Brexit prep cost billions

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.

Brexit receipt

Prepping for Brexit cost UK taxpayers £4.4 billion according to the public spending watchdog. The National Audit Office (NAO) has said this is a minimum estimate for costs between June 2016 and the end of March 2020, and the real number could be a lot higher. Why the uncertainty? Apparently the data is pretty hazy on the details.

(Not) feelin’ Peachy

Payday lender Peachy has gone bust. It had been struggling to make ends meet since the Financial Conduct Authority (FCA) started clamping down on the short term loan business. It’s bad news for customers who were mis-sold one of Peachy’s high-cost loans, as administrators have warned many claimants will get less compensation than they applied for.

No solace for cinemas

Cinema stocks have been shot down after it was announced the new Bond film, No Time to Die, will be delayed for several months (paywall). Cineworld saw its share price drop by 24% before rallying slightly. The spectre of coronavirus could also affect release dates of other major films, as concerned cinema goers stay away.

Coronavirus cancellation refunds

It hasn’t happened yet, but the government has said it could cancel or restrict large-scale gatherings like concerts and sports games in a bid to slow the spread. If you bought your ticket through an official seller, you should get a full refund. Some events may also offer replacement tickets for a different date. A word of advice: get everything in writing so you have a record of your request.