Another staycation surge?

The 1-minute read to get the money news you need.

Travel review

The government will reveal its report into international travel a week early, and expects to give guidance on holidays on 5th April. However, Boris Johnson has warned that rising cases in Europe mean foreign holidays look “difficult” for now. The news has fuelled a rush of interest into UK holiday bookings, with booking sites enjoying a new surge of enquiries.

TUI shutting shops

Holiday company TUI is closing another 48 shops, on top of the 166 it has already shut over the last year. Many travel firms are bracing for a second “lost summer”.

Inflation drops

The rate of inflation has dipped slightly due to discounted prices on clothing and shoes. The Consumer Price Index recorded a 0.4% increase in February, down from 0.7% in January. Prices usually rise at this time of year as the January sales come to an end - but this year, prices have been driven down by low demand.

Fossil financing

The world’s biggest 60 banks are continuing to fund fossil fuel companies to the tune of $3.8 trillion since the Paris climate agreement in 2015. A report from a coalition of NGOs reveals that fossil financing is still rising across the world - the opposite of what’s needed to combat climate change. The culprits? The US and Canada accounted for over half of the funding, and Barclays was the worst in Europe.

Scams on the rise

£34.5 million has been stolen in scams since the start of the pandemic, with 6,000 cases of coronavirus-related scams recorded by police. Internet shopping scams, which con people into giving over money and bank details, is up 42%. Bank loan scams are also on the rise, with scammers calling people up pretending to be from their bank.