Huge plans have been announced for Richmond to grow with at least 5,500 new homes, 20 per cent more jobs and 10 per cent more businesses over the next decade.

Richmond Council has approved its draft growth plan, which sets out a framework to attract more investment, workers and visitors by 2036.

The plan sets out ambitious targets to achieve this growth over the next decade, including building more homes, workspaces and infrastructure and growing the number of jobs and businesses. Improving career progression, earnings and sustainability are also central to the plan.

The Council's finance committee approved the draft plan on yesterday (Thursday, 12 February), which will now be finalised by officers before it is launched later this year.

The specific goals of the document include meeting or exceeding targets in Richmond's new Local Plan, which was adopted in October, to build 5,500 new homes over the next decade – including 500 affordable homes.

The authority plans to work with developers to identify and unlock sites for new housing and maximise funding to deliver a "sustainable pipeline of new homes".

A total of 2,527 households were recorded on the Council's waiting list this month, with 761 families in temporary accommodation.

The plan also sets out targets to increase the number of jobs in the borough by 20 per cent, the number of trading businesses by 10 per cent and the earnings of the lowest paid by 20 per cent over the 10-year period.

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It aims to slash unemployment to pre-pandemic levels and return the borough's economic activity rate to a level consistently above 80 per cent, along with increasing the proportion of "high growth" businesses employing 10 or more people from 5.5 per cent to 7 per cent.

A new report by council officers said: "Given the headwinds faced by businesses and employers in recent years along with the impacts of technological change, particularly the likely deployment of Artificial Intelligence at scale, these are challenging targets but ones which can guide action and seek to maximise economic wellbeing for the borough."

Lib Dem Councillor Phil Giesler, business and growth lead member, told the committee the borough had a "good foundation but we can grow much further and much faster".

Cllr Giesler said: "I think this is a really important statement of ambition for Richmond as a borough and a vital move forward in terms of our overall search for growth.

"I want to make the note that, of course, we are already a successful borough in terms of our growth record. We have a good track record over the last 25 years, we're the second-fastest growing borough in London, so not to be ashamed of, but we think we can do more."

The Council aims to launch the plan later this year. It will set up a "growth coalition" to oversee the delivery of the plan up to 2036.