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.
Government ministers and advisers have warned chancellor Rishi Sunak to rethink his 11th March budget in light of the coronavirus outbreak. The virus is spreading rapidly, causing tumbling stock prices across the world and threatening an economic downturn. The concern is that Sunak will have less tax revenue to work with than he expected.
The heaviest rain for 30 years may push food prices up (paywall) after crops have been washed out by the flooding. We might see shortages if the weather doesn’t dry up soon, because farmers are unable to plant seeds in the waterlogged ground. But supermarkets say they’re ready to find alternatives, if homegrown produce doesn’t deliver.
The UK competition watchdog, the Competition and Markets Authority (CMA), has been revealed as the most aggressive in the world (paywall), thwarting the most business deals. The CMA’s job is to assess potential deals, like mergers and acquisitions, and check if they’re good news for consumers. If not, it can block the deal or fine the companies involved. In the last five years, it has frustrated 6% of the deals it assessed.
The company which leaked audio from Bank of England press conferences to paying clients had been investigated three times and approved, before it was outed by The Times. Encoded Media, which has now been sacked, worked with the central bank for over 10 years, during which time it gave traders advance access to key market info.
Comedian formerly known as Joe Lycett has officially changed his name to Hugo Boss to stick up for small businesses. Charities and companies using the name “boss” have been left with thousands in legal fees after receiving cease and desist letters from the German fashion designer. The new Hugo has announced plans to launch a product under this new name, so watch this space.
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