The Progressive Alliance which runs Milton Keynes City Council has unveiled its budget plans for 23/24, with an extra £500,000 proposed to help families through the cost-of-living crisis.
The extra funding will ensure the City Council can continue to help residents in need this year, as the country continues to feel the impact of the economic crisis.
With interest rates soaring and real wages continuing to fall, the cash will provide a buffer so that the City Council can respond to future challenges and provide sufficient support. This could include further financial assistance for residents next winter, signposting to external support, or continuing current schemes.
Councillor Rob Middleton, Labour Progressive Alliance Cabinet Member for Resources, said:
“The cost-of-living crisis continues to have a devastating impact on local families and sadly it shows no sign of stopping. That’s why it’s important we set aside this pot of money to make sure we can provide financial support for those who need it most.”
This comes as the Household Support Fund launched by Central Government is set to finish in March 2023. The City Council was allocated money to distribute to struggling households but hasn’t been told if this scheme will continue.
Councillor Jane Carr, Lib Dem Progressive Alliance Cabinet Member for the cost-of-living crisis, added:
“Thousands of families across the city are already living in poverty, and the cost-of-living crisis will only make matters worse. The Conservative Government have left councils across the country in limbo, so we’re stepping up to provide support even if the Household Support Fund is scrapped. The half a million pounds will help us continue vital initiatives as no family should have to choose between heating, eating and debt.”
This extra funding forms part of a wider a multi-million-pound package to support people through the cost-of-living crisis including help with paying council tax, rent and energy bills.
If the budget is approved, the City Council will also launch the £250,000 Homeowner Mortgage Interest Relief Fund to provide short-term support for those who face increased mortgage payments and are at risk of defaulting.