Government's "astonishing failure"

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.

There was no plan

The government failed to prepare for the economic impacts of a possible pandemic, according to parliament’s financial watchdog. A report by a committee of MPs from all political parties has said that economic plans were drawn up “on the hoof” in mid-March. Back in 2016 the government simulated a flu pandemic in a planning exercise that involved 950 officials - but no one thought to tell the government departments who are responsible for the economy.

Adviser comment: "A big learning moment for the government and it's good to see this report coming out so early. Whether it be governments or individuals, we should all be planning for the ‘what ifs’ in life. Check in to see if we recommend any protection products for you."

Stagecoach misses commuters

The UK’s largest bus company has said coronavirus will have a “lasting effect” on commuting*. Stagecoach is currently relying on government funding to continue providing bus services for key workers. It has warned it doesn’t know how long it will be before it can start turning a profit again.

Wirecard boss rearrested

Markus Braun, former chief executive of Wirecard, has been arrested again on suspicion of committing fraud. Braun stepped down from the company last month after billions were reported missing from its accounts. Wirecard collapsed shortly afterwards, leaving thousands of UK customers locked out of accounts that relied on its technology.

DIY boom

Brits have gained confidence with DIY in lockdown, causing sales of paint, power tools, and plants to boom - they’re up 18.7% on last year*. And that’s given Kingfisher, which owns B&Q and Screwfix, the confidence to follow the lead of Primark and John Lewis and decline the government’s furlough bonus.