Better Bankside wins second five-year term in business ballot

Better Bankside was established by a ballot of businesses five years ago to improve the area for local workers, residents and visitors.

This week the 460 businesses in the Bankside area voted overwhelmingly for another five year term, with 86 per cent in favour.

In the original ballot in 2005 75 per cent voted in favour of the BID, which is funded by a levy on business rates in the area.

The result represents 68 per cent turnout in terms of rateable value and 52% turnout in terms of numbers.

"Businesses indicated that in the current recession delivering value for money is a key consideration," says Peter Williams.

"We have found ways in which to maintain service levels while lowering the levy by 38 per cent. This result is an overwhelming vote of confidence in our ambition to make Bankside a world-class place to work, live and visit."

The ballot extends the life of Better Bankside Business to 2015 and expands the area from 300 businesses to 460 taking in Union Street and the area of Borough High Street around Borough Underground Station.

The result means that the extra security and cleaning services, recycling and travel promotions will continue.

Better Bankside is based at the Bankside Community Space in Great Guildford Street.

Businesses in the London Bridge area will later this year vote on whether Team London Bridge should win a second term. SE1's third BID, the Waterloo Quarter Business Alliance, will hold a ballot early next year.