Traders in Oxford's Covered Market yesterday vented their frustrations to shadow chancellor George Osborne as they continue to feel the financial pinch.

Mr Osborne, a former Magdalen College student, was invited to Oxford by Paul Sargent, one of two Conservative city councillors, to meet market workers.

Mr Sargent was seeking Mr Osborne's backing for the Conservative group's campaign to revitalise the historic Covered Market, which dates back to 1772.

One of the shops Mr Osborne visited was The Cake Shop, where he bought some marzipan fruits.

Owner Sally Davis told the Oxford Mail she was facing a 51 per cent increase and added: "It will be a massive struggle but we are determined to keep going and we are diversifying and doing more corporate supplying.

"The council is demanding this massive rent rise but it does not put any money back into renovating the market.

"There are about 100 light bulbs that don't work and the toilets for staff are awful."

Fifty-four individual traders are undergoing a rent review with their landlords, Oxford City Council, and some revealed they were looking at "astronomical" increases.

Sandie Griffith, from Jemini Flowers, told Mr Osborne she was facing a rent increase of more than 100 per cent, from £25,000 to £57,000 and is considering selling off some floorspace.

She said: "In the past, the council was more reasonable when it negotiated, but now it wants the Covered Market to be a trendy arcade featuring only high street names."

Mr Osborne, a regular at Georgina's café when he was an undergraduate, said: "Oxford is a special city and you do not want it looking like every other high street in Britain.

"I have heard some horror stories from traders about crippling rent rises being imposed at a time when the economy is slowing."

Richard Alden, chairman of the Covered Market Traders' Association, who manages Hayman's Fisheries, added: "We want a level playing field for traders in terms of rents because a market like this needs butchers, bakers and flower sellers - it can't be all coffee shops."

In 2002, traders ended a four-year row with the council over proposals to increase rents.

Councillors eventually sanctioned a rent increase of about 20 per cent to the traders in the market.

The agreement, brokered by the Labour administration, followed a lengthy stand-off between the previous Liberal Democrat-Green leadership and the traders.

Shey Cobley, a spokesman for the city council, said: "The arbitrator's awards on four (out of 54) of the Covered Market rent reviews have now been published.

"The settlements, which are binding on the traders and the council, vary and are all at rent levels between those suggested by the council and those offered by the traders.

"The remainder of the rent reviews are now under consideration by a separate arbitrator. The result of his deliberations are expected in a few weeks."

Mr Sargent said: "The traders are facing astronomical rent rises and there has been no investment in the market for many years."