Richmond Council will spend £200,000 a year on helping to get the town's economy back on its feet.

At Thursday's Finance, Policy and Resources Committee (September 10), councillors unanimously approved proposals to help at least 125 unemployed residents, 200 businesses, 50 start-ups, and seven local business associations.

The priority will be the extension of the Workmatch service which is currently operating in neighbouring Wandsworth.

This would help connect local jobseekers and businesses looking to recruit.

Money would also be given to provide advice to businesses and support start-ups in the borough, particularly those in the hospitality, arts and entertainment sectors.

More junior level staffing in the council will provide support for the town centre and businesses from December, to help get the project going.

The £199,000-a-year project is in addition to the government's grant funding of £175,408 for the reopening of high streets safely.

Unemployment benefit claims

The report noted that if the borough's high levels of unemployment caused by the pandemic continue, it could damage the borough's high streets.

It said there has been a 162% increase in benefit claims since March. The count for 18 to 24-year-olds has increased by 229 per cent.

In addition, 23,800 residents have been furloughed and there is a general expectation that at least 10 per cent will be at risk of redundancy when government support ends.

Sharp hit to Richmond's economy

Richmond's finance lead, councillor Robin Brown, warned the pandemic will have "a significant recessionary impact".

He added: "While being an affluent borough, Richmond will not be immune."

Officers predict it will be more difficult to collect council tax as pressure mounts on residents' income.

Alongside the council's extra spending on adult social care and children's services due to the pandemic, the council also expects to have to make some savings, including more home working and better contract management.

The Medium Term Financial Strategy also looks at the potential use of £10 million of reserves over the next three years.

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