Better Bankside, one of the UK’s first Business Improvement Districts (BIDs), has received an overwhelming vote of confidence for another five-year term following a decisive YES vote from local businesses. Votes were cast by 51% of Bankside businesses (including world famous institutions such as Tate Modern, Borough Market and Shakespeare’s Globe) during a month-long ballot, with 91% in favour of Better Bankside’s ‘SAY YES TO BETTER’ manifesto for the vibrant London area. The BID renewal secures £14million in investment for Bankside, driving the BID’s focus on tackling city challenges innovatively in partnership with its member businesses to build an economically stronger, greener, and happier Bankside.
Better Bankside’s mandate has grown stronger with each five-year ballot, reflecting increasing confidence local businesses have in the BID’s delivery and its positive impact. Since its inception in 2004, when 75% voted in favour, each subsequent ballot has revealed greater support. In 2009, 86% of voters backed the BID, followed by 88% in 2014. By 2019, this approval reached 92%. The latest 91% yes vote sustains this resounding endorsement of the BID’s ability to drive transformation in Bankside.
Better Bankside’s new mandate will continue to build a resilient and inclusive local economy, prioritise green initiatives and invest in the wellbeing of Banksiders. The three pillars of its plan are:
1. STRONGER – delivering a range of initiatives to support Bankside’s investability and its attractiveness to a growing workforce, boosting the area’s economic strength
2. GREENER – delivering innovative projects and services to cut carbon, reduce waste, improve air quality and boost biodiversity
3. HAPPIER – supporting businesses to achieve their ESG goals, and using networks, to create opportunities for all sectors of the community, co-creating a feelgood place with a unique sense of belonging
(See further details in below notes to editors, with the full manifesto available here: https://betterbankside.co.uk/say-yes-to-better/#manifesto)
The specific programme of projects and services to be delivered by Better Bankside during its new 2025-30 term will be co-designed in partnership with its member businesses in early 2025.
Nicole Gordon, CEO of Better Bankside, expressed her excitement about the renewed term: “We are thrilled to have such a strong backing from Bankside’s business community. The ballot has been an incredibly affirmative process, and the rich and meaningful conversations we’ve had with our diverse mix of businesses, will shape the programme for the next five years.
“The work starts here, we look forward to putting our plans into action and delivering our best ever programme for 2025-30.”
Better Bankside’s new BID term comes at a crossroads for this lively, hugely creative and diverse London area (known as ‘London’s Other Side,’) which after 20 years of evolution, is about to embark on a further period of growth. With 20 major developments in the pipeline and a significant increase in its workforce predicted by 2030, the BID and its focus on delivery through local partnerships and relationships, will be critical for maintaining and preserving Bankside’s treasured cultural identity and unique streetscape.
The Business Improvement District (BID) model is more important than ever. They are uniquely placed to broker and develop a new form of best practice for urban areas. By being more embedded in their local communities, BIDs are better attuned to their needs and can be more responsive in bringing about local improvements.
Better Bankside’s 2025-30 5-year term will begin on 1 April 2025. Its levy of 1.13% of businesses’ rateable value*, is ringfenced to deliver the projects and initiatives to benefit the Bankside area and its member businesses.
