A £3 million Emergency Fund has been created by Richmond Council to provide urgent support for residents and businesses.

The scheme is launching under the brand of a red umbrella to symbolise efforts to shield the local population from what is the biggest squeeze on household finances for at least 50 years.

The Council is committed to working with key partners including the local voluntary sector, such as charities supporting the elderly.

News emerged as new increases in energy bills are due to come into effect tomorrow – October 1 – with the cap on tariffs rising and so adding over £500 to the typical annual household of for heat and light.

Despite the cap announced by the Government, the average household with typical use of gas and electricity will be paying £2,500 a year – double the level of last winter.

Separately, residents face rising food costs, higher rents and mortgage bills.

The funding was approved by the Council's Finance, Resource and Policy Committee and then ratified by the Full Council on Tuesday.

Approving the budget now is designed to ensure any requirements for urgent action can be taken quickly rather than being bogged down in red tape.

Council officers have carried out an audit of support already on offer to identify gaps and determine what else can be done.

The Council will continue to work closely with voluntary sector partners and other organisations to understand the impact of the crisis on residents and businesses, ensure support across the borough is coordinated and make sure help is easy to access through effective signposting.

Significantly, the Council has also launched its Cost of Living Hub https://www.richmond.gov.uk/services/cost_of_living_hub - to signpost residents to both national and local support.

The Hub includes information about money, bills, food, housing and home improvements, employment, family and childcare, mental health and general advice. It also features a special calculator to help residents work exactly what financial help they may be entitled to.

All residents in Richmond upon Thames will receive a leaflet through their letterbox in the next 10 days, outlining this support.

Council Leader, Gareth Roberts, said: "The cost of living crisis has been looming like a dark cloud over the summer. The reality is now here and people need help.

"Fortunately, careful financial management over the past few years has meant the Council has good reserves and is able to allocate some of this to making sure people are able to eat well and stay warm this winter.

"There is already a huge amount of support being offered to residents and work is being done as part of the Council's and our partners' usual business. In addition to this, we are developing plans to meet additional needs.

"This will require a lot of ongoing analysis and engagement with communities, to understand the impact of the crisis on our residents here in Richmond upon Thames, and to map out what 'help' means in practice.

"For some of our residents, these are familiar challenges, for others, financial uncertainty maybe a new experience.

"Whatever your circumstances, if the current situation means you find yourself unable to cope financially, there is help and we are doing everything we can to make sure the huge amount of information about support, help and advice is easy for you to access and navigate.

"Please make sure you take time to look at our Cost of Living Hub, use the helpful calculator, and sign-up to our e-newsletter to make sure you are kept aware of any news initiatives we announce."

Cost of Living Hub - https://www.richmond.gov.uk/services/cost_of_living_hub