Global growth forecasts slashed

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.

Coronavirus hurts global growth

The Organisation for Economic Co-operation and Development (OECD) has said coronavirus is the “gravest threat” to the global economy since the 2008 financial crash. It has cut its predictions for this year’s global growth from 2.9% to 2.4%, the lowest in over a decade. However, if we see the worst of it by the end of this month, the global economy could bounce back and grow 3.3% in 2021.

No sick pay?

The government is due to publish its coronavirus action plan today, and trade unions are warning that it must include statutory sick pay for gig economy workers. Workers who don't get paid sick leave would face the choice of self-isolating and going without pay, or continuing to work with possible symptoms.

US trade deal

A post-Brexit deal with the US could boost the UK economy by up to 0.16% over the next 15 years. That’s based on an extensive model developed by the government. The same model predicts that our GDP would tank by 7.2% over the same time period if we don’t secure a deal with the EU. Talks with the US are expected to get underway later this month.

Car insurance bills rising

If your car is kitted out with gadgets like parking sensors and keyless ignition, it probably costs more to repair. Electric vehicles are also pricier to fix than their petrol and diesel counterparts. Spiralling repair costs are driving up car insurance premiums (paywall): the average rose 6.6% to £503 in the last quarter of 2019.