Deepest recession ever

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.

Deepest recession on record

The Bank of England has warned that the UK economy could shrink by up to 14% this year, which would be the biggest annual decline on record. Its predictions are based on lockdown measures being phased out from June. To try and support the economy, the base interest rate will stay at its current record low of 0.1% and the Bank's £645 billion quantitative easing programme announced last month will continue.

Parents’ money worries

People who have young children are twice as likely to be struggling for money than their child-free counterparts. 51% of parents of under-11s say they’re worried about making ends meet, according to a survey by London universities. Campaigners are calling for an increase to child benefit payments to help struggling parents.

O2 and Virgin merger

There’s going to be a new giant on the digital block as O2 merges its mobile business with Virgin’s broadband and entertainment offering. The result? A new £32 billion telecoms player.

Bike sales boom

More people are taking to the saddle to avoid catching coronavirus on public transport. Cycle-to-work schemes, which allow employees to claim a tax credit on a bike for commuting, have seen a 200% increase in orders from key workers. Many bike shops are struggling to meet the new surge in demand for new bikes and repairs of old ones.