Richmond Council has launched a "bold" new plan to drive sustainable growth, unlock investment and create better opportunities for Richmond residents and businesses.

The Richmond Growth Plan, unveiled last night (Monday, 23 March), sets out a clear, long-term blueprint to grow the borough's economy in a way that is inclusive, environmentally responsible and rooted in the unique character of its places – from vibrant town centres to globally recognised natural and cultural assets.

Councillor Phil Giesler, lead member for business and growth, said: "This is a plan with purpose. Richmond has all the ingredients of a successful economy – talent, enterprise and world-class assets – but we need to be more ambitious in how we turn that into opportunity."

Richmond is already a strong local economy – home to nearly 200,000 residents, around 12,000 businesses, more than 90,000 jobs, and one of the country's most skilled workforces – contributing to London's position as a leading global city.

The plan sets out how the borough will build on strengths in research and development, creative and professional services, and the visitor economies, while also recognising the critical role of small enterprises and entrepreneurs.

It addresses London-wide and sub-regional challenges such as housing affordability, skills and connectivity, and positions Richmond to secure investment and new opportunities across the capital.

Councillor Giesler added: "This is about backing our businesses, attracting investment and making sure more residents can access good, well-paid jobs. We're setting a clear direction for growth that is greener, fairer and built to last.

"It builds on the London Growth Plan and the South London Partnership's 'BIG Ambition', but crucially translates these into a focused, place-based plan for Richmond – backed by delivery."

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The plan sets out ambitious targets for the next decade, including 5,500 new homes with 500 affordable homes in the next five years, a 20% increase in jobs, support for 1,500 new businesses, and action to raise incomes, particularly for lower-paid residents.

It focuses on five priority areas:

• Housing – tackling affordability to support residents and employers
• Skills and jobs – connecting people to better jobs and future industries
• Town centres and places – strengthening high streets as economic hubs
• Transport and connectivity – improving access across the borough and beyond
• A sustainable borough – driving growth in the low-carbon economy.

The Richmond Growth Plan comes at a time of increasing economic pressure, shifting labour markets, and rising costs across the capital.

A new "Growth Coalition" will bring together business, education, cultural and investment partners to unlock funding, accelerate progress and ensure benefits are shared across the borough.

Councillor Gareth Roberts, leader of Richmond Council, said: "This is a serious plan for growth – one that recognises both the scale of the challenge and the opportunity in front of us.

"Richmond already has a healthy economy, but we need more homes people can afford, better connections, and more good jobs for local people.

This plan sets out how we will deliver that – crucially working with partners to secure investment and make sure growth is felt in every part of the borough.

"Growth must work for all our communities – not just a few. That's the bottom line – and this plan is about getting on and delivering it."

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The launch event, held at York House, brought together partners from across the borough, marking the start of a coordinated effort to turn ambition into delivery over the next decade.