About EC BID
In February 2022, the Eastern City business community voted to establish a formal Business Improvement District (BID) in the area, after the success of its predecessor – the EC Partnership.
Business Partnerships and Business Improvement Districts give a voice to business communities – championing local priorities and ensuring the right people are at the decision table. Businesses understand that together they can be stronger; lobbying on big, strategic issues that impact on their commercial performance and ability to grow. This is not a case of the private sector plugging public sector funding gaps, but genuine collaboration and collective action.
A BID operates in 5-year terms. Through mandatory business levies and voluntary contributions, the BID will raise over £20 million during its first term, which will fund a range of strategic and operational projects anchored by the ESG agenda.
The BID’s programme will focus on:
- A Sustainable District: our commitment to supporting the City of London Corporation’s strategy for achieving net zero by 2040. This covers everything from major public realm enhancements that seek to reduce vehicle congestion, improve air quality and increase the quantum of green space, to exploring area-wide renewable energy networks, lobbying for continued investment in our public transport system and providing businesses with the tools and knowledge they need to initiate their own positive change.
- An Evolving District: working patterns across the City have undoubtedly changed and in order for the commercial ecosystem to thrive we need to reach new audiences and diversify what this part of the capital has to offer. Working with key stakeholders we’ll be delivering a significant programme of cultural events and installations to enliven our public spaces and empty properties.
- Our Community: enhancing the experience of the Eastern City for our businesses, their staff and customers. This involves promoting our diverse retail, leisure and hospitality occupiers, providing additional street cleaning, supporting local charities/community initiatives, organising wellbeing events for staff and delivering a variety of projects around safety, crime reduction and resilience.
- Promoting the Eastern City: this part of the Square Mile is home to over 80,000 jobs with economic output in excess of £11 billion per year – it’s recognised globally as a commercial powerhouse. To bolster this reputation, the BID works to position the area as a global pioneer, setting the blueprint for what’s needed in a world-leading central business district.
What is a BID?
BIDs are established via a ballot of eligible businesses and if successful a small levy is charged and the money raised is then invested into local projects and programmes developed through collaboration with the business community. There are now more than 60 BIDs across London, and are five in the City: the Cheapside Business Alliance, Aldgate Connect BID, Fleet Street Quarter and Culture Mile BID.
The Eastern City BID is one of the biggest BIDs in the UK, able to have a transformational impact in the area and be a powerful force for good in the Square Mile.
