HS2 hoodwinked government?

Monday 6th January

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.

Runaway train costs

HS2 will connect London to the Midlands but the cost of it could spiral out of control, according to the former deputy chairman of the government's independent review into the infrastructure project. Lord Tony Berkeley believes parliament were “misled” on the estimated costs, which could now be three times the original proposal. A massive £107 billion, not the £34 billion estimated in 2012.

Fewer entry-level jobs?

2020’s graduates and school-leavers might struggle to find work amid a stagnating entry-level jobs market. Employers are planning to recruit just 2.7% more first-time jobbers this year than they did in 2019, according to the Institute of Student Employers (ISE).

Let’s all move to Grays

Want to work in London and live cheaply? The Essex town has been revealed by Zoopla as the most affordable for commuters, averaging £15,008 for a mortgage and train season ticket. Hotspots for other cities? Newport, Wolverhampton, Dunfermline, and Wigan.

Central banks printing money

The world’s top central banks will attempt to kick-start economic growth in 2020 by printing digital money to use to buy up assets as government bonds. This process, known as quantitative easing, aims to keep inflation low to make life cheaper for consumers, and encourage borrowing by keeping interest rates low. European, Japanese and US central banks are expected to buy up $500 billion worth of debt (paywall) this year, but the Bank of England has put plans on hold amid high levels of uncertainty.

Motor industry slowdown

The number of new cars registered in the UK last year dropped to its lowest level since 2013, as buyers opt to hold onto their old vehicles instead of going for new models. The Society of Motor Manufacturers and Traders (SMMT) published the findings and claim the cause is a mix of low consumer confidence and confusion over clean-air legislation.