{"componentChunkName":"component---src-templates-post-js","path":"/economy-crashed-in-april/","result":{"data":{"ghostPost":{"id":"Ghost__Post__5ee34231eed75a0039ed35c0","title":"Economy crashed in April","slug":"economy-crashed-in-april","featured":false,"feature_image":"https://images.unsplash.com/photo-1567789884554-0b844b597180?ixlib=rb-1.2.1&q=80&fm=jpg&crop=entropy&cs=tinysrgb&w=2000&fit=max&ixid=eyJhcHBfaWQiOjExNzczfQ","excerpt":"UK gross domestic product (GDP) plummeted 20.4% in April - the largest monthly fall on record by a long, long way.","custom_excerpt":"UK gross domestic product (GDP) plummeted 20.4% in April - the largest monthly fall on record by a long, long way.","created_at_pretty":"12 June, 2020","published_at_pretty":"12 June, 2020","updated_at_pretty":"12 June, 2020","created_at":"2020-06-12T08:52:01.000+00:00","published_at":"2020-06-12T09:14:23.000+00:00","updated_at":"2020-06-12T09:44:34.000+00:00","meta_title":null,"meta_description":null,"og_description":null,"og_image":null,"og_title":null,"twitter_description":null,"twitter_image":null,"twitter_title":null,"authors":[{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null}],"primary_author":{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null},"primary_tag":null,"tags":[{"name":"#feed","slug":"hash-feed","description":null,"feature_image":null,"meta_description":null,"meta_title":null,"visibility":"internal"},{"name":"multiply-minute","slug":"multiply-minute","description":"The 1-minute read to get the money news you need with expert adviser commentary","feature_image":null,"meta_description":null,"meta_title":null,"visibility":"public"}],"plaintext":"Get straight to the good stuff every day with the Multiply Minute; a\nlightning-quick round-up of the money news and how it affects you.\n\nEconomy crashed in April\nUK gross domestic product (GDP) plummeted 20.4% in April\n[https://www.bbc.co.uk/news/business-53019360] - the largest monthly fall on\nrecord by a long, long way. The figure shows the impact of our first full month\nin lockdown which saw absolutely all economic activity come to a standstill.\n\n90% mortgages withdrawn\nIn the last few days, many lenders have stopped accepting mortgage applications\nfrom buyers with a 10% deposit. Accord, Virgin Money, Clydesdale Bank, and\nIpswich building society have all withdrawn their 90% loan-to-value (LTV)\nmortgages\n[https://www.theguardian.com/money/2020/jun/12/england-first-time-buyers-with-10-per-cent-deposit-struggle-to-find-mortgage]\n, leaving buyers with fewer options. Why? Lenders say with staff seconded to\ndeal with mortgage holidays, and the rest socially distanced, they’re struggling\nto process applications.\n\nAdviser comment: \"If you want to buy soon, speak to a mortgage adviser. They can\ntell you what deals are available to you. Even if the answer is none, at least\nit gives you time to build a bigger deposit to get an even better mortgage deal.\nEveryone else: don’t panic, keep saving. The mortgage market is very flexible\nand likely to be very different when you come to buy.\"\n\nFreelance mothers threaten to sue\nCampaign group Pregnant Then Screwed have threatened to sue the government for\ndiscrimination, saying 70,000 women have been treated unfairly by the\nself-employed income support scheme. Payments were based on freelancers’ average\nprofits, but didn’t take maternity leave into account\n[https://www.telegraph.co.uk/money/consumer-affairs/freelance-mothers-threaten-sue-government-discriminatory-state/]\n*, meaning anyone who took time off has been left worse off.\n\nWho’s the biggest furlougher?\nAlmost nine million people are currently furloughed and having their wages paid\nby the government. HMRC has just released figures showing shops (and their\nsuppliers) are the most reliant on the scheme\n[https://www.bbc.co.uk/news/business-53014192], with 1.6 million workers\nfurloughed. Hotels and restaurants are just behind with 1.4 million.\n\n*this article might need a subscription to read","html":"

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.

Economy crashed in April

UK gross domestic product (GDP) plummeted 20.4% in April - the largest monthly fall on record by a long, long way. The figure shows the impact of our first full month in lockdown which saw absolutely all economic activity come to a standstill.

90% mortgages withdrawn

In the last few days, many lenders have stopped accepting mortgage applications from buyers with a 10% deposit. Accord, Virgin Money, Clydesdale Bank, and Ipswich building society have all withdrawn their 90% loan-to-value (LTV) mortgages, leaving buyers with fewer options. Why? Lenders say with staff seconded to deal with mortgage holidays, and the rest socially distanced, they’re struggling to process applications.

Adviser comment: \"If you want to buy soon, speak to a mortgage adviser. They can tell you what deals are available to you. Even if the answer is none, at least it gives you time to build a bigger deposit to get an even better mortgage deal. Everyone else: don’t panic, keep saving. The mortgage market is very flexible and likely to be very different when you come to buy.\"

Freelance mothers threaten to sue

Campaign group Pregnant Then Screwed have threatened to sue the government for discrimination, saying 70,000 women have been treated unfairly by the self-employed income support scheme. Payments were based on freelancers’ average profits, but didn’t take maternity leave into account*, meaning anyone who took time off has been left worse off.

Who’s the biggest furlougher?

Almost nine million people are currently furloughed and having their wages paid by the government. HMRC has just released figures showing shops (and their suppliers) are the most reliant on the scheme, with 1.6 million workers furloughed. Hotels and restaurants are just behind with 1.4 million.

*this article might need a subscription to read

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