I think your first question answers the whole problem.
Why are they there and what purpose is it that they serve at all?
The Market Square is "Pedestrianised", so very little traffic should be using that particular access to Bridge Street. The Junction has good, clear, all round visibility from all directions so there are no "Blind Spots".
Vehicles covered by the "Except for Access" clause exiting from Market Square can well wait for a gap in the traffic on the main road as they do at all ather junctions on the main road all of which are busier.
Failing that then simply reversing the "One Way" system there would mean no traffic exits there.
Pedestrian Operated Lights would easily create a safe crossing point for people on foot.
Animals I like, people I tolerate.
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