![](\"https://multiply.ghost.io/content/images/2020/10/image-5.png\")
The 1-minute read to get the money news you need.
The banks are unprepared for negative interest rates, according to the chairman of NatWest. The Bank of England is looking into cutting the base rate to below zero, and wrote to the banks to see if they’d be up for it. The answer? Not really. It would mean charging for savings accounts, requiring a lot of expensive system changes.
London’s West End is planning to light up its streets early this year, in a bid to tempt shoppers back for an extended festive spending season. Oxford Street will switch on its famous display Monday 2nd November, and Bond Street on the 12th.
We could have avoided losing billions in public money to fraud and error, according to MPs. The Commons Public Accounts Committee has criticised the government for
rushing through the furlough scheme. It says there was an \"astonishing lack of economic planning”, which HMRC estimates could have led to losses of £3.5 billion.
Wetherspoons has reported a £34 million pre-tax loss for the past year - its first annual loss since 1984. With fewer holidaymakers stopping at ‘Spoons for a pre-flight pint, it needs to let staff go from its airport pubs. The pub chain also warned that the current coronavirus restrictions pose a threat to pubs and called for a VAT cut on alcohol sales.
","url":"https://multiply.ghost.io/the-banks-arent-ready/","uuid":"ba786aef-2173-43e0-b790-b77072d61dc4","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5f895e06a710ef00393aab13"}},{"node":{"id":"Ghost__Post__5f880d65fde06000391768d1","title":"Boris isn't walking away","slug":"boris-isnt-walking-away","featured":false,"feature_image":"https://multiply.ghost.io/content/images/2020/10/Multiply-minute-8.png","excerpt":"Today’s the day Boris Johnson claimed he’d walk away from trade talks with the EU if they hadn’t reached a deal.","custom_excerpt":"Today’s the day Boris Johnson claimed he’d walk away from trade talks with the EU if they hadn’t reached a deal.","created_at_pretty":"15 October, 2020","published_at_pretty":"15 October, 2020","updated_at_pretty":"15 October, 2020","created_at":"2020-10-15T08:50:45.000+00:00","published_at":"2020-10-15T08:52:15.000+00:00","updated_at":"2020-10-15T08:52:45.000+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":"The 1-minute read to get the money news you need.\n\nBrexit deadline dodged\nToday’s the day Boris Johnson claimed he’d walk away from trade talks with the\nEU if they hadn’t reached a deal. A 2-day EU summit is about to begin, and\nthere’s still no deal. But he’s not walking away\n[https://www.cityam.com/boris-johnson-turns-his-back-on-tomorrows-brexit-trade-deal-deadline/] \n- instead the two sides will keep talking to try and broker an agreement before\nthe end of the year. The main sticking point? Fisheries.\n\n1 week quarantine?\nPeople arriving in the UK might only have to quarantine for 1 week\n[https://www.theguardian.com/travel/2020/oct/14/grant-shapps-criticised-by-abta-for-failing-to-bat-for-travel-industry]\n, under new proposals to support the ailing travel industry. The new rules would\ninvolve taking a coronavirus test after your week is up - and if it’s negative,\nyou’re free to go out. The catch: you’d have to pay for the test yourself.\n\nCash from shops\nWe’ll soon be able to withdraw cash via shops\n[https://www.bbc.co.uk/news/business-54545830], even without buying anything.\nUnder new government proposals, shops could be the future of notes and coins,\namid a decline in access to free ATMs. Although most people are switching to a\ncash-free lifestyle, many older people and those on lower incomes still rely on\ncash.\n\nGrants clawback\nAround 24,000 freelancers may be forced to give back their coronavirus grants\n[https://www.telegraph.co.uk/tax/news/hmrc-tells-24000-freelancers-hand-back-covid-support-grants/]\n*. The grants were intended for people and businesses that were still trading,\nand planned to keep operating in 2021. But HMRC has admitted it invited 100,000\nto apply for the grant, despite knowing they had stopped trading. Now it needs\nto double check if they were eligible.","html":"The 1-minute read to get the money news you need.
Today’s the day Boris Johnson claimed he’d walk away from trade talks with the EU if they hadn’t reached a deal. A 2-day EU summit is about to begin, and there’s still no deal. But he’s not walking away - instead the two sides will keep talking to try and broker an agreement before the end of the year. The main sticking point? Fisheries.
People arriving in the UK might only have to quarantine for 1 week, under new proposals to support the ailing travel industry. The new rules would involve taking a coronavirus test after your week is up - and if it’s negative, you’re free to go out. The catch: you’d have to pay for the test yourself.
We’ll soon be able to withdraw cash via shops, even without buying anything. Under new government proposals, shops could be the future of notes and coins, amid a decline in access to free ATMs. Although most people are switching to a cash-free lifestyle, many older people and those on lower incomes still rely on cash.
Around 24,000 freelancers may be forced to give back their coronavirus grants*. The grants were intended for people and businesses that were still trading, and planned to keep operating in 2021. But HMRC has admitted it invited 100,000 to apply for the grant, despite knowing they had stopped trading. Now it needs to double check if they were eligible.
","url":"https://multiply.ghost.io/boris-isnt-walking-away/","uuid":"9949874b-4719-469c-ac9e-088a03a59626","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5f880d65fde06000391768d1"}},{"node":{"id":"Ghost__Post__5f86c2b2e7817500391fdf9e","title":"Raid your pension to buy a home?","slug":"pensions-to-fund-home-deposits","featured":false,"feature_image":"https://multiply.ghost.io/content/images/2020/10/Multiply-minute-7.png","excerpt":"First-time buyers could use pension savings to buy a house, according to a government pensions minister.","custom_excerpt":"First-time buyers could use pension savings to buy a house, according to a government pensions minister.","created_at_pretty":"14 October, 2020","published_at_pretty":"14 October, 2020","updated_at_pretty":"14 October, 2020","created_at":"2020-10-14T09:19:46.000+00:00","published_at":"2020-10-14T09:26:22.000+00:00","updated_at":"2020-10-14T09:42:02.000+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":"The 1-minute read to get the money news you need with expert adviser commentary.\n\nPension raid?\nFirst-time buyers could use pension savings to buy a house\n[https://www.ftadviser.com/pensions/2020/10/12/industry-warns-on-pension-plans-eyed-by-minister/]\n, according to government pensions minister Guy Opperman. He’s considering\nchanging the workplace pension scheme, to allow savers to borrow from themselves\nto put down a deposit on their first home. But pensions experts have warned it\ncould leave people worse off in retirement.\n\n\nFor 2 days only\nCoventry has launched 2 new 90% fixed-rate mortgages\n[https://www.ftadviser.com/mortgages/2020/10/13/coventry-to-launch-90-ltv-mortgages-for-two-days/] \nthis morning - but they’re only available until tomorrow night at 8pm. This\nyear, it’s become more common for lenders to drop in and out of the market with\noptions for buyers with smaller deposits.\n\nAsos quadruples profits\nOnline fashion group Asos has added 3 million new customers in the past year and\nits pre-tax profits are up 329% [https://www.bbc.co.uk/news/business-54535775].\nIt’s one of the few retailers to have done well out of lockdown, with shoppers\nbuying more everyday items that they’re less likely to return.\n\nIkea “Buy Back”\nGot an unwanted Billy bookcase languishing in a corner somewhere? Ikea wants it.\nThe furniture giant is offering vouchers for up to 50%\n[https://www.bbc.co.uk/news/business-54531619] of the original price, which you\ncan spend in its stores. The “Buy Back” scheme will launch on Black Friday. Ikea\nplans to resell the second-hand furniture at a discount, and recycle any items\nthat can’t be resold.","html":"The 1-minute read to get the money news you need with expert adviser commentary.
First-time buyers could use pension savings to buy a house, according to government pensions minister Guy Opperman. He’s considering changing the workplace pension scheme, to allow savers to borrow from themselves to put down a deposit on their first home. But pensions experts have warned it could leave people worse off in retirement.
Coventry has launched 2 new 90% fixed-rate mortgages this morning - but they’re only available until tomorrow night at 8pm. This year, it’s become more common for lenders to drop in and out of the market with options for buyers with smaller deposits.
![](\"https://multiply.ghost.io/content/images/2020/10/image-6.png\")
Online fashion group Asos has added 3 million new customers in the past year and its pre-tax profits are up 329%. It’s one of the few retailers to have done well out of lockdown, with shoppers buying more everyday items that they’re less likely to return.
Got an unwanted Billy bookcase languishing in a corner somewhere? Ikea wants it. The furniture giant is offering vouchers for up to 50% of the original price, which you can spend in its stores. The “Buy Back” scheme will launch on Black Friday. Ikea plans to resell the second-hand furniture at a discount, and recycle any items that can’t be resold.
","url":"https://multiply.ghost.io/pensions-to-fund-home-deposits/","uuid":"de852d18-afaa-46c2-aa3d-7123b7c439e1","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5f86c2b2e7817500391fdf9e"}},{"node":{"id":"Ghost__Post__5f8561998a30280039c2654c","title":"4.5% out of work","slug":"4-5-unemployed","featured":false,"feature_image":"https://multiply.ghost.io/content/images/2020/10/Multiply-minute-6.png","excerpt":"4.5% of Brits are now out of work, the most for over 3 years. ","custom_excerpt":"4.5% of Brits are now out of work, the most for over 3 years. ","created_at_pretty":"13 October, 2020","published_at_pretty":"13 October, 2020","updated_at_pretty":"13 October, 2020","created_at":"2020-10-13T08:13:13.000+00:00","published_at":"2020-10-13T08:14:33.000+00:00","updated_at":"2020-10-13T08:14:33.000+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":"The 1-minute read to get the money news you need.\n\nJobless rate rises\n4.5% of Brits are now out of work [https://www.bbc.co.uk/news/business-54520521]\n, the most for over 3 years. That’s according to the latest official figures\nfrom the Office for National Statistics. It also reported that redundancies are\nat their highest level since 2009, with people in the hospitality and travel\nindustries worst affected.\n\nBank of mum and dad\nMore first-time buyers are turning to family with help getting onto the property\nladder. 56% need help from BOMAD\n[https://www.telegraph.co.uk/property/uk/half-young-first-time-buyers-reliant-bank-mum-dad/]\n* to buy their first home, according to insurer Legal & General. Without this\nhelp, the average prospective buyer would have had to wait an extra four years\nto get the keys.\n\nSeptember stockpiling\nChristmas has come early for retailers. In September, spending jumped\n[https://uk.reuters.com/article/idUKKBN26X2RM] at the fastest rate since March,\naccording to Barclaycard. Many people have started their festive shopping early\nand some are stockpiling essentials in case of another lockdown, according to\nsurvey data.","html":"The 1-minute read to get the money news you need.
4.5% of Brits are now out of work, the most for over 3 years. That’s according to the latest official figures from the Office for National Statistics. It also reported that redundancies are at their highest level since 2009, with people in the hospitality and travel industries worst affected.
More first-time buyers are turning to family with help getting onto the property ladder. 56% need help from BOMAD* to buy their first home, according to insurer Legal & General. Without this help, the average prospective buyer would have had to wait an extra four years to get the keys.
Christmas has come early for retailers. In September, spending jumped at the fastest rate since March, according to Barclaycard. Many people have started their festive shopping early and some are stockpiling essentials in case of another lockdown, according to survey data.
","url":"https://multiply.ghost.io/4-5-unemployed/","uuid":"a46dc3c8-18e3-4355-a505-41c65e3630e1","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5f8561998a30280039c2654c"}},{"node":{"id":"Ghost__Post__5f841cb7f775130039563031","title":"Train/plane bailout?","slug":"train-plane-bailout","featured":false,"feature_image":"https://multiply.ghost.io/content/images/2020/10/Multiply-minute-5.png","excerpt":"Eurostar and EasyJet have asked the government for help","custom_excerpt":"Eurostar and EasyJet have asked the government for help","created_at_pretty":"12 October, 2020","published_at_pretty":"12 October, 2020","updated_at_pretty":"12 October, 2020","created_at":"2020-10-12T09:07:03.000+00:00","published_at":"2020-10-12T09:13:45.000+00:00","updated_at":"2020-10-12T09:13:45.000+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":"The 1-minute read to get the money news you need with expert adviser commentary.\n\nEurostar and EasyJet need help\nTrains and planes have been running on empty since the world cancelled all its\ntravel plans. Now, Eurostar\n[https://www.cityam.com/eurostar-may-need-state-support-as-passenger-numbers-collapse/] \nand EasyJet\n[https://www.theguardian.com/business/2020/oct/08/easyjet-calls-for-urgent-uk-government-support-to-airline-industry] \nhave separately asked the government for help. The budget airline says it\nexpects to lose over £800 million this year, its first ever loss, while the\nhigh-speed London to Paris line is operating a fraction of its services.\n\nMortgage rates rise\nLenders are charging higher interest rates on mortgages\n[https://www.telegraph.co.uk/personal-banking/mortgages/mortgage-rates-rise-24pc-banks-struggle-cope-demand/]\n*, as demand from homebuyers grows. Halifax, Nationwide, and NatWest have all\nupped their rates - with the biggest increases on 80% and 85% mortgages.\n\nSome rents rise\nPeople are renting more homes in affluent areas, while flats lie empty in less\nwell-off neighbourhoods. That’s according to property firm Hamptons\nInternational, which suggested it might be because tenants aren’t in a financial\nposition to be able to sign a new lease. It also found that rents are going up -\nexcept in London, where they’ve dropped by 14%. \n\nNew lockdown rules loom\nLater today, we’ll get an update on new local lockdowns\n[https://www.bbc.co.uk/news/uk-54499963]. The restrictions will use a 3 tier\nsystem, with tighter rules in higher-risk areas. Liverpool is expected to be on\nthe highest alert level and to face a strict local lockdown.","html":"The 1-minute read to get the money news you need with expert adviser commentary.
Trains and planes have been running on empty since the world cancelled all its travel plans. Now, Eurostar and EasyJet have separately asked the government for help. The budget airline says it expects to lose over £800 million this year, its first ever loss, while the high-speed London to Paris line is operating a fraction of its services.
Lenders are charging higher interest rates on mortgages*, as demand from homebuyers grows. Halifax, Nationwide, and NatWest have all upped their rates - with the biggest increases on 80% and 85% mortgages.
![](\"https://multiply.ghost.io/content/images/2020/10/image-4.png\")
People are renting more homes in affluent areas, while flats lie empty in less well-off neighbourhoods. That’s according to property firm Hamptons International, which suggested it might be because tenants aren’t in a financial position to be able to sign a new lease. It also found that rents are going up - except in London, where they’ve dropped by 14%.
Later today, we’ll get an update on new local lockdowns. The restrictions will use a 3 tier system, with tighter rules in higher-risk areas. Liverpool is expected to be on the highest alert level and to face a strict local lockdown.
","url":"https://multiply.ghost.io/train-plane-bailout/","uuid":"f0c34984-9e1f-42dd-9f8a-b41b6d37d55d","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5f841cb7f775130039563031"}},{"node":{"id":"Ghost__Post__5f8031bb4bc4140039de80c4","title":"Recession over (kinda)","slug":"recession-over-kinda","featured":false,"feature_image":"https://multiply.ghost.io/content/images/2020/10/Multiply_minute-1.png","excerpt":"The economy grew 2.1% in August, making it the fourth consecutive month of growth. ","custom_excerpt":"The economy grew 2.1% in August, making it the fourth consecutive month of growth. ","created_at_pretty":"09 October, 2020","published_at_pretty":"09 October, 2020","updated_at_pretty":"09 October, 2020","created_at":"2020-10-09T09:47:39.000+00:00","published_at":"2020-10-09T09:51:28.000+00:00","updated_at":"2020-10-09T09:52:06.000+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":"Tim Elder","slug":"tim","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null}],"primary_author":{"name":"Tim Elder","slug":"tim","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":"The 1-minute read to get the money news you need with expert adviser commentary.\n\nEconomy slowly recovering\nThe economy grew 2.1% in August [https://www.bbc.co.uk/news/business-54474490],\nmaking it the fourth consecutive month of growth. Whilst this means the official\ntechnical recession has ended (to be confirmed next month), recent growth has\nbeen below expectations. The economy is still 9.2% smaller than before the\npandemic struck; Faisal Islam, the BBC’s Economics editor, believes that a full\nrecovery is going to take much longer.\n\n\nHousing plan warning\nBoris Johnson pledged to “create 2 million more owner-occupiers”, citing\nlow-deposit mortgages as the way to do it. Trade body, UK Finance, has since \nwarned against irresponsible lending\n[https://www.ft.com/content/1be6062e-aa01-4c0b-b101-36c0dc654ce7]* and the\nimportance of helping customers to avoid negative equity. Prior to the pandemic\nthere were over 400 mortgage products that required a deposit of 5% of a\nproperty’s value - lenders have withdrawn all but a few.\n\n\n\nBoard diversity demanded\nLegal & General, which manages over £1.2 trillion of assets, issued an\nultimatum\nto FTSE 100 firms\n[https://www.cityam.com/investors-demand-greater-transparency-on-ethnic-diversity-on-boards/] \nover their lack of diversity, saying that it will vote against all-white boards\nin 2022. A government-sponsored review found that 37 of the FTSE 100 had no BAME\ndirectors, and three-quarters failed to report the ethnic make-up of their\nboards.\n\n\nBrexit border risks\nTens of thousands of businesses are not ready\n[https://www.ft.com/content/7dedbcbc-928e-43b8-bee9-b095ac050887]* for the\nupcoming changes to the Calais-Dover crossing, MPs have been told. One-third of\nbusinesses believe there will be another extension to the transition period, but\nAlex Chisholm, permanent secretary of the Cabinet Office, is adamant otherwise.\nBusinesses would risk fines and delays by not having the correct paperwork.\n\n*this article might need a subscription to read","html":"The 1-minute read to get the money news you need with expert adviser commentary.
The economy grew 2.1% in August, making it the fourth consecutive month of growth. Whilst this means the official technical recession has ended (to be confirmed next month), recent growth has been below expectations. The economy is still 9.2% smaller than before the pandemic struck; Faisal Islam, the BBC’s Economics editor, believes that a full recovery is going to take much longer.
Boris Johnson pledged to “create 2 million more owner-occupiers”, citing low-deposit mortgages as the way to do it. Trade body, UK Finance, has since warned against irresponsible lending* and the importance of helping customers to avoid negative equity. Prior to the pandemic there were over 400 mortgage products that required a deposit of 5% of a property’s value - lenders have withdrawn all but a few.
![](\"https://multiply.ghost.io/content/images/2020/10/advisercomment2.png\")
Legal & General, which manages over £1.2 trillion of assets, issued an ultimatum to FTSE 100 firms over their lack of diversity, saying that it will vote against all-white boards in 2022. A government-sponsored review found that 37 of the FTSE 100 had no BAME directors, and three-quarters failed to report the ethnic make-up of their boards.
Tens of thousands of businesses are not ready* for the upcoming changes to the Calais-Dover crossing, MPs have been told. One-third of businesses believe there will be another extension to the transition period, but Alex Chisholm, permanent secretary of the Cabinet Office, is adamant otherwise. Businesses would risk fines and delays by not having the correct paperwork.
*this article might need a subscription to read
","url":"https://multiply.ghost.io/recession-over-kinda/","uuid":"ebd351d4-8981-4832-9c7c-f2dfdd46389f","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5f8031bb4bc4140039de80c4"}},{"node":{"id":"Ghost__Post__5f7ee3816690d700392c8a48","title":"The unemployed generation","slug":"the-unemployed-generation","featured":false,"feature_image":"https://multiply.ghost.io/content/images/2020/10/Multiply_minute.png","excerpt":"Think tank, Resolution Foundation, believes youth unemployment is on course to triple, and has warned of a “Covid generation”.","custom_excerpt":"Think tank, Resolution Foundation, believes youth unemployment is on course to triple, and has warned of a “Covid generation”.","created_at_pretty":"08 October, 2020","published_at_pretty":"08 October, 2020","updated_at_pretty":"09 October, 2020","created_at":"2020-10-08T10:01:37.000+00:00","published_at":"2020-10-08T10:08:07.000+00:00","updated_at":"2020-10-09T09:52:14.000+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":"Tim Elder","slug":"tim","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null}],"primary_author":{"name":"Tim Elder","slug":"tim","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":"The 1-minute read to get the money news you need with expert adviser commentary.\n\nYouth unemployment to triple\nThink tank, Resolution Foundation, believes youth unemployment is on course to\ntriple\n[https://www.theguardian.com/society/2020/oct/07/covid-generation-uk-youth-unemployment-set-to-triple-to-80s-levels]\n, and has warned of a “Covid generation”. Workers aged 18 to 29 are most at risk\nduring the second wave of the pandemic. Unemployment could hit 17% by late 2020\n- the same as it was in 1984.\n\nFraudulent grants and loans\nHMRC reckons that up to £258m has been fraudulently claimed\n[https://www.bbc.co.uk/news/business-54446484] or mistakenly paid as grants for\nthe self-employed. Elsewhere, small businesses are struggling to access\nbounceback loans\n[https://www.ft.com/content/c34e3da3-4b93-4b5d-99f5-3834424685b3]*, as banks add\nrestrictions in response to fraud concerns.\n\nHousing market braces for downturn\nListings, enquiries, and sales were strong in September\n[https://www.cityam.com/uk-housing-market-remains-buoyant-but-braces-for-downturn/]\n, according to the Royal Institution of Chartered Surveyors. However, their\nchief economist warns that job losses and policy changes could impact\ntransaction levels in 2021.\n\nLooking beyond London\nA KPMG study of recruiters suggests demand for employees in the capital is\nfalling [https://www.ft.com/content/a0a06644-ae6a-44ee-a2be-f9597000e067]*, but\nthe rest of the country is recovering. Rightmove is also reporting that \nproperty\nsearches have doubled [https://www.bbc.co.uk/news/business-54454990] for small\ntowns and villages.\n\n\n\n*this article might need a subscription to read","html":"The 1-minute read to get the money news you need with expert adviser commentary.
Think tank, Resolution Foundation, believes youth unemployment is on course to triple, and has warned of a “Covid generation”. Workers aged 18 to 29 are most at risk during the second wave of the pandemic. Unemployment could hit 17% by late 2020 - the same as it was in 1984.
HMRC reckons that up to £258m has been fraudulently claimed or mistakenly paid as grants for the self-employed. Elsewhere, small businesses are struggling to access bounceback loans*, as banks add restrictions in response to fraud concerns.
Listings, enquiries, and sales were strong in September, according to the Royal Institution of Chartered Surveyors. However, their chief economist warns that job losses and policy changes could impact transaction levels in 2021.
A KPMG study of recruiters suggests demand for employees in the capital is falling*, but the rest of the country is recovering. Rightmove is also reporting that property searches have doubled for small towns and villages.
![](\"https://multiply.ghost.io/content/images/2020/10/advisercomment.png\")
*this article might need a subscription to read
The 1-minute read to get the money news you need with expert adviser commentary.
Tesco saw its profits surge in the first half of the year - they’re up 29% from the same period in 2019. The supermarket giant says it doubled its delivery capacity to 1.5 million slots per week. Supermarkets have emerged as the clear winners of the lockdown, when home-bound shoppers went big on everything from dried pasta to loo roll.
Restaurant and pub takings are suffering since the 10pm curfew came into force two weeks ago. Overall, hospitality sales are down 21% according to online system S4labour. We’re ordering slightly less food and far fewer drinks, and London has been worst affected. Business leaders, MPs, and London mayor Sadiq Khan have called for the government to reconsider the curfew.
Lenders won’t be allowed to send “thuggish” letters filled with legal jargon and block capitals, under new rules proposed by the Treasury. Following the efforts of campaigner Martin Lewis, letters will have to be easier to understand, and tell people where to get free debt advice. The rules are expected to come into effect in December 2020.
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Up to 30,000 affordable homes might not get built, if planning reforms go ahead. Currently, every new development must include affordable housing, but the government’s proposal would let developers off the hook. According to the Local Government Association, the most expensive areas of the country would get half as many affordable homes.
","url":"https://multiply.ghost.io/tesco-takes-it-all/","uuid":"3a459535-2a11-4713-83bc-6a5e0f9aa979","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5f7d77cc1a004e0039d8dfc1"}},{"node":{"id":"Ghost__Post__5f7c3840063114003998ae5e","title":"Green industrial revolution?","slug":"green-industrial-revolution","featured":false,"feature_image":"https://multiply.ghost.io/content/images/2020/10/Multiply-minute-3.png","excerpt":"Boris Johnson has promised to build enough offshore wind turbines to power every home in the UK by 2030.","custom_excerpt":"Boris Johnson has promised to build enough offshore wind turbines to power every home in the UK by 2030.","created_at_pretty":"06 October, 2020","published_at_pretty":"06 October, 2020","updated_at_pretty":"06 October, 2020","created_at":"2020-10-06T09:26:24.000+00:00","published_at":"2020-10-06T09:41:35.000+00:00","updated_at":"2020-10-06T09:41:35.000+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":"The 1-minute read to get the money news you need with expert adviser commentary.\n\nTurbines going turbo\nBoris Johnson has promised to build enough offshore wind turbines to power every\nhome in the UK by 2030. His plan to “harvest the gusts” will get £160 million\nof\ngovernment funding [https://www.bbc.co.uk/news/uk-politics-54421489] and create\n2,000 jobs in manufacturing sites including Teesside and Humber.\n\nState pension age rises\nFrom today, most people will start receiving the state pension on their 66th\nbirthday [https://www.bbc.co.uk/news/business-54421662]. For men born after\n1954, and women born after 1960, the state pension age will continue to rise\ngradually to 68. It’s being increased because we’re living longer - but the\nchanges have been controversial, particularly for women who have seen the\nbiggest rise.\n\nPostcode hit parade\nOldham has seen the fastest house price growth\n[https://www.cityam.com/london-house-prices-these-postcodes-have-seen-the-largest-rises/] \nin the country, according to Barclays’ postcode index. Its OL8 postcode tops the\ncharts, with a 5.7% increase in prices in the past year. In London, commuter hub\nPurley won the day, where prices have risen by 2% in the last 6 months.\n\nPublic prefers tax rises\nPeople would prefer to pay the coronavirus bill with higher taxes\n[https://www.telegraph.co.uk/business/2020/10/06/treasury-eyes-tax-raid-support-grows-assault-rich/]\n* rather than spending cuts, according to an Ipsos Mori poll. 44% backed tax\nhikes, while just 29% wanted the government to reign in spending. A new wealth\ntax was the most popular option, followed by higher council tax on £1 million\nhomes, and a rise in capital gains tax.","html":"The 1-minute read to get the money news you need with expert adviser commentary.
Boris Johnson has promised to build enough offshore wind turbines to power every home in the UK by 2030. His plan to “harvest the gusts” will get £160 million of government funding and create 2,000 jobs in manufacturing sites including Teesside and Humber.
From today, most people will start receiving the state pension on their 66th birthday. For men born after 1954, and women born after 1960, the state pension age will continue to rise gradually to 68. It’s being increased because we’re living longer - but the changes have been controversial, particularly for women who have seen the biggest rise.
![](\"https://multiply.ghost.io/content/images/2020/10/image-2.png\")
Oldham has seen the fastest house price growth in the country, according to Barclays’ postcode index. Its OL8 postcode tops the charts, with a 5.7% increase in prices in the past year. In London, commuter hub Purley won the day, where prices have risen by 2% in the last 6 months.
People would prefer to pay the coronavirus bill with higher taxes* rather than spending cuts, according to an Ipsos Mori poll. 44% backed tax hikes, while just 29% wanted the government to reign in spending. A new wealth tax was the most popular option, followed by higher council tax on £1 million homes, and a rise in capital gains tax.
","url":"https://multiply.ghost.io/green-industrial-revolution/","uuid":"3c8d7902-a0b6-4026-b950-f2ad5dd91080","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5f7c3840063114003998ae5e"}},{"node":{"id":"Ghost__Post__5f7aec619eb9ac0039c622d6","title":"Cineworld drops the curtain","slug":"cineworld-drops-the-curtain","featured":false,"feature_image":"https://multiply.ghost.io/content/images/2020/10/Multiply-minute-2.png","excerpt":"Cineworld has said it will temporarily close its 127 UK cinemas from Thursday, affecting over 6,000 staff","custom_excerpt":"Cineworld has said it will temporarily close its 127 UK cinemas from Thursday, affecting over 6,000 staff","created_at_pretty":"05 October, 2020","published_at_pretty":"05 October, 2020","updated_at_pretty":"05 October, 2020","created_at":"2020-10-05T09:50:25.000+00:00","published_at":"2020-10-05T09:56:19.000+00:00","updated_at":"2020-10-05T09:56:19.000+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":"The 1-minute read to get the money news you need with expert adviser commentary.\n\nEnd credits?\nCineworld has said it will temporarily close its 127 UK cinemas\n[https://news.sky.com/story/coronavirus-cineworld-suspends-uk-us-cinemas-and-seeks-new-funding-12090530] \nfrom Thursday, affecting over 6,000 staff. It also plans to close its US\ntheatres. The cinema chain was forced to take the decision over the weekend\nafter the new Bond movie, No Time to Die, delayed its release date for a second\ntime.\n\nHigher energy bills\nWorking from home will cost Brits over £2 billion\n[https://www.theguardian.com/business/2020/oct/04/working-from-home-in-uk-over-winter-will-add-100-to-fuel-bills] \nin higher heating bills, according to Energy Helpline. Winter energy bills will\nrise by an average of £107 for millions of employees needing to heat their homes\nthroughout the day.\n\nBrexit bill\nThe double whammy of coronavirus plus a no-deal Brexit would cost the UK £134\nbillion [https://uk.reuters.com/article/UKNews1/idUKKBN26Q0G5] every year for a\ndecade. That’s according to law firm Baker & McKenzie, which predicts a drop in\nGDP of 3.1% if we secure a trade deal with the EU, and 3.9% if we don’t.\n\nHelp for jobseekers\nPeople looking for work will be able to get coaching on how to find work\n[https://www.bbc.co.uk/news/uk-politics-54412574] in “growing sectors”. The\nadvice will be available via a new government scheme worth £238 million. Anyone\nwho’s been out of work for more than 3 months due to the coronavirus recession\nwill be able to access the support.","html":"The 1-minute read to get the money news you need with expert adviser commentary.
Cineworld has said it will temporarily close its 127 UK cinemas from Thursday, affecting over 6,000 staff. It also plans to close its US theatres. The cinema chain was forced to take the decision over the weekend after the new Bond movie, No Time to Die, delayed its release date for a second time.
Working from home will cost Brits over £2 billion in higher heating bills, according to Energy Helpline. Winter energy bills will rise by an average of £107 for millions of employees needing to heat their homes throughout the day.
![](\"https://multiply.ghost.io/content/images/2020/10/image-1.png\")
The double whammy of coronavirus plus a no-deal Brexit would cost the UK £134 billion every year for a decade. That’s according to law firm Baker & McKenzie, which predicts a drop in GDP of 3.1% if we secure a trade deal with the EU, and 3.9% if we don’t.
People looking for work will be able to get coaching on how to find work in “growing sectors”. The advice will be available via a new government scheme worth £238 million. Anyone who’s been out of work for more than 3 months due to the coronavirus recession will be able to access the support.
","url":"https://multiply.ghost.io/cineworld-drops-the-curtain/","uuid":"21438e55-f29e-4f60-8134-37f8eb7b67a7","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5f7aec619eb9ac0039c622d6"}},{"node":{"id":"Ghost__Post__5f76db06932a8d00394dd8bb","title":"Eating out didn't help out","slug":"eating-out-didnt-help-out","featured":false,"feature_image":"https://multiply.ghost.io/content/images/2020/10/Multiply-minute-1.png","excerpt":"The government’s eat out to help out scheme didn’t manage to prop up the struggling restaurant industry.","custom_excerpt":"The government’s eat out to help out scheme didn’t manage to prop up the struggling restaurant industry.","created_at_pretty":"02 October, 2020","published_at_pretty":"02 October, 2020","updated_at_pretty":"02 October, 2020","created_at":"2020-10-02T07:47:18.000+00:00","published_at":"2020-10-02T07:48:24.000+00:00","updated_at":"2020-10-02T07:48:39.000+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":"The 1-minute read to get the money news you need.\n\nRestaurants still struggling\nThe government’s eat out to help out scheme didn’t manage to prop up the\nstruggling restaurant industry. Diners claimed the £10 discount on more than 100\nmillion meals during August - but it wasn’t enough. 66% of businesses saw \nbookings and sales drop\n[https://www.theguardian.com/business/2020/oct/01/eat-out-to-help-out-failed-boost-finances-uk-hospitality-industry] \nbetween June and September, according to the British Chamber of Commerce. \n\nSubway bread “isn’t bread”\nThe Irish Supreme Court has ruled that Subway’s rolls are too sugary to be\nconsidered bread [https://www.bbc.co.uk/news/business-54370056]. Why does it\nmatter? The sandwich maker will now have to pay 13.5% VAT on the baps - instead\nof the 0% that they’d have to pay if they’d won the court case. A spokesperson\nfor the brand said: \"Subway's bread is, of course, bread.”\n\nLegalise e-scooters\nE-scooters should be allowed on roads\n[https://www.bbc.co.uk/news/uk-politics-54380251], but not on pavements,\naccording to the government transport committee. Trials start soon to see if the\nself-propelled scooters can provide a green alternative to cars - without\ncausing too many crashes.","html":"The 1-minute read to get the money news you need.
The government’s eat out to help out scheme didn’t manage to prop up the struggling restaurant industry. Diners claimed the £10 discount on more than 100 million meals during August - but it wasn’t enough. 66% of businesses saw bookings and sales drop between June and September, according to the British Chamber of Commerce.
The Irish Supreme Court has ruled that Subway’s rolls are too sugary to be considered bread. Why does it matter? The sandwich maker will now have to pay 13.5% VAT on the baps - instead of the 0% that they’d have to pay if they’d won the court case. A spokesperson for the brand said: \"Subway's bread is, of course, bread.”
E-scooters should be allowed on roads, but not on pavements, according to the government transport committee. Trials start soon to see if the self-propelled scooters can provide a green alternative to cars - without causing too many crashes.
","url":"https://multiply.ghost.io/eating-out-didnt-help-out/","uuid":"c2b7e1c3-cf9d-4640-a939-e74baf437cfe","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5f76db06932a8d00394dd8bb"}},{"node":{"id":"Ghost__Post__5f758a75f7820f00392e178f","title":"Final month of furlough","slug":"final-month-of-furlough","featured":false,"feature_image":"https://multiply.ghost.io/content/images/2020/10/Multiply-minute.png","excerpt":"The government says the welfare system is braced for up to 4 million people to lose their jobs over the next few months.","custom_excerpt":"The government says the welfare system is braced for up to 4 million people to lose their jobs over the next few months.","created_at_pretty":"01 October, 2020","published_at_pretty":"01 October, 2020","updated_at_pretty":"01 October, 2020","created_at":"2020-10-01T07:51:17.000+00:00","published_at":"2020-10-01T07:59:53.000+00:00","updated_at":"2020-10-01T07:59:53.000+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":"The 1-minute read to get the money news you need with expert adviser commentary.\n\nFears for jobs\nThe government says the welfare system is braced for up to 4 million people to\nlose their jobs\n[https://news.sky.com/story/coronavirus-govt-bracing-for-four-million-unemployed-as-covid-crisis-accelerates-12086451] \nover the next few months. The furlough scheme closes at the end of October,\nleaving employers with far less support to keep people hired. Over a third of UK\nemployers are likely to make redundancies\n[https://www.theguardian.com/business/2020/oct/01/more-than-third-uk-employers-planning-make-staff-redundant-job-losses] \nbefore the end of the year, according to a YouGov poll.\n\nKeen commuters\nMore people are travelling into offices in cities across the UK, and workplace\nattendance in London has jumped by 5%\n[https://www.cityam.com/working-from-home-u-turn-falls-on-deaf-ears-as-more-staff-head-back-to-offices/] \nsince Boris Johnson’s u-turn on the guidance. Previously, we’d been urged to get\nback into offices, but last week the government changed tack and asked people to\nwork from home instead. It fell on deaf ears, with 28% of people now commuting\nin the capital.\n\nBankers leave Britain\n7,500 finance jobs and over £1 trillion in assets have already left Britain for\nthe EU\n[https://uk.reuters.com/article/uk-britain-eu-banks/more-than-7500-finance-jobs-have-left-britain-for-europe-ey-brexit-tracker-idUKKBN26L3WW]\n, as banks prepare for Brexit. Access to European markets will be more limited\nonce the transition period ends on 31st December. That’s why banks are setting\nup hubs in Dublin, Paris, Frankfurt and other cities to keep serving EU\ncustomers in January.\n\nGreen homes grant\nFrom today, homeowners can apply for vouchers\n[https://www.theguardian.com/environment/2020/sep/30/green-homes-grant-apply-egland-vouchers-insulation-double-glazing] \nof up to £10,000 to carry out energy efficiency improvements, such as installing\nnew insulation. Unless you’re on a low income, you’ll have to fund some of the\nwork yourself. But a green makeover could cut energy bills significantly, and\neven add value to the property.","html":"The 1-minute read to get the money news you need with expert adviser commentary.
The government says the welfare system is braced for up to 4 million people to lose their jobs over the next few months. The furlough scheme closes at the end of October, leaving employers with far less support to keep people hired. Over a third of UK employers are likely to make redundancies before the end of the year, according to a YouGov poll.
![](\"https://multiply.ghost.io/content/images/2020/10/image.png\")
More people are travelling into offices in cities across the UK, and workplace attendance in London has jumped by 5% since Boris Johnson’s u-turn on the guidance. Previously, we’d been urged to get back into offices, but last week the government changed tack and asked people to work from home instead. It fell on deaf ears, with 28% of people now commuting in the capital.
7,500 finance jobs and over £1 trillion in assets have already left Britain for the EU, as banks prepare for Brexit. Access to European markets will be more limited once the transition period ends on 31st December. That’s why banks are setting up hubs in Dublin, Paris, Frankfurt and other cities to keep serving EU customers in January.
From today, homeowners can apply for vouchers of up to £10,000 to carry out energy efficiency improvements, such as installing new insulation. Unless you’re on a low income, you’ll have to fund some of the work yourself. But a green makeover could cut energy bills significantly, and even add value to the property.
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