Economic Recovery Plan

 

Milton Keynes Council is providing £2.25million of funding to local groups and businesses to help drive growth, create new green and creative jobs and help people into the workplace as part of a ground-breaking COVID-19 economic recovery package. This includes a £500,000 Green Business Recovery Fund to drive sustainable recovery schemes and behaviour.

The council expects the national recession will have a disproportionate effect on MK’s poorest and most vulnerable people; local unemployment levels have more than doubled to almost 11,000 in July 2020 and unemployment is hitting young people the hardest – with the number of unemployed claimants aged 18-24 rising almost fourfold.  Almost a third of MK’s workers have been furloughed, many facing an uncertain future.

Recovery Plan

The plan covers three key areas of support:

1. Support for those who are unemployed

  • offering personalised long-term practical support to people who need the greatest help to get back into the workplace – such as young people, mums retuning to work, and the recently furloughed - via a ‘Restart Network’ run by Milton Keynes College.
  • working with cultural partners to create six Cultural Sector Traineeships and two Cultural Sector Apprenticeships to provide inclusive routes into the industry for young people. 
  • creating a 12-month programme for young people not in employment, education or training that would increase opportunities for further study, traineeships, apprenticeships and employment.

2. Growing the Green Economy

  • setting up a £500,000 green business recovery fund to help MK’s businesses develop green business practices in their recovery plans.
  • a new green job scheme where ten people will build skills in practical conservation and landscaping management.
  • dedicating £50m to retrofit council homes with green technologies alongside existing plans to install energy efficient heating systems and other improvements.

3. Opportunities for SME’s and start ups

  • giving small businesses access to immediate subsidised legal, tax and other support that will help them weather the pandemic, via the Federation for Small Businesses. More information here
  • funding a ‘Wonder Lab’ hub for tech entrepreneurs, and the MK Artificial Intelligence Development programme to develop local skills in the industries of the future.
  • support new start-ups by running virtual events with the Pop-up Business School, giving practical help and advice to aspiring entrepreneurs. More information here

 

These are just some examples of the council’s actions. The full plan can be found here: Economic Recovery Action Plan (PDF, 231KB)

Watch the Economic Recovery Plan Video.

Milton Keynes Council has already distributed more than £112 million during the pandemic and estimates this work has supported around 30% of businesses in Milton Keynes.  It has also extended discretionary business rates relief to major cultural and arts organisations, provided advice, support and free resources to thousands of business owners, and fast tracked the process for local cafes, restaurants, pubs and bars to trade outside, waiving fees for licenses for outdoor tables and chairs.

 

Last Updated: 21 October 2020