Bloxwich and Willenhall market traders face 42 per cent rate rise

Rents across the two markets facing an increase range from £12 to £16 a day - due to rise by £5 in order to generate more than £44,000 as the council looks to make £25 million in savings.

The council is also looking at reviewing how the market service is run in order to ensure it does not cost them anything.

As part of this, bosses are considering letting another organisation take control of the three markets it currently controls, which includes Walsall market.

The plans, to be discussed at a cabinet meeting on Wednesday, come despite Walsall Council officers warning it could force some traders to leave.

Tony Larner, chairman of the Market Traders Association for Walsall, said: "Obviously, we are aware that the council has to make cuts and save money but we have been dragged from pillar to post over the last four or five years.

"Traders are really on the bread line and they have had to put up with all sorts.

"I don't really think now is a good time to introduce an increase in rates for us.

"We have heard rumours about the council considering breaking its ties with the markets, but you always hear rumours."

He added: "We fought a few years ago to make sure we stayed under council control and that is still the case.

"We want to work with the council but we do feel we need a bit more support."

Meanwhile, Walsall market is set to be downsized following a £1.75 million investment from the council to build a permanent pitch around The Bridge area, which is scheduled to be completed next year.

The market will be downsized to 70 stalls, but include a food zone, and be capable of trading for seven days a week.

Stalls will also be demountable so when the market is not operating it can act as a public open space.

Councillor Adrian Andrew, the council's regeneration boss, said that 'everything has to be considered' as the council look to battle cuts.

He said: "It isn't a new idea to think about getting the private sector involved with a market, Bescot is doing well as a result of that for one example.

"At the minute, there are no concrete plans to move away from our markets but everything has to be considered.

"In terms of the rates, this is just one example of the effects the challenges we are facing will have.

"We wouldn't be doing our duty as a council if we didn't look at every possibly opportunity to improve our financial situation.

"Our commitment to the market traders is clear from our near £1.75 million investment in a new Walsall market, there aren't many places where a new market is being built in this country."