Flybe heads to departure lounge

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.

Flybe’s bust

The airline has gone into administration, putting over 2,000 jobs at risk. After narrowly avoiding collapse last year, Flybe failed to secure funding and has suffered a sales slump due to coronavirus. It’s telling customers not to go to the airport unless they’ve booked onto an alternative flight. People who went through a travel agent or paid on a credit card might be able to get their money back for cancelled flights.

Climate demands

The Investment Association has called for all publicly traded companies to publish plans for managing the threat of climate change. The influential group has £7.7 trillion under management between its members. It’s worried that shareholders could lose money if companies fail to adapt their business models to deal with the impacts of global warming.

Coronavirus sick pay

The government has confirmed that workers who are self-isolating with suspected coronavirus will be given sick pay from day one. Generally, statutory sick pay doesn’t kick in until the fourth day of absence. The emergency legislation has been brought in to avoid people going to work with symptoms just because they can’t afford to miss work.

Bank on the move

The new boss of the Bank of England is planning an escape to the country (paywall) for the bank in a bid to break away from its perceived London bias. The central bank is headquartered in the capital, but will start to move some operations and staff into other towns and cities.

Fraud on the up

Fraud involving bank branches hit a record high (paywall) in the first six months of 2019, despite a massive effort to prevent it. The first half of last year saw customers hand over £24.2 million cash to scammers after withdrawing it from branches. Over £100 million of scams have been stopped since 2016, but some say banks still aren’t doing enough.