The popular World Party which takes place in Croydon every year is to be replaced by a Caribbean and African festival.
The event - that marks the 200th anniversary of the Act of Parliament which abolished the slave trade - has been long campaigned for and will be staged as part of the borough's traditional summer festival hosted by Croydon Council.
The council said they have chosen Saturday, July 14 - which would have been the date for the World Party - to highlight the significance of the anniversary.The annual Asian Mela festival will be staged the following day.
Councillor Enley Taylor, cabinet member for community cohesion, customer and organisational services, said: "We are really excited by the idea of staging a Caribbean and African-themed festival in Croydon to commemorate the 200th anniversary of the Act which abolished the British slave trade.
"The event will be designed so that people can enjoy themselves while at the same time reflecting on some of the struggles experienced by black people in the past."
A bid for lottery funding has been submitted by the council to support commemorative events, and other ideas being considered to mark this bicentenary include using it to raise awareness of contemporary slavery, including human trafficking.
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