MK expected to lead country’s 2021 economic fightback
Monday 30 November 2020
Milton Keynes is expected to lead the fastest economic recovery in the country next year, finds a report published today.
MK tops the UK Powerhouse report published today and supports the Council’s vision of continuing to attract major businesses to the city, which result in good, well paid and secure jobs for local people. The study also highlights the distribution strengths in the city, driven by ongoing growth in online retail.
Earlier this year, MK Council set out a £2.25m economic recovery plan to help drive growth, create new green and creative jobs and help people into work.
The report by Irwin Mitchell and the Centre for Economics and Business Research predicts a 9% bounce back by the end of 2021 – faster than all other 46 towns and cities in the report.
The study analyses how regional economies have performed this year, and how they’re expected to perform towards the end of 2021. It reveals that the UK’s towns and cities will all be showing rapid recovery rates at the same time as the furlough scheme comes to an end in March. This is also when COVID-19 vaccines are expected to be rolled out.
Leader of MK Council, Cllr Pete Marland said: “This report is encouraging and should provide some hope to both local people and businesses who are really struggling right now. We should be under no illusions that our poorest and most vulnerable residents are being hit the hardest as a result of this pandemic.
“The findings are in line with the work we’re doing to rebuild and restore confidence in the local economy and reinforces the point that MK always comes back stronger.”
The report highlights MK’s strong track-record of rapid recovery in times of economic downturn. In the last recession, MK saw a sharp increase in economic growth in 2010, much faster than similar towns and cities of its size.