£500,00 Investment Proposed to Help MK Businesses Recover from COVID-19

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    The proposal comes as part of the council’s £2.25m to aid Milton Keynes local businesses recover from the impact of COVID.

    The “Green Business Fund” is open to Mk companies as well as businesses and community groups, who must prove they can develop more sustainable jobs and growth.

    Preferably, green business practices should encourage the council’s ambition for Milton Keynes to become carbon neutral by 2030 and carbon negative by 2050.

    The agreement should display how they go beyond supporting individual companies but also help MK become a much cleaner and greener city. What’s more is that the council has become particularly attentive in receiving community-based offers that benefit areas set aside for estate regeneration and renewal, as well as help for green start-ups and SMEs, green economy supply chains and skills development to support green technology.

    MK organizations have now a deadline to share their proposals up until 30 October 2020. Further information about how to submit offers can be found on the MK Council’s Green Business Recovery page.

     

    Councilor Carole Baume strongly affirms that MK is looking at the Green Business Recovery fund as a genuine boost for behavior and sustainable schemes. The recent pandemic has put unprecedented financial pressure on MK's local economy; therefore, they see it as an opportunity to help businesses stand out, recover – and do so dutifully.

    Baume also hopes they will receive a decent mix of large and small schemes, including bids that benefit some of our more vulnerable communities.

    MK board is already taking necessary measures to boost sustainable growth, including an investment of £50m to improve council homes' energy effectiveness and develop a local energy center as an integral part of the regeneration bids in the Lakes Estate.

    Local Businesses are invited to apply for "Green Business Fund" 

    As a part of its £2.25m investment to boost MK businesses recover from the pandemic, Milton Keynes Council is inviting proposals for a new £500,000 Green Business Recovery Fund.

    The investment is set and ready for MK businesses as well as business and local groups, who must prove their value by creating more sustainable jobs and growth. Ideally, green business practices such as those the hemp industry and local CBD flower suppliers should support the Council's concept for Milton Keynes to become carbon neutral by 2030 and carbon negative by 2050.

    Submissions should demonstrate how they go beyond aiding local firms and support MK in becoming a greener and cleaner city. With that said, the MK's Council is especially interested in receiving regeneration and estate renewal, as well as help for green start-ups and SMEs, skills development, and economy supply chains to support green technology.

    Youth Unemployment Surges in MK 

    Thousands more young people in MK are demanding Universal Credit than before the COVID-19 pandemic as new figures reveal.

    MK local council says younger generations will be left to pay the bill to shield older generations for years to come after suffering a great deal of damage to their job prospects and income.

    Milton Keynes's Department for Work and Pensions shows 3,448 individuals aged 16-24 in MK were on Universal Credit as of 13 August.

    The figure was more than double the 1,400 who demanded the benefit in early March, before the U.K went into lockdown, hindering a large part of the economy.

    The numbers also include individuals in work, those not working, and those on a low income because of health or caring commitments, together with those who are unemployed and seeking a position.

    MK's younger generations joined the figures of 106, 124 others in the age group across the South East who were looking for financial aid in August, up from 49,893 in March.

    Across U.K, these digits almost doubled to 938,000 over the first five months in the pandemic, with each area seeing an upsurge in the number of young Universal Credit demanders over the period.

    The Office for National Statistics ranks shows rising unemployment has hit younger generations the hardest with the number of 16 to 24-year-olds in employment across Great Britain, reducing by more than 150,000 in the three months to July.

    These figures only prove the intergenerational injustice in the Government's approach to pandemic, say, Ashely Seager, co-founder at the Intergenerational Foundation.

    Younger employees are now starting to suffer a huge blow to their job prospects and their incomes. At this point, the Government urgently needs to upscale funding for the £2 billion Kickstart scheme, meant to support job prospects for young people facing long-term unemployment while motivating older generations to protect and re-opening the economy as soon as possible.

    New Opportunities for Small Businesses and Start-ups  

    The national recession is expected to have a disproportionate effect on Milton Keynes's poorest and most vulnerable people with local unemployment level doubled since July 2020. In response, the Mk's Council has obtained on 1 September the draft Economic Recovery Action meant to:

    • Provide small businesses with access to immediate subsidized legal, tax, and other support that will help them tackle the pandemic through the Federation for Small Businesses.
    • Fund a "Wonder Lab" hub for tech tycoons and the Milton Keynes AI Development program to boost local skills in the future industries.
    • Encourage new start-ups by implementing virtual events with the Pop-up Business School, offering advice and practical aid to ambitious entrepreneurs.

    Milton Keynes Council has already sent more than £112 million during the pandemic and estimates these efforts have supported at least 30% of MK companies.

    This support has also prolonged discretionary business rates to significant arts and culture organizations, provided support, advice, and free resources to thousands of entrepreneurs, and fast-tracked the process for local restaurants, cafes, bars, and pubs to trade outside, relinquishing fees for licenses for outdoor tables and chairs. This added financial aid will allow Mk’s council to categorize additional support to those who actually need it, providing the help and skills required to return to work.

    © MKFM News 2020 

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