THE future of York’s Newgate Market is under scrutiny – with the possibility of it staying open at night being considered.

Members of City of York Council were given a tour of the market as part of the bid to keep it alive during the troubled financial climate.

The authority has heard that, while the market is expected to lose £31,500 this year, that shortfall is still almost £60,000 better than the previous year’s figure. It forms part of a review of the market’s operation which includes looking at whether the space it occupies can be used at night.

Figures showed that the market was expected to earn £448,500 by the end of the financial year, a shortfall of £31,500. That compares with the market’s loss of almost £90,000 during 2008/9, and the struggles it faces have led the council looking at ways of supporting traders.

A report on the issue stated: “Actual income has fallen short of target for a number of years now, following a trend of reduced stall take-up and a national decline in the popularity of open markets.

“It is anticipated a rent freeze for Newgate Market for 2010/11, a revised – more realistic – base budget, plus consideration of further initiatives, will help market management achieve their target in the coming financial year.”

The way forward for Newgate Market is being considered as part of the council’s city centre action plan, which will consider whether its profile can be raised by allowing the space to be used at night.