This bronze sculpture of a herdsman driving his sheep to market (Paternoster) was created by Elisabeth Frink and is located in Paternoster Square in London, close to St Paul’s cathedral.
Badly bombed during WW2, the area was re-built after 1961 to a plan by William Holford. That development wasn’t popular and was demolished in 1996 and then re-built to a design by William Whitfield.
The statue was commissioned for the original post-war Paternoster Square complex in 1975 and was replaced on a new plinth following the redevelopment. It probably commemorates a livestock market in the area. However, Paternoster means “our father”, and the shepherd and his flock are used symbolically in Christian belief, so given the proximity to St Pauls I wonder whether it is meant to have some religious meaning?
Down by the Dougie 
It is not far from Smithfield, where the livestock market was before the meat market. It also reminds me of the drovers who I wrote about recently! http://dianajhale.wordpress.com/2013/05/28/food-and-the-city-retracing-londons-drovers-roads/
But you are probably right about a religious significance.
Hard to imagine all those sheep wandering around in what today are busy urban streets full of traffic, stockbrokers, bankers and tourists!