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Bosses of Peterborough’s new BID are reviewing their budget ahead of an expected fall in business rates for many shops, restaurants and bars.

It is thought a revaluation of business rates from April 1 could actually amount to a £80,000 loss in revenue for the BID (Business Improvement District) that only came into operation a year ago.

The BID is funded through the 419 businesses within its area through a 1.5 per cent levy on enterprises that have a rateable value of £15,000 or more. It is expected the revaluation, the first since 2017, will see a reduction in rateable values for many businesses.

Pep Cipriano, manager of Peterborough's Business Improvement District, is reviewing the organisation's budget as fears grow that reductions in business rates will mean a fall in income for the BID.

The Peterborough BID has an annual income of about £400,000 from which it must fund salaries, rents and other running costs as well as events and projects that it organises in the city.

Pep Cipriano, the BID manager, said: “We are in the process of looking at our budget and this will be the case for BIDs across the country.

"We estimate there will be about an £80,000 a year fall in income.

"It will not mean a change in the business plan’s objectives.

This map shows the area covered by Peterborough BID

"I see it as an opportunity to think smarter and might mean that we can do some things differently.

"We might consider looking at sponsorships or partnerships to make some things happen. We might also consider voluntary membership of the BID for businesses outside the BID area.”

The BID’s business plan, which was agreed by business leaders, focus on improving safety, organising a calendar of events, marketing the city and building a business community.

Peterborough's BID managers are braced for fall in funding ahead of rates shake up