Peter Williams, CEO of Better Bankside in London, talks about how Business Improvement Districts (BIDs) can influence change on a local level and foster urban regeneration, reports Planning & Building Control Today.
Planning & Building Control Today writes:
The major political events of 2016 are being interpreted as a protest against globalisation, the power of large corporations, and the concentration of power and resource in fewer hands. Across the developed world public services are under increasing pressure, and growing numbers of the population are complaining that they aren’t sharing in the proceeds of growth. It is evident that debate is overdue at the macro level.
What is happening through Business Improvement Districts (BIDs) and other initiatives at the local level can feed into that debate. BIDs operate within a defined area in which a levy is charged on all business rate payers, to fund a programme of projects and services which will benefit businesses in the local area. They have been operating globally for more than 30 years and across the UK for over a decade.
A BID gives businesses the means of identifying and funding priorities for the place where they are located. They are a powerful tool for directly involving local businesses in local activities and allowing the business community, local authorities and other stakeholders to work together to improve the local environment. Through aligning the interests of these different sectors, BIDs can realise new forms of resource to aid cities’ liveability.
