Less shopping, more furlough

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.

We're shopping less

Retail has reported a gloomy set of figures for last month. Sales suffered a 27% fall in the last two weeks of March, after non-essential stores were forced to close under lockdown. High street retailers Warehouse and Oasis have gone into administration this week, and with the government expected to extend lockdown, there could be more to come.

More furlough

Good news for anyone who was between jobs when the epidemic hit: an extra 200,000 people will now be eligible for the job retention scheme (paywall). Anyone who was made redundant after the 28th February, or who started a new job and had been paid by the 19th March, can now be furloughed with 80% of their wages paid by the government.

Brexit extension?

The head of the International Monetary Fund has called for an extension to trade talks between the UK and EU amid the economic uncertainty caused by coronavirus. Yesterday, the government announced three rounds of remote negotiation with the EU. But unless a deal is agreed, the UK and EU will trade on World Trade Organization terms from the beginning of next year.

Record breaking walk

Captain Tom Moore has become a fundraising icon after collecting £12 million in donations for NHS charities. The 99 year old decided to walk 100 lengths of his garden and initially hoped to raise £1,000. Website JustGiving said he’s now become the biggest individual fundraiser ever.

Nowhere to store oil

The world couldrun out of storage for oil (paywall) in the next few weeks. Why? We’re all using less of it under lockdown. Saudi Arabia, Russia, and other big oil producers agreed at the weekend to cut output by 10% - but there’s still a massive surplus.