What is a Business Improvement District?

Better Bankside is the UK’s third-ever Business Improvement District, the second in central London and the first south of the river. The legislation to create Business Improvement Districts here was only approved by parliament in September 2004.

Business Improvement Districts are fast becoming a global success story – there are thousands throughout the world, including 1400 in the US and growing numbers in South Africa and Canada.

A Business Improvement District is an independent, business-led company which seeks to improve a given location for commercial activity. Its services must always be additional to those provided by the local authority and others. Better Bankside, like many other Business Improvement Districts, has a core programme which includes Cleaning, Greening and Safety.

A Business Improvement District can only come into existence if it is approved in a ballot. If it secures this approval, it is funded by a compulsory ‘levy’ on all eligible businesses within the boundaries it has set. After five years its future must be reviewed and – if it hasn’t performed to businesses expectations it will not continue.

Better Bankside's programme is based on seven 'pledges' made during its 2004-05 ballot campaign. You can read more about the pledges here.

How does this work in Bankside?

The ballot to establish a Business Improvement District in Bankside took place in January 2005. The result was as follows:

The following businesses were eligible to vote:

• If your business fell within the Business Improvement District area (see the BID area map)
• If the total rateable values of these business premises were £10,000 or more
• If your business premises were not advertising rights, car parks or communications stations (e.g. mobile phone masts)

Following the ballot success, Better Bankside has a mandate to collect an annual ‘levy’ on eligible businesses, equivalent to 2% of the rateable value of their premises.