Economy grew 1.8% in May

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.

Tiny economic rebound

The UK economy started growing again in May - but only by 1.8%. That’s less than experts predicted. It means output is still 24.5% lower now than it was in February, thanks to the steep drop we saw in the early weeks of the lockdown. The Office for National Statistics (ONS) says the tiny May rebound was driven by manufacturing and house building.

90% mortgages are back

Nationwide has restarted its mortgages for buyers with a 10% deposit. You’ll be able to apply from 20th July. Nationwide is one of the biggest mortgage lenders to first-time buyers and, along with many others, had previously upped its minimum deposit requirement to 15%.

Adviser comment: "Great news for first time buyers. This could bring forward your plans for buying your first home, although lending criteria are likely to remain rigorous. Don’t forget to update your timeline when you've got your mortgage offer."

Face mask or get fined

Everyone must wear a face covering in shops and supermarkets in England from 24th July. If you’re caught without one you could face a £100 fine. This change will bring England in line with Scotland as well as many European countries.

No roaming charges after Brexit

The main phone networks have promised not to reintroduce roaming charges after the UK leaves the EU. Since 2017 you can use your minutes, texts, and mobile data for free in Europe - not like the bad old days when you could accidentally run up a bill into the thousands. But EE, Three, Vodafone, and O2 have doubled down on promises not to U-turn on free roaming policies.

Adviser comment: "This is good to see, but we still recommend that you check for roaming charges every time you go abroad."