Waltham Forest launches economic recovery plan

The London borough of Waltham Forest has launched its own economic recovery to help local businesses in the aftermath of COVID-19.

As well as paying out more than £40m in grants to nearly 3,000 businesses and introducing a ‘rent holiday’ for businesses in council property, the local authority is reimagining public spaces so its high streets are in the strongest position to start trading again.

The council has also produced a High Street Recovery Action Plan detailing these proposals and is committed to rebuilding its economy around a green agenda, with the aim of a carbon neutral future.

In addition, the London borough is introducing a Rapid Jobs Brokerage service to help connect employers to local residents and provide practical support for those who may have recently lost their jobs, are at risk of being made redundant.

To help businesses adapt to new challenges, the council is providing a toolkit of support which will encourage residents to spend locally and is expanding its business directory to showcase and promote the borough’s businesses and their services.

The council said it also plans to accelerate homebuilding by bringing forward investment and sites to deliver over 700 new homes, 350 of which will be affordable. Approval was recently given by cabinet to the preferred investment approach to regenerate the Avenue Road Estate, potentially delivering 550 homes.

The London borough will work with key transport providers, including Transport for London and Network Rail, to ensure local transport is safe and to enable social distancing. In addition, the local authority will continue to secure the investment needed to deliver upgrades to Leyton Underground and Walthamstow Central stations, reducing overcrowding and increasing accessibility.

‘For Waltham Forest to continue to be a successful place we need to maintain confidence for residents, businesses and investors so both our local economy and the people who live here prosper,’ said cabinet member for economic growth and housing development, Cllr Simon Miller. 

‘With this challenge also comes opportunities – people will live much more of their lives locally, and we are well placed to be a place to live and work with everything on your doorstep. 

‘This Action Plan, with its intervention and support, will create an attractive offer where local people and investors make an active choice to use their spending power locally, motivated by the impact this has on making their area an even better place and supporting local people, many of whom are also local business owners,’ he added. 

Photo Credit – Composita (Pixabay)