It's bounce back time

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.

Bounce back loans launched

Starting today, small businesses can apply for a loan of up to £50,000 that is fully guaranteed by the government. There are no fees, interest or repayments for the first year. They’ve been dubbed “bounce back” loans and the government has said they’re quicker and easier to apply for.

Bills surge in lockdown

Everyone is spending more time at home, and it shows. Energy bills are set to rise by a third, meaning the average household spending £32 per month. With families working from home, streaming and gaming more, and cooking most meals, metre readings are off the charts.

Final salary transfer warning

Last year, over 200,000 people swapped their final salary pension schemes for a more flexible - but riskier - final contribution fund. The Financial Conduct Authority has warned that many of them were badly advised. Lots of savers have seen their pension pots lose value* in the current downturn, just months after giving up the security of a final salary scheme.

Rent freeze?

Over 1 million renters are at risk of losing their income, and should be protected with a rent freeze. That's according to thinktank the New Economics Foundation (NEF), which says many people have been made redundant or seen their hours cut rather than being furloughed, and will struggle to pay their rent. It’s calling on the government to suspend all private rents for three months.