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@Oliver Schick
It's hard now to retrace their logic, but essentially it was to deter through motor traffic from using Hoxton Street too much, and to introduce car parking along Hoxton Street.
We're campaigning for something like it (bus and cycle-only gate on the bridge, which would have much the same effect as a purely cycling and pedestrian-only space) but we need all the help we can get, so come along to a meeting sometime if you want. The current position of the Broadway Market Traders' and Residents' Association is not to support the idea. We argue that it would benefit BM commercially if this change were made. The next step is a shoppers' survey in Broadway Market, particularly to gather data on the weekday profile of shoppers, which is what the traders and shopkeepers are nervous about. BM doesn't perform terribly well during the week. Our argument is that this is precisely because of the excessive motor traffic, reducing its strength as an attractive local centre, but it's always very difficult to make this case to people who have little experience of such changes.