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.
Ofgem, the energy regulator, is set to lower the gas price cap, saving customers £84 on their bills between October and March. Around 15 million people stand to benefit from the decision, which follows falling fuel costs during the coronavirus crisis.
Homeowners living in buildings with potentially unsafe cladding are unable to sell*. Why? Without evidence that they’re safe, surveyors value the properties at £0 so prospective buyers can’t get a mortgage. Three years on from the Grenfell tower disaster, 2,000 towers are still covered in combustible cladding, and replacing it could cost up to £15 billion.
The Bank of England has urged lenders to keep the credit coming* over winter, warning that the economy faces a worse slump if they’re tempted to turn off the taps. In lean times, many banks want to conserve their own capital. But that decision would leave more companies struggling without access to credit.
Adviser comment: \"It's down to individual lenders as to how much risk they are willing to take. In these uncertain times, lending criteria are likely to remain fairly strict.\"
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