Government to pay wages

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.

Wage subsidies coming?

The chancellor Rishi Sunak is expected to announce new measures today to help companies pay workers, after business leaders warned that they’re on the brink of collapse. Similar action has already been taken in other European countries, where governments have stepped in to help pay wages and prevent people losing their jobs.

(Another) interest rate cut

The Bank of England has slashed the base rate to a record low of 0.1% (paywall). That’s the second rate cut in 10 days. It also announced a £200 billion package of quantitative easing, meaning they’ll print extra new money in order to buy up government bonds and other assets. The news cheered up the FTSE 100 share index, which rose 1.5% yesterday afternoon.

Supermarket sweep

Competition laws will be loosened to allow the big supermarkets to work together to keep their shelves stocked. Without the usual price competition, they’ll be able to share data, cooperate on keeping the doors open, and share depots and delivery vans.

Co-op is hiring

The Co-op supermarket has said it’s creating 5,000 new jobs to help provide employment for out of work hospitality staff. It’s fast tracking applications so that successful candidates can start within days.