Romford's historic Sunday market has moved a step closer to being axed.
Havering Council's cabinet approved its budget for 2024/25 on February 7, amid the local authority's funding crisis.
Included within its proposals was the axing of the town's Sunday market - first earmarked in November.
Fees for market pitches could also increase as part of the plans to address the council's reported £32.5 million budget gap, forecasted to rise to £81.9 million over the next four years.
A section 114 notice, that would essentially declare Havering bankrupt, has been mooted unless a £54 million loan can be secured from the government.
Ray Morgon, Havering Council leader, said: “This is undoubtedly the toughest budget we have ever faced.
"We do not have enough money to cover the rapidly rising costs and demand for social care and housing those who are homeless," he added. "This is forcing us to make some difficult decisions."
RELATED NEWS: Havering Council may seek private investment into Romford Market
Cllr Morgon said lack of government funding, inflation and reduced income had been significant factors in the budget shortfall.
On February 28, there will be a full council meeting where the budget will face final approval.
After a consultation in which almost 4,000 people responded, the Sunday market axe and increased pitch fees were among several proposals to save money and raise income.
Other measures included reducing the cost of Christmas lights and trees, dimming lights on main roads and reviewing children's centres and libraries.
Cabinet also approved the raising of council tax by 4.99pc, but rowed back on plans to introduce charges at the borough's parks car parks.
But even if cost-saving measures such as the market axe go-ahead, Cllr Morgon warned that the section114 notice will be issued unless the government loan is provided.
"Elected councillors would no longer have any control over spending plans, and the government could drastically cut back on services, and sell all our council assets," Cllr Morgon added.
"It once was the best market and has the potential to get back to that. Think of the community and traders that will miss out," he posted.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here