50 million jobs at risk?

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.

Tourism under threat

Up to 50 million people working in travel and tourism could lose their jobs as a result of the global coronavirus outbreak, according to the World Travel and Tourism Council (WTTC). New figures today suggest that the sector could shrink by 25% in 2020. Airlines, cruise ships, insurance companies, and others are struggling as people abandon holiday plans and some countries impose travel bans.

Spending to hit £1 trillion

Public spending will be at its highest level ever by the next election (paywall). Following the Budget yesterday, think tanks have been analysing the chancellor’s promises. The Resolution Foundation said government spending will top £1 trillion for the first time, and the Institute for Fiscal Studies (IFS) said as a proportion of the GDP it will be the highest since the 1980s.

Cash-for-ash report

An inquiry into Northern Ireland’s botched green energy scheme will be published today. The scandal started in 2012 with the UK-wide renewable heat initiative (RHI) which was meant to encourage switching from fossil fuels to renewables. But it turned into a runaway spending spree that eventually led to the collapse of power-sharing in Stormont in 2017. The report is expected to criticise the politicians and civil servants involved, including leader of the DUP Arlene Foster.