730,000 jobs lost

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.

Job losses

At the latest count, 730,000 people have been taken off company payrolls since the start of lockdown. The youngest and oldest workers have been worst affected, along with people in less skilled jobs. The new figures from the Office for National Statistics (ONS) also show a 117% increase in the number of people claiming benefits - now at 2.7 million - over the same time period.

Adviser comment: "We've been expecting this news, but that doesn't make it any less devastating for those affected. This is why it's important to have an emergency fund in place to help you in difficult times."

Spending almost back to normal

We spent just 2.6% less than usual last month, according to Barclaycard and the British Retail Consortium. That’s the smallest gap since lockdown began, as many shops, pubs, and restaurants reopened their doors in July.

Eat out to help out

Restaurants and cafes have dished up 10.5 million discounts in the first week of the “eat out to help out” scheme. The government says diners have saved a tasty £5 per person, on average. The scheme's designed to boost footfall to struggling high streets.

Scam victims treated unfairly

People who lose money through scams are being treated unfairly, and many never see their cash again, according to consumer group Which?. It’s pushing for banks to do more to protect customers. Payment scams, which hack email accounts and convince people to send money to dodgy accounts, have soared recently.

More in the bank

If the UK economy slows, the Bank of England will step in with more quantitative easing. The Bank released its latest figures last week, predicting a recession and that unemployment could double. In an interview, Deputy Governor Dave Ramsden said it would accelerate support if it’s needed.