A DECISION on how much shop rents should increase at Oxford's Covered Market is imminent, say traders.

They are hoping the arbitration process involving four stores will lead to a settlement with the city council and avoid 50 other stores being individually assessed after months of dispute.

But the council says it is pressing ahead with the arbitration process for all 54 stores.

In December, some traders at the historic market claimed their businesses were under threat because of the prospect of massive rent increases, ranging between 30 per cent and 200 per cent.

Businesses are suffering as the economic slowdown reduces the number of customers, and there is competition from street markets.

Michael Feller, who runs M. Feller, Son and Daughter organic butchers, is facing an 80 per cent rise, taking his annual rent from about £31,000-a-year to £55,000.

He said: "The footfall has been getting progressively worse over the past few years because there is nowhere for shoppers to park and the market is steadily dying.

"The council knows very well we are earning less out of the job but it keeps on demanding these increases.

"We are hanging on by the skin of our teeth and the council needs to do more to protect the Covered Market or there will be no independent traders left."

Richard Alden, chairman of the Covered Market Traders' Association, who manages Hayman's Fisheries, added: "We think there will be a decision shortly on the four test cases, which looks at the case of one trader from each avenue, and we hope these will be binding.

"If the council insists on all traders going through arbitration instead of the four test cases then we believe that would be a total waste of taxpayers' money.

"The average food trader can't afford the rent increases that are being proposed and there is a danger that the market will lose all its food traders, and therefore lose its character. It's not a bijou sort of market."

Louisa Dean, a spokesman for Oxford City Council, said 54 rent reviews were currently subject to arbitration.

She added: "We are expecting a decision shortly and will stand by the adjudicator's decision, whatever he decides. His decision will be final and binding on both sides."

Many traders claim the market is being neglected by the council - pointing to a leaking roof and the fact that they had to pay £60 each for Christmas decorations.

Graham Jones, spokesman for the Oxford High Street Traders' Association, said: "The Covered Market is independent, different and unique to Oxford and the council is in danger of losing if it continues to take too tough a line on rents."