High hopes for central London BID

One of the country's wealthiest Business Improvement Districts (BID) — where pubs and other firms fund schemes to improve their local area — is being launched in Victoria, London.

BIDs support local projects by charging firms a levy on their business rates if more than 50% of them opt in.

The Victoria BID launches on 24 June and will see 170 firms contributing 1% of their rates. This makes it one of the highest-earning BIDs, because of high rateable values locally.

Projects currently being planned include deploying an army of pedestrian guides armed with local knowledge to advise visitors, commuters and tourists.

There are also special events in the pipeline to boost visitor numbers, including the Pimlico Proms, the Circus Big Top and Victoria in Harmony.

Nicola Harper, general manager of JD Wetherspoon at Victoria train station, chairs the "safe and secure" committee for the Victoria BID. The group is expected to look at serious issues such as homelessness, and liaise with the police and the Security Industry Authority.

She spoke highly of the BID: "I think it will have a tremendous effect on the commercial aspect of the area.

"There's going to be a much wider recognition of what's available. It can only be a benefit for the hospitality industry."

BIDs last for five years, after which time businesses vote on whether to renew them. Jacquie Reilly, a director of the National BIDs Advisory Service, said nine have been renewed since the economic downturn began.

"Nobody has much spare cash, but businesses see BIDs as an investment and are trading better because of them," she explained.

Ruth Dutson, chief executive of the Victoria BID, was also enthusiastic: "The BID will bolster Victoria as a central location, enriching its sense of place within the heart of Westminster."