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.
Plans have been unveiled to start work on upgrading the UK’s digital network. CityFibre has announced a three-year scheme to recruit 10,000 people to the project. It says it wants to prioritise people from black, Asian, and minority ethnic backgrounds as well as women and those who’ve lost their jobs as a result of coronavirus.
For first-time buyers, job security has become the biggest barrier to owning a home*. For the first time in ten years it’s overtaken the challenge of saving up for a deposit. The survey by YouGov also found that 43% of people are delaying their plans to buy a home by at least 6 months.
Adviser comment: Focus on what you can control.If you’re looking at buying in more than 12 months’ time, focus on your savings. If you’re hoping to buy in the next few months, talk to a mortgage broker. They can look at mortgage deals and even look into Accident/Sickness or Redundancy cover for you. A lot can change in 12 months and the market is quick to adapt to changes.
EasyJet has been accused of lying to customers to avoid paying refunds down the line. The airline marked thousands of available seats as “sold out” to avoid taking bookings on flights which may end up being cancelled.
Adviser comment: If you use comparison website to book flights or holidays, be aware that you may not be covered by travel protection schemes (e.g. ABTA or ATOL). They can potentially save you money, but double check before you book.
While many businesses are expected to go back to usual this month, schools will remain closed to many pupils, which has raised the alarm among employers. Business groups are calling on the government* to help parents juggle childcare and returning to work.
Adviser comment: You can get help paying for childcare if it is provided by certain types of childcare providers. Details can be found here and a handy calculator on the amount of help is here.
80% of people say they’d feel uncomfortable using changing rooms when clothes shops reopen next week. Retailers are hoping to start recouping their lockdown losses, but shoppers might be shy to start with. The survey by EY also found that 45% expect their shopping habits to change in the next two years.
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