The City of London's Policy and Resources Committee has voted to allow the Eastern City and Fleet Street Quarter Business Improvement Districts (BIDs) to proceed to ballots of levy-paying businesses for renewal of their mandates.
The committee approved the proposals on Thursday, October 22, 2026, with two votes against and one abstention for each BID. The process for businesses to vote in the upcoming ballots involves the City of London Corporation managing the ballot process and sending out ballot papers to eligible businesses. For a BID ballot to be successful, two conditions must be met: a majority of the number of businesses voting must vote in favour, and those voting in favour must represent a majority of the total rateable value of votes cast.
Both BIDs, established in 2022, are seeking approval for a second five-year term. The Eastern City BID aims to build on its first term's successes with initiatives focusing on public realm enhancement, supporting the night-time economy, and continuing cultural and community activities. Its proposed levy is 1% on businesses with a rateable value above £600,000, capped at £50,000, with an estimated investment of £28.5 million over five years. The BID levy is estimated to raise approximately £22.3 million over the five-year term, with an estimated annual BID Levy Income starting at £4,925,209 in 2027-28 (assuming 95% collection).
During its first term, the Eastern City BID has contributed to enhancing the attractiveness, safety, and vitality of its footprint. Key successes include funding the installation of 2,993 plants and 86 benches, alongside 38,524 hours of additional street cleaning and over £465,000 invested in public green spaces. They also committed £1 million towards forthcoming improvements to Leadenhall Street and Creechurch Lane. In terms of the night-time economy, they co-funded a Liverpool Street taxi marshal service and delivered the City Safe Bus outside Liverpool Street Station. Safety initiatives included supporting the City Cycle Medics initiative (271 people assisted) and a phone marking programme (3,448 mobile phones security marked). Culturally, they hosted 396 events and cultural activations that attracted over 182,000 attendees, and reactivated over 11,000 square feet of vacant commercial space to support small businesses. Furthermore, they distributed over £247,000 to 37 local charities, benefiting 4,728 individuals, and facilitated 175 corporate volunteering opportunities.
The Eastern City BID plans to continue delivering a varied and accessible programme of events and cultural activities, with greater weekend provision. They will also expand their social responsibility work by brokering volunteering and charitable giving, supporting local organisations focused on homelessness, poverty alleviation, employment and skills, and widening access to traditional City careers. They aim to create a safer, more inclusive and engaging working environment that strengthens wellbeing, connection and a sense of belonging.
The Fleet Street Quarter BID proposal focuses on themes including destination development, placemaking, community impact, and safety. Its proposed levy is 1% on businesses with a rateable value above £180,000, capped at £50,000 per hereditament, with an estimated investment of £15.3 million over five years. The BID levy is estimated to raise approximately £15.3 million over the five-year term, with an estimated annual BID Levy income starting at £2,921,323 in 2027-28 (assuming 95% collection).
During the discussion, concerns were raised about the proposed levy threshold increase for the Eastern City BID, with one councillor questioning the timing in relation to the upcoming budget. Officers clarified that the timing was necessary to meet regulatory processes and avoid a gap in BID coverage. The Eastern City BID proposes a 1% levy on businesses with a rateable value above £600,000, an increase from the previous threshold of £500,000. This means that small and medium enterprises will not be liable for the BID levy. The levy would be capped at £50,000 for properties with high rateable values. Concerns were raised about the proposed 25% increase in the levy threshold, with one councillor stating they could not support the proposal due to inflation being significantly lower (3.5%).
Concerns were also raised about the potential impact of the Fleet Street Quarter BID on the City of London Police budget, given the Salisbury development within its area. Officers stated they did not have the exact figure but noted that the corporation currently has 11 properties paying BID levies totalling £77,000 annually, suggesting the impact would be relatively small. The Salisbury Square development is a major local scheme reshaping the western side of the City within the Fleet Street Quarter BID area. It is expected to bring workers, visitors, investment, and opportunity, strengthening the area's competitive edge as a destination. The Fleet Street Quarter BID proposal aims to work with businesses, developers, and the City of London Corporation to maximise opportunities arising from major investment and development, driving further inward investment to contribute to a vibrant, connected, and commercially successful destination.
For the Eastern City BID, eligible businesses are those with a rateable value of £600,000 or above according to the 2026 ratings list. For the Fleet Street Quarter BID, eligible businesses are those with a rateable value of £180,000 or above.
