London Bankside awaits approval for £14m injection into local business development

London’s Bankside neighbourhood could see a substantial investment into local business growth and expansion over the next five years if a new development manifesto is approved this autumn.

The manifesto, put forward by Business Improvement District (BID) Better Bankside, has outlined plans to inject £14m into 20 major development projects, sustainability initiatives and an increase in workforce by 2030.

Better Bankside is a non-profit organisation funded by over 1,000 local businesses and organisations such as Tate Modern, Borough Market and Shakespeare’s Globe.

The five-year plan is subject to approval by Bankside businesses on 29 November.

Nicole Gordon, chief executive of Better Bankside, said: “We are in a unique position to deliver agile solutions for our 1,000 member businesses.

“A ‘yes’ vote on the 29 November will lock-in a £14m investment for our neighbourhood, allowing us to work together in creating a stronger, greener and happier Bankside.”

Better Bankside was established in 2005 as the UK’s first BID, founded with a mission to improve services identified by local businesses in its designated district.

There have since been 300 BIDs implemented across the country.

The Better Bankside manifesto outlines several key areas for improvement, including the enhancement of local workforces through new training programmes and “greener” initiatives to build on the success of previous programmes.

The Southwark Climate Collective programme, for example, was established in 2022 and secured over £1m to help hundreds of Southwark businesses decarbonise operations.

Mayor of London Sadiq Khan said Better Bankside’s work has continued to “drive London’s economic growth”.

Khan added: “Transport for London, London Fire Brigade and the Greater London Authority have offices based in Bankside and our staff are benefiting from the improvements, including bike hubs, green spaces and recycling efforts in this vibrant part of our city.

“Better Bankside is a trusted partner in the development of a London-wide business climate action initiative. By helping to reduce carbon emissions, it’s supporting London to achieve our net-zero goals as we work to build a fairer, greener London for everyone.”