sub Committee should also be sighted on this report from the outset.

The Deputy Chairman confirmed that the report would be submitted to the Policy and Resources Committee in due course and that there was already dialogue with the Chairman and Deputy Chairman of Policy and Resources on this matter. Members noted that the Markets Committee had sought to undertake a similar review approximately 14 years ago but that this had been rejected by the Policy and Resources Committee. Members wanted to ensure that this would not be repeated before any costs were incurred.

In response to a question regarding costs, the Director reported that there had been no costs associated with producing this initial report except for Officer time. He was now looking at the necessary budget for the actual review and discussing how this might be funded with the Chamberlain.  

RESOLVED – That, Members approve the draft Specification for the Review of the City of London Wholesale Markets.