New chancellor's deadline stress

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.

Rishi Sunak steps up

The Budget will take place as planned on 11th March, leaving our brand-new chancellor Rishi Sunak just a few weeks to thrash out the details. He’s meeting Boris Johnson today to discuss the planned policy announcements. The Budget is expected to be full of big changes and a loosening of fiscal rules, marking an end to austerity.

UK going cashless?

Brits are putting more on the plastic: it’s estimated that there will be just 3.8 billion cash transactions in 2028, accounting for just 9% of all payments. Campaigners are worried that notes and coins will disappear completely within a decade. What's the problem? Cash is vital to millions of people without a bank account, who use it to buy essentials and pay bills.

Biggest payday since 2008

Wages and employment both hit new highs at the end of 2019 according to the Office for National Statistics (ONS). Weekly pre-tax pay packets beat the pre-financial crisis peak, rising to £474 (excluding bonuses). UK employment also rose to a record high, with 32.9 million people in work.

Freelancers out of work

Impending changes to IR35 tax rules have meant many self-employed people are struggling for work (paywall). Why? Many large companies have simply stopped working with contractors out of fear of disputes with HMRC. Almost a third of self-employed people have said the stress has given them anxiety or suicidal thoughts.