£350 billion "lifeline" for economy

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 bail out package

The chancellor has announced a £350 billion bundle to shore up the ailing economy. The bail out includes £330 billion earmarked for state-backed loans for all businesses - that’s 15% of UK GDP. It also promises grants for pubs and retailers, a business rates holiday for some companies, and a mortgage holiday for some homeowners. Chancellor Rishi Sunak promised the UK will get whatever it needs during this "economic emergency" unprecedented in peacetime.

Mortgage holiday, you say

Banks have said they’ll let customers delay mortgage payments for up to three months. Want one? You’ll have to apply, and only those in “difficulty” will be approved. Buy-to-let mortgages don’t appear to be included in the scheme. Taking a three-month mortgage holiday won’t affect your credit score and you won’t risk your home being repossessed. However, interest will still rack up as normal and for now it’s only a short term solution.

IR35 delayed

Buried in the chancellor’s statement was the news that IR35 will be delayed. The controversial tax reform was due to come into force in April, but has been pushed back by a year. Self-employed workers have expressed relief about the postponement, which should make it easier to get work and get paid.

Pub in a box

Trust pubs to innovate a comeback to the government’s latest social distancing advice. Punters who want to support their local will be able to visit East London's Signature Brew while self-isolating as their pub in a box includes all the usual pub comforts: pints, beer mats, a quiz, and snacks. The sticky carpet is sure to follow.