Watling Market faces an uncertain future after Barnet Council said it was seeking to relinquish control of the 71-year-old Burnt Oak institution.

Council leader Mike Freer said the market was failing' and taking up money better spent on core council activities'. The announcement came after the remaining seven stallholders in the market were informed last Saturday by the council that their weekly rents would be increasing by up to 50 per cent. In its heyday, the market had 100 shops and stalls.

The traders have accused the council of failing to advertise and take care of the market, and say the rental hikes are a deliberate attempt by the council to discourage traders and effectively shut down the market. They are also angry they were given only one week's notice of the price increase.

Mr Freer said: "We can't subsidise these things at the expense of core council services and it is a failing market, though I'm not really sure why. We are talking to outside bodies like traders' associations to see if we can get local organisations to run it instead.

"I'm happy to listen to traders and find out what it is they want."

Mr Freer defended the rental increases, saying they had not gone up since 1999, but admitted it had been a mistake to give only one week's notice: "They are quite right to be angry about that - that's fair criticism."

The council agreed at a meeting on Tuesday to defer the increased rates until April, rather than this Saturday as originally planned.

Mary Dawe, who has run an underwear business at the market for 31 years, will see her weekly rent rise from £29 to £43 - a steep enough increase to put her out of business, she claims.

She said: "I can remember when the market was so busy you could hardly walk through but the council has let it get so bad."

Katia Gimmi, who runs a pet accessory stall with her brother, Remo, and mother, Michele, will see her weekly rent rise from £38 to £75. "We can't afford the rent so we have to go," said Michele.

Watling Market, in the car park off Barnfield Road, is open every Saturday from 8am to 4pm.