One in five London street markets expected to go bust

Sorry, no compatible source and playback technology were found for this video. Try using another browser like Chrome or download the latest Adobe Flash Player.

Sorry, video is not available for your device…

One in five London street markets expected to go bust
25th November 2014

A fifth of London markets are said to be at risk because of poor management.

There are 90 markets in inner London and 54 per cent of those are run by local councils.

The Greater London Authority has released a report that states by 2032 council market closures could affect more than 1,300 jobs.

In the next 18 years,  20 per cent of markets are estimated to close.

A new report calls for failing local authority run street markets to be privatised to become competitive and sustained.

Conservative Greater London Authority member, Gareth Bacon was the author of the report, he states: “My projections show that if current trends continue, we’ll lose one in five by about 2030. We need to avert this disaster by easing the pressures felt by market traders and managers. Transferring all failing council markets to private control would help introduce new avenues of investment, and allow traders to take control of their own markets.”

 Gareth Bacon, joined Headline London to explain his reports findings.

More in Talking points

Nigel Farage urges Ukip unity as he declares: 'We want our...

Farage tells fellow Ukip members to put 'country before party' during the EU referendum campaign

Nigel Farage mocks David Cameron with 'piggy in the middle' jibe

Ukip leader jokes about claims that the PM put his genitals in a dead pig's mouth during an initiation ceremony at Oxford University

Where Scotland is headed as the dust settles from the referendum

The national psyche of Scotland has shifted - but what does this say about the future?