October bank holiday?

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.

Bonus bank holiday?

The government is thinking about adding an extra bank holiday around the October half term holiday to try and boost UK tourism. The tourism industry is expected to lose £37 billion overall from the impact of coronavirus. VisitBritain has proposed the idea as a way to make up for the losses - and for the sunny days off work we’ve spent indoors.

Recovery will take time

Chancellor Rishi Sunak has warned that sectors of the economy such as retail will take time to go back to normal once lockdown restrictions are eased. Non-essential shops are hoping to open from 1st June, but with shoppers spending less they could see a gradual bounce back.

Big business can borrow extra

Large companies can now borrow up to £200 million through the government’s coronavirus business interruption loan scheme. Previously they could only get up to £50 million. But the cash comes with strings attached. Any business who gets their hands on more than £50 million will be limited in how much they can pay senior staff or pay out in dividends to shareholders.

Don’t pass the salt

No condiments on tables, table service at pubs instead of queueing at the bar, and no all-you-can-eat self service buffets. That’s the advice to businesses to help them prepare to reopen safely*. If all goes to plan, pubs, restaurants, and hotels will be allowed to open their doors on 4th July.