3 million out of work?

Get straight to the good stuff every day with the Multiply Minute; a lightning-quick round-up of the money news and how it affects you.

Coronavirus job losses

Unemployment could hit 10% by the end of the year, according to the National Institute of Economic and Social Research (Niesr). Under that prediction, more than 3 million people would be out of work. Niesr’s forecast is one of the most pessimistic about the winding down of the furlough scheme, which will end completely in October.

Tourist hotspots hit worst

UK towns that rely on tourism have been worst affected by job losses since the start of the lockdown. Analysis by Labour shows that 65% more people are claiming Universal Credit than in other areas. Brits are now flocking to National Parks and the seaside for summer staycations - but for some businesses it’s too little, too late.

Amazon Fresh

The online giant is taking on the supermarkets with free same- or next-day food deliveries in London and the home counties. You have to be a Prime subscriber and spend at least £40 to get free delivery. Amazon has said it wants to bring its online grocery service to millions of people by the end of the year.

Bank dividends back?

Banks may be allowed to pay dividends to investors from January. They stopped all shareholder payouts when the coronavirus crisis started, but the Bank of England is considering plans to enable the banks to restart the payments.

Adviser comment: "Dividend payments up to a total of £2,000 per tax year are covered by a little known ‘Dividend Allowance’, which means that if you receive small amounts of dividends (both UK and foreign) you don’t need to worry about tax"

Lights, camera, action

TV and film production companies can start shooting again, thanks to a £500 million insurance fund set up by the government. Movie makers were struggling to get insured. They can access the fund as long as half their production budget is spent in the UK.

Adviser comment: "Investments that are solely focused on helping the funding of film production are usually high risk investments and only suitable for investors with the highest risk appetites."