Future of London welcomes new BIDs

On Thursday, 5th May, Future of London and research partners Rocket Science held an event to showcase three new central London BIDs and consider the impact they might have on their areas.

Following the launch of The Evolution of London’s Business Improvement Districts in March, Future of London director Lisa Taylor and report authors Jo Wilson and John Griffiths were joined by Ruth Duston, CEO of BID consultancy Primera Corp to discuss the Cheapside, Hatton Garden and Farringdon & Clerkenwell BIDs. The event was hosted by Alan Baxter & Associates, a member and supporter of the new Farringdon BID.

While all three BIDs are close together, they have very different characteristics:

  • Cheapside, established in 2015, includes London landmarks St Paul’s and the Bank of England, as well as the Cheapside high street, One New Change shopping centre and a network of small streets with cafes and restaurants. The BID will be able to use approximately £2.5m of levy income over its five-year term.
  • Farringdon & Clerkenwell was established in 2016 and is home to London’s design quarter. It will have around £1.5m to spend over 4 years, and includes the new Crossrail station at Farringdon.
  • Hatton Garden will go to ballot on 16 June. If successful, it will generate around £600,000 to improve Leather Lane market and the specialist jewellery quarter surrounding it.

Cheapside, Hatton Garden and Farringdon business improvement district

Ruth Duston spoke about her experiences with Victoria and Northbank BIDs and outlined some of the benefits in terms of leveraging investment and supporting business growth. Both Northbank and Victoria BIDs have also had a significant impact on public realm and are supporting green infrastructure initiatives to plant more trees and improve air quality. To achieve this, the BIDs have worked closely with local businesses, external consultants, Westminster council and Transport for London.

The event finished with attendees suggesting what changes they might like to see from the three new local BIDs. Popular suggestions included better infrastructure for walking and cycling, healthy food initiatives, and stalls for small businesses outside stations.

See the presentations from the event here: