649,000 lose their jobs

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.

Payroll shrinks in lockdown

The number of workers on payroll in the UK has fallen by 649,000 since March. The Office for National Statistics (ONS) also said total hours worked per week has dropped by 16.7% to 877 million hours - the biggest drop since records began in the 70s. However, it's likely we won’t feel the full impacts until October, when the furlough scheme ends.

Adviser comment: "If you’ve lost income and are struggling to pay your debts or bills, we strongly recommend that you talk to the lender or provider as soon as possible. You may be able to agree an alternative plan which does not result in a failed payment."

Shot in the arm for markets

Global shares, including the FTSE 100, soared yesterday after promising developments towards a coronavirus vaccine. A trial being run at the University of Oxford and backed by drugs firm Astrazeneca is expecting to give an update this week, and an early trial by Moderna in the US has had some success too.

Adviser comment: "Some people may benefit from short term gains, but in general these gains are replacing the losses many people saw as a result of the virus in the first place. It is important that investors only take risks that they understand and are comfortable taking. Our in-app risk quiz will help you determine your own risk appetite."

Cheaper Nandos

The government’s promised VAT cut has come into effect, saving businesses money. Pret, Nandos, and KFC have all said they’ll pass the savings onto us, announcing price cuts on menu favourites. A latte now costs 35p less, a quarter chicken is 55p cheaper, and you can save a whole £1 on a sharing bucket.

Twitter bitcoin hack

You might have seen a tweet yesterday from Barack Obama, Elon Musk, or Kanye West asking you to send bitcoin, and promising to send twice as much back. Some of the world’s wealthiest people had their accounts hacked, and around 200 people transferred cryptocurrency before the tweets were deleted.