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.
Two consecutive quarters of shrinking GDP means that we’re technically in a recession. Considered to be “the broadest measure of economic prosperity”, GDP fell in the three months to June by 21%.
Data from the Bank of England shows that consumers repaid £7.4bn in April - the largest amount on record since 1993. Ernst & Young is forecasting a reduction in consumer lending by up to 16% in 2020. Whilst consumers cut back on credit cards and personal loans, business borrowing is projected to grow by 14%.
Adviser comment: \"This demonstrates the general savings the nation has seen throughout lockdown, but you should balance clearing debt with ensuring you save for an emergency fund. Check in to see if we recommend you to focus on clearing debt, building an emergency fund, or a mix of the two.\"
One in three surveyed employees are planning to make redundancies between July and September. Three months ago that number was one in six. On the flip side, hiring confidence is beginning to rise, with one in two saying they’re planning to hire in the same period.
Adviser comment: \"With jobs now at risk the need to save for a rainy day fund is clear. Check in to see how much we recommend you should target for your own personal emergency fund.\"
An individual buyer is being sought after for a London mansion listed at £185M*. Overlooking Regent’s Park, the price tag would make it the UK’s second most expensive house purchase. According to Savills, average prices for £10m-plus properties fell 21% from 2014 to 2019, and the pandemic has caused further uncertainty.
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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.\"
*this article might need a subscription to read
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.
The Bank of England has released its latest predictions for how the UK economy will fare over the next year. It’s now saying it expects the economy to shrink by 9.5% this year, meaning the downturn won't be as steep as it previously forecasted. However, the Bank also said output won’t be back to normal until the end of 2021, which is much later than it said before.
Adviser comment: \"Remember that these are all estimates and are sure to change again. From an investments point of view, this shows impact that volatility can have and why you need to have a long-term view.\"
First-time buyers are facing frustrating waits for mortgage approvals*, with many simple cases taking weeks instead of days to get a green light. Demand for mortgages has shot up since the stamp duty holiday was announced. At the same time, many lenders are struggling to work at full tilt with the majority of their staff working from home.
Adviser comment: \"Buying a home can often be a long, drawn out affair but it’s unusual for lenders to be the cause of the hold ups. All you can do is make sure your application is perfect. Double check that you’ve provided all of the information they asked for and make sure it’s 100% accurate.\"
Your festive panto memories? They’re behind you. The UK’s biggest panto producer has started cancelling this year’s Christmas shows. Panto season is a big earner for theatres, but last week it was revealed they’ll be waiting until November just to find out when they’ll be able to raise that curtain again. Boo.
Brits are heading to the campsites for their summer staycations, armed with all the mod cons from portable fire pits to airbeds. Retailers have reported a boom in sales of camping gear, with some selling out of the essentials. Since early July, Halfords has seen that airbed sales go up by 130%, cool boxes by 180% and gas stoves by 300%.
","url":"https://multiply.ghost.io/smaller-recession/","uuid":"607de322-a997-4949-98c5-8a7f8c31ddc5","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5f2bc59aa5f23d0039362633"}},{"node":{"id":"Ghost__Post__5f2a7315a3c4940039ff7b2e","title":"Nationwide rejects BOMAD buyers","slug":"nationwide-rejects-bomad-buyers","featured":false,"feature_image":"https://multiply.ghost.io/content/images/2020/08/Multiply-minute-2.png","excerpt":"Nationwide, one of the UK’s biggest mortgage providers, is turning away buyers relying too much on the “Bank of Mum and Dad”.","custom_excerpt":"Nationwide, one of the UK’s biggest mortgage providers, is turning away buyers relying too much on the “Bank of Mum and Dad”.","created_at_pretty":"05 August, 2020","published_at_pretty":"05 August, 2020","updated_at_pretty":"05 August, 2020","created_at":"2020-08-05T08:51:33.000+00:00","published_at":"2020-08-05T08:55:27.000+00:00","updated_at":"2020-08-05T09:12:01.000+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\nBOMAD crackdown\nNationwide, one of the UK’s biggest mortgage providers, is turning away buyers\n[https://www.independent.co.uk/news/business/news/nationwide-mortgages-deposit-bank-mum-dad-a9652021.html] \nrelying on the “Bank of Mum and Dad”. Anyone wanting a mortgage for more than\n90% of the property price must show they saved up at least three quarters of\ntheir deposit themselves.\n\nAdviser comment: \"This could been seen as quite harsh, as gifts from family are\na massive source of deposits for lots of people. The lender is looking to\nrestrict lending to borrowers it considers to be less likely to experience\nproblems paying back their debt in the future.\"\n\nRedundancy advice line swamped\nConciliation service Acas says calls to its redundancy advice phone line \ntripled\nin June and July [https://www.bbc.co.uk/news/business-53644103], as bosses and\nemployees alike prepare for life after furlough. The furlough scheme, which\ncurrently supports 9.6 million people, is being gradually withdrawn from this\nmonth, requiring employers to cover more of the wage bill themselves. \n\nWilliam Hill shutting shops\nBetting outfit William Hill said it's closing 119 shop\n[https://www.cityam.com/william-hill-profit-plunges-after-82m-coronavirus-hit/]\ns, after its profits plunged since March. With no sports fixtures to bet on, and\nno one visiting the high street, the gambling firm took a large hit. It says\nstaff at the closed stores will be offered jobs elsewhere in the company.\n\nFSCS extends protection\nThe Financial Services Compensation Scheme (FSCS) has announced up to 12 months\nprotection\n[https://www.telegraph.co.uk/personal-banking/current-accounts/financial-lifeboat-scheme-extends-deposit-protection-amid-bank/]\n* for people with temporary high balances of up to £1 million, such as after a\nhouse sale or inheritance. The FSCS protects savers against bank failures. The\nrule change comes after slowdowns in the banking system due to coronavirus\ncaused concern that customers’ money could be tied up for longer.\n\n\nAdviser comment: \"This is a useful and common sense approach from the FSCS even\nthough it is likely to only benefit a fairly small number of people.\"","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.
Nationwide, one of the UK’s biggest mortgage providers, is turning away buyers relying on the “Bank of Mum and Dad”. Anyone wanting a mortgage for more than 90% of the property price must show they saved up at least three quarters of their deposit themselves.
Adviser comment: \"This could been seen as quite harsh, as gifts from family are a massive source of deposits for lots of people. The lender is looking to restrict lending to borrowers it considers to be less likely to experience problems paying back their debt in the future.\"
Conciliation service Acas says calls to its redundancy advice phone line tripled in June and July, as bosses and employees alike prepare for life after furlough. The furlough scheme, which currently supports 9.6 million people, is being gradually withdrawn from this month, requiring employers to cover more of the wage bill themselves.
Betting outfit William Hill said it's closing 119 shops, after its profits plunged since March. With no sports fixtures to bet on, and no one visiting the high street, the gambling firm took a large hit. It says staff at the closed stores will be offered jobs elsewhere in the company.
The Financial Services Compensation Scheme (FSCS) has announced up to 12 months protection* for people with temporary high balances of up to £1 million, such as after a house sale or inheritance. The FSCS protects savers against bank failures. The rule change comes after slowdowns in the banking system due to coronavirus caused concern that customers’ money could be tied up for longer.
Adviser comment: \"This is a useful and common sense approach from the FSCS even though it is likely to only benefit a fairly small number of people.\"
","url":"https://multiply.ghost.io/nationwide-rejects-bomad-buyers/","uuid":"a7c7692d-d1a0-4f7d-9320-ab23e9994624","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5f2a7315a3c4940039ff7b2e"}},{"node":{"id":"Ghost__Post__5f291e8dcf36880039f10ff3","title":"45,000 new homes","slug":"45-000-new-homes","featured":false,"feature_image":"https://multiply.ghost.io/content/images/2020/08/Multiply-minute-1.png","excerpt":"Hundreds of “shovel ready” projects across the UK are about to get the green light to build new homes.","custom_excerpt":"Hundreds of “shovel ready” projects across the UK are about to get the green light to build new homes.","created_at_pretty":"04 August, 2020","published_at_pretty":"04 August, 2020","updated_at_pretty":"04 August, 2020","created_at":"2020-08-04T08:38:37.000+00:00","published_at":"2020-08-04T08:41:46.000+00:00","updated_at":"2020-08-04T08:52:34.000+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\n45,000 new homes\nHundreds of “shovel ready” projects across the UK are about to get the green\nlight to build 45,000 new homes\n[https://www.theguardian.com/business/2020/aug/03/up-to-45000-new-homes-to-be-green-lit-ahead-of-planning-shake-up]\n, under the government’s “New Deal” construction spending. In the next few days\nwe’ll also find out the details of some big changes to planning laws in England.\nThe changes could see new homes and hospitals granted automatic planning\npermission to speed up building.\n\nAdviser comment: \"Good news if it goes ahead. More homes are needed and although\n45,000 is not enough, it will help to reduce the current gap between supply and\ndemand.\"\n\nJob losses in theatre and travel\nIndustries hit hard by coronavirus restrictions have been forced to cut more\njobs. Hays Travel, which bought the stricken Thomas Cook last year, are letting\n878 people go\n[https://www.cityam.com/thomas-cook-buyer-hays-travel-to-slash-878-jobs/].\nMeanwhile, entertainment union Bectu has reported that 5,000 theatre workers\nhave lost their jobs\n[https://inews.co.uk/culture/arts/5000-jobs-lost-theatres-uk-latest-uncertainty-lockdown-570354] \nin the last month.\n\nHigh street boost\nFootfall on British high streets was up 30% yesterday\n[https://www.theguardian.com/business/2020/aug/03/uk-high-streets-get-boost-as-eat-out-to-help-out-scheme-begins] \ncompared to the previous Monday, according to retail expert Springboard. The\n“eat out to help out” scheme may have encouraged more people into restaurants.\nBut the main reason, according to Springboard? The sunny weather.\n\nCheck the floor plan\nCheeky estate agents have been caught stretching the truth about the size of the\nproperties they’re selling. Turns out, floorplans lie. In several cases, buyers\nhave ended up with less space\n[https://www.telegraph.co.uk/property/uk/homeowners-risk-legal-action-selling-mis-measured-properties/]\n* than they expected, after measurements used nooks and crannies rather than the\nreal room size.","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.
Hundreds of “shovel ready” projects across the UK are about to get the green light to build 45,000 new homes, under the government’s “New Deal” construction spending. In the next few days we’ll also find out the details of some big changes to planning laws in England. The changes could see new homes and hospitals granted automatic planning permission to speed up building.
Adviser comment: \"Good news if it goes ahead. More homes are needed and although 45,000 is not enough, it will help to reduce the current gap between supply and demand.\"
Industries hit hard by coronavirus restrictions have been forced to cut more jobs. Hays Travel, which bought the stricken Thomas Cook last year, are letting 878 people go. Meanwhile, entertainment union Bectu has reported that 5,000 theatre workers have lost their jobs in the last month.
Footfall on British high streets was up 30% yesterday compared to the previous Monday, according to retail expert Springboard. The “eat out to help out” scheme may have encouraged more people into restaurants. But the main reason, according to Springboard? The sunny weather.
Cheeky estate agents have been caught stretching the truth about the size of the properties they’re selling. Turns out, floorplans lie. In several cases, buyers have ended up with less space* than they expected, after measurements used nooks and crannies rather than the real room size.
","url":"https://multiply.ghost.io/45-000-new-homes/","uuid":"00cb3351-9e08-4aaf-aa20-5788d66a6dad","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5f291e8dcf36880039f10ff3"}},{"node":{"id":"Ghost__Post__5f27df928ef3680039e6709e","title":"Higher demand for homes","slug":"higher-demand-for-homes","featured":false,"feature_image":"https://multiply.ghost.io/content/images/2020/08/Multiply-minute.png","excerpt":"Estate agent Knight Frank has said demand for homes is rising faster than supply.","custom_excerpt":"Estate agent Knight Frank has said demand for homes is rising faster than supply.","created_at_pretty":"03 August, 2020","published_at_pretty":"03 August, 2020","updated_at_pretty":"03 August, 2020","created_at":"2020-08-03T09:57:38.000+00:00","published_at":"2020-08-03T10:39:39.000+00:00","updated_at":"2020-08-03T10:46:01.000+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\nDemand for property\nEstate agent Knight Frank has said demand for homes is rising faster than supply\n[https://www.cityam.com/pent-up-demand-pushes-up-competition-for-property-despite-coronavirus/]\n. The number of new buyers registering in July was 94% higher than average,\nwhile new property listings saw a 54% uplift.\n\nAdviser comment - \"This surge of interest from buyers is to be expected with\ncoronavirus restrictions being lifted and the recently announced Stamp Duty\nholiday. Higher demand may push up price\n[https://multiply-blog.appspot.com/house-price-hype/]s in the short-term but\nit’s likely to level off within a short period of time.\"\n\n90-minute testing\nNew coronavirus tests will be rolled out next week\n[https://news.sky.com/story/coronavirus-new-tests-which-detect-covid-19-in-90-minutes-to-be-rolled-out-next-week-12041300] \nwhich give a result in just 90 minutes. The tests will be available in care\nhomes and labs to start with. The government wants to make 500,000 tests\navailable every day by October, to combat the feared second wave of cases.\n\nMeal deal month begins\nYou can get a half price meal out today as the chancellor’s “eat out to help\nout” scheme kicks off. Diners can get 50% off the food bill, up to £10 per\nperson - no discount on drinks. Over 72,000 restaurants\n[https://www.gov.uk/guidance/get-a-discount-with-the-eat-out-to-help-out-scheme#find-a-restaurant] \nare taking part throughout August including Pizza Express and Nando’s.\n\nMicrosoft buying TikTok?\nTrump has allegedly given Microsoft 45 days to negotiate buying TikTok\n[https://uk.reuters.com/article/uk-usa-tiktok-trump-exclusive/exclusive-trump-gives-microsoft-45-days-to-clinch-tiktok-deal-idUKKBN24Y0UB]\n, the blockbuster video app. As tensions rise between the US and China, Trump\nsaid on Friday that he wanted to ban TikTok (currently owned by Chinese company\nByteDance) over data security fears. That’s when Microsoft piped up about\nacquiring the app, which has 100 million US users.","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.
Estate agent Knight Frank has said demand for homes is rising faster than supply. The number of new buyers registering in July was 94% higher than average, while new property listings saw a 54% uplift.
Adviser comment - \"This surge of interest from buyers is to be expected with coronavirus restrictions being lifted and the recently announced Stamp Duty holiday. Higher demand may push up prices in the short-term but it’s likely to level off within a short period of time.\"
New coronavirus tests will be rolled out next week which give a result in just 90 minutes. The tests will be available in care homes and labs to start with. The government wants to make 500,000 tests available every day by October, to combat the feared second wave of cases.
You can get a half price meal out today as the chancellor’s “eat out to help out” scheme kicks off. Diners can get 50% off the food bill, up to £10 per person - no discount on drinks. Over 72,000 restaurants are taking part throughout August including Pizza Express and Nando’s.
Trump has allegedly given Microsoft 45 days to negotiate buying TikTok, the blockbuster video app. As tensions rise between the US and China, Trump said on Friday that he wanted to ban TikTok (currently owned by Chinese company ByteDance) over data security fears. That’s when Microsoft piped up about acquiring the app, which has 100 million US users.
","url":"https://multiply.ghost.io/higher-demand-for-homes/","uuid":"f2464431-4ff4-47f6-8a66-d88c12104032","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5f27df928ef3680039e6709e"}},{"node":{"id":"Ghost__Post__5f23d9528ef3680039e67070","title":"Amazon and Apple cash in","slug":"amazon-and-apple-cash-in","featured":false,"feature_image":"https://multiply.ghost.io/content/images/2020/07/Multiply-minute-22.png","excerpt":"Amazon, Facebook, and Apple have defied trends and seen their revenues soar during lockdown.","custom_excerpt":"Amazon, Facebook, and Apple have defied trends and seen their revenues soar during lockdown.","created_at_pretty":"31 July, 2020","published_at_pretty":"31 July, 2020","updated_at_pretty":"31 July, 2020","created_at":"2020-07-31T08:41:54.000+00:00","published_at":"2020-07-31T08:57:07.000+00:00","updated_at":"2020-07-31T09:12:30.000+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\nBig tech cashes in\nAmazon, Facebook, and Apple have defied trends and seen their revenues soar\n[https://www.bbc.co.uk/news/business-53602596] during lockdown. Our socially\ndistanced lives have pushed more activity online, which is good news for the\ntech giants. Amazon enjoyed a 40% jump in sales between April and June and\nFacebook gained 15% more users across Instagram and WhatsApp.\n\nFull pay for redundancy packages\nAnyone who is made redundant after being on furlough will get redundancy pay\nbased on their full salary, not on the 80% furlough wage. The government passed\nthe new law\n[https://www.theguardian.com/uk-news/2020/jul/30/new-law-will-ensure-furloughed-workers] \nyesterday to stop sneaky employers from short changing laid-off workers.\n\nAdviser comment: \"Any additional money for those losing their jobs in these\ndifficult times can make a huge difference. If you're being made redundant and\nyou don't have emergency savings in place, your first step should be to take a\nlook at your budget and see if you can cut back.\"\n\nWorking mothers worse off\nMothers are the most likely to be working shorter hours on reduced pay since the\nstart of lockdown. Research from UCL found that mothers in their 30s have cut\ntheir hours by 52%\n[https://www.telegraph.co.uk/money/consumer-affairs/mothers-5000-worse-working-hours-fell-40pc-lockdown/]\n*, more than any other group. Why? A lack of childcare is a big reason, with\nnursery and summer school places hard to come by.\n\nArgos catalogue’s last Christmas\nArgos will retire its catalogue [https://www.bbc.co.uk/news/business-53592591] \nin January, marking the end of a distinguished 48 year career, after admitting\nthat online shopping offers \"greater convenience\". At its peak the iconic\ncatalogue was the most widely printed publication in Europe, with a copy in\nalmost every home - only the Bible was more prolific.","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.
Amazon, Facebook, and Apple have defied trends and seen their revenues soar during lockdown. Our socially distanced lives have pushed more activity online, which is good news for the tech giants. Amazon enjoyed a 40% jump in sales between April and June and Facebook gained 15% more users across Instagram and WhatsApp.
Anyone who is made redundant after being on furlough will get redundancy pay based on their full salary, not on the 80% furlough wage. The government passed the new law yesterday to stop sneaky employers from short changing laid-off workers.
Adviser comment: \"Any additional money for those losing their jobs in these difficult times can make a huge difference. If you're being made redundant and you don't have emergency savings in place, your first step should be to take a look at your budget and see if you can cut back.\"
Mothers are the most likely to be working shorter hours on reduced pay since the start of lockdown. Research from UCL found that mothers in their 30s have cut their hours by 52%*, more than any other group. Why? A lack of childcare is a big reason, with nursery and summer school places hard to come by.
Argos will retire its catalogue in January, marking the end of a distinguished 48 year career, after admitting that online shopping offers \"greater convenience\". At its peak the iconic catalogue was the most widely printed publication in Europe, with a copy in almost every home - only the Bible was more prolific.
","url":"https://multiply.ghost.io/amazon-and-apple-cash-in/","uuid":"b5e00981-da7c-4330-bd4d-8752b0405265","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5f23d9528ef3680039e67070"}},{"node":{"id":"Ghost__Post__5f227f9f8ef3680039e6704b","title":"Car industry stalls","slug":"car-industry-stalls","featured":false,"feature_image":"https://multiply.ghost.io/content/images/2020/07/Multiply-minute-21.png","excerpt":"The UK is on track to build just 880,000 cars this year. That’s a third less than last year, and our lowest since 1957.","custom_excerpt":"The UK is on track to build just 880,000 cars this year. That’s a third less than last year, and our lowest since 1957.","created_at_pretty":"30 July, 2020","published_at_pretty":"30 July, 2020","updated_at_pretty":"30 July, 2020","created_at":"2020-07-30T08:06:55.000+00:00","published_at":"2020-07-30T08:18:33.000+00:00","updated_at":"2020-07-30T08:21:28.000+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\nFlat tyre for car industry\nThe UK is on track to build just 880,000 cars\n[https://www.cityam.com/carmakers-shed-11000-jobs-as-production-set-for-worst-year-since-1957/] \nthis year. That’s a third less than last year, and our lowest output since 1957.\nProduction lines have stalled due to coronavirus, and over 11,000 people all\nalong the car supply chain have lost their jobs since the start of the crisis.\n\nLloyds goes overdrawn\nLloyds Banking Group has reported losing money\n[https://uk.reuters.com/article/uk-lloyds-results/pandemic-pushes-lloyds-bank-into-the-red-as-bad-debt-fears-rise-idUKKCN24V0O2] \nin the first half of the year, after upping its estimates for customers\ndefaulting on loans. The bank had expected to put aside £1.5 billion in the\nsecond quarter to cover bad loans, but has ended up ring-fencing a massive £2.4\nbillion. Lloyds, which is often seen as a bellweather for the wider economy,\nsays the financial impact of coronavirus on its customers is larger than it\nthought it would be.\n\nPublic sector hiring spree\nThousands of jobs and new nursing training spots will be created in a new \npublic\nsector jobs boost\n[https://www.theguardian.com/uk-news/2020/jul/29/thousands-of-uk-public-sector-jobs-to-be-created-in-recruitment-drive]\n. There are 3,000 extra nursing places available, and the Ministry of Justice is\nhiring 1,000 new probation officers by the end of the year. Last year, Boris\nJohnson also pledged to recruit 20,000 new police officers to try and bolster\nthe shrinking force. A report on his progress will be published later today.","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.
The UK is on track to build just 880,000 cars this year. That’s a third less than last year, and our lowest output since 1957. Production lines have stalled due to coronavirus, and over 11,000 people all along the car supply chain have lost their jobs since the start of the crisis.
Lloyds Banking Group has reported losing money in the first half of the year, after upping its estimates for customers defaulting on loans. The bank had expected to put aside £1.5 billion in the second quarter to cover bad loans, but has ended up ring-fencing a massive £2.4 billion. Lloyds, which is often seen as a bellweather for the wider economy, says the financial impact of coronavirus on its customers is larger than it thought it would be.
Thousands of jobs and new nursing training spots will be created in a new public sector jobs boost. There are 3,000 extra nursing places available, and the Ministry of Justice is hiring 1,000 new probation officers by the end of the year. Last year, Boris Johnson also pledged to recruit 20,000 new police officers to try and bolster the shrinking force. A report on his progress will be published later today.
","url":"https://multiply.ghost.io/car-industry-stalls/","uuid":"bbff99da-279a-4453-ad1c-813a7b2ff544","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5f227f9f8ef3680039e6704b"}},{"node":{"id":"Ghost__Post__5f212fef8ef3680039e67014","title":"3 million out of work?","slug":"3-million-out-of-work","featured":false,"feature_image":"https://multiply.ghost.io/content/images/2020/07/Multiply-minute-20.png","excerpt":"Unemployment could hit 10% by the end of the year when the furlough scheme ends.","custom_excerpt":"Unemployment could hit 10% by the end of the year when the furlough scheme ends.","created_at_pretty":"29 July, 2020","published_at_pretty":"29 July, 2020","updated_at_pretty":"29 July, 2020","created_at":"2020-07-29T08:14:39.000+00:00","published_at":"2020-07-29T08:18:12.000+00:00","updated_at":"2020-07-29T08:35:25.000+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\nCoronavirus job losses\nUnemployment could hit 10%\n[https://www.cityam.com/uk-unemployment-to-hit-10-per-cent-as-furlough-scheme-ends-says-report/] \nby the end of the year, according to the National Institute of Economic and\nSocial Research (Niesr). Under that prediction, more than 3 million people would\nbe out of work. Niesr’s forecast is one of the most pessimistic about the\nwinding down of the furlough scheme, which will end completely in October.\n\nTourist hotspots hit worst\nUK towns that rely on tourism have been worst affected by job losses\n[https://www.theguardian.com/business/2020/jul/28/tourist-hotspots-hit-hardest-in-uk-by-covid-19-unemployment] \nsince the start of the lockdown. Analysis by Labour shows that 65% more people\nare claiming Universal Credit than in other areas. Brits are now flocking to\nNational Parks and the seaside for summer staycations - but for some businesses\nit’s too little, too late.\n\nAmazon Fresh\nThe online giant is taking on the supermarkets\n[https://www.bbc.co.uk/news/business-53559116] with free same- or next-day food\ndeliveries in London and the home counties. You have to be a Prime subscriber\nand spend at least £40 to get free delivery. Amazon has said it wants to bring\nits online grocery service to millions of people by the end of the year.\n\nBank dividends back?\nBanks may be allowed to pay dividends to investors\n[https://www.telegraph.co.uk/business/2020/07/28/banks-could-free-restart-dividend-payments-within-months/] \nfrom January. They stopped all shareholder payouts when the coronavirus crisis\nstarted, but the Bank of England is considering plans to enable the banks to\nrestart the payments.\n\n\nAdviser comment: \"Dividend payments up to a total of £2,000 per tax year are\ncovered by a little known ‘Dividend Allowance’, which means that if you receive\nsmall amounts of dividends (both UK and foreign) you don’t need to worry about\ntax\"\n\nLights, camera, action\nTV and film production companies can start shooting again\n[https://uk.reuters.com/article/us-health-coronavirus-britain-film-insur/uk-sets-up-647-million-emergency-insurance-fund-for-film-and-tv-idUKKCN24T2VW]\n, thanks to a £500 million insurance fund set up by the government. Movie makers\nwere struggling to get insured. They can access the fund as long as half their\nproduction budget is spent in the UK. \n\nAdviser comment: \"Investments that are solely focused on helping the funding of\nfilm production are usually high risk investments and only suitable for\ninvestors with the highest risk appetites.\"","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.
Unemployment could hit 10% by the end of the year, according to the National Institute of Economic and Social Research (Niesr). Under that prediction, more than 3 million people would be out of work. Niesr’s forecast is one of the most pessimistic about the winding down of the furlough scheme, which will end completely in October.
UK towns that rely on tourism have been worst affected by job losses since the start of the lockdown. Analysis by Labour shows that 65% more people are claiming Universal Credit than in other areas. Brits are now flocking to National Parks and the seaside for summer staycations - but for some businesses it’s too little, too late.
The online giant is taking on the supermarkets with free same- or next-day food deliveries in London and the home counties. You have to be a Prime subscriber and spend at least £40 to get free delivery. Amazon has said it wants to bring its online grocery service to millions of people by the end of the year.
Banks may be allowed to pay dividends to investors from January. They stopped all shareholder payouts when the coronavirus crisis started, but the Bank of England is considering plans to enable the banks to restart the payments.
Adviser comment: \"Dividend payments up to a total of £2,000 per tax year are covered by a little known ‘Dividend Allowance’, which means that if you receive small amounts of dividends (both UK and foreign) you don’t need to worry about tax\"
TV and film production companies can start shooting again, thanks to a £500 million insurance fund set up by the government. Movie makers were struggling to get insured. They can access the fund as long as half their production budget is spent in the UK.
Adviser comment: \"Investments that are solely focused on helping the funding of film production are usually high risk investments and only suitable for investors with the highest risk appetites.\"
","url":"https://multiply.ghost.io/3-million-out-of-work/","uuid":"89dc1eae-8c79-4658-82f2-220ae17023e8","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5f212fef8ef3680039e67014"}},{"node":{"id":"Ghost__Post__5f1fe6268ef3680039e66fdb","title":"Gold hits record high","slug":"gold-hits-record-high","featured":false,"feature_image":"https://multiply.ghost.io/content/images/2020/07/Multiply-minute-19.png","excerpt":"The price of gold has hit a record high as nervous investors buy up the bullion as a safe haven from volatile stock markets.","custom_excerpt":"The price of gold has hit a record high as nervous investors buy up the bullion as a safe haven from volatile stock markets.","created_at_pretty":"28 July, 2020","published_at_pretty":"28 July, 2020","updated_at_pretty":"28 July, 2020","created_at":"2020-07-28T08:47:34.000+00:00","published_at":"2020-07-28T08:56:11.000+00:00","updated_at":"2020-07-28T09:30:57.000+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\nGold’s looking precious\nThe price of gold has hit a record high\n[https://www.bbc.co.uk/news/business-53555771] as nervous investors buy up the\nbullion as a safe haven from volatile stock markets. The precious metal tends to\nkeep its value even in turbulent times. With coronavirus continuing to hurt\neconomies and tensions rising between the US and China, gold is having a field\nday. \n\nAdviser comment: \"Like most investments the value of gold can go down as well as\nup and it’s only suitable for people who are prepared to take some risk with\ntheir investment. Gold is a physical commodity, so it's possible that you might\nnot be able to to sell it when you need to.\"\n\nLondon loves stamp duty holiday\nThe recent cut to stamp duty is mainly helping homebuyers in London\n[https://www.theguardian.com/money/2020/jul/28/cut-in-stamp-duty-has-only-really-benefited-london-says-zoopla]\n, according to Zoopla. The property website says agreed sales in the capital\nhave had a 27% boost in the first 2 weeks since it was announced. Other areas of\nthe country, where property prices are lower, haven’t yet seen the benefit of\nthe tax cut, which raised the threshold for paying stamp duty to £500,000.\n\nHelp to Buy extended?\nThe Help to Buy scheme may be extended\n[https://www.ft.com/content/73e5c6e3-4f0b-44eb-a5ce-e038fdda10b9] beyond\nDecember to give sales time to complete. The equity loan scheme, which enables\nbuyers to get on the property ladder with a 5% deposit, was due to be phased out\nat the end of the year. But buyers may be given extra time to get their purchase\nover the line so that they don’t lose out due to coronavirus delays.\n\nFix-your-bike scheme\nThe government is giving out £50 bike repair vouchers\n[https://news.sky.com/story/cyclists-to-be-handed-50-bike-repair-vouchers-under-government-fitness-drive-12037579] \nas part of a scheme to get us all cycling more. If you’ve got a bike languishing\nat the back of the shed, it’s time for that rusty old chain to shine. The\nvouchers will be available online later today and it’s first come first served.\n\nAdviser comment: \"You're not legally obliged to have insurance to ride a bike,\nbut if you cause an accident or damage another vehicle, then you might be liable\nfor any costs. Check your contents insurance - you may already be covered under\na public liability clause.\"","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.
The price of gold has hit a record high as nervous investors buy up the bullion as a safe haven from volatile stock markets. The precious metal tends to keep its value even in turbulent times. With coronavirus continuing to hurt economies and tensions rising between the US and China, gold is having a field day.
Adviser comment: \"Like most investments the value of gold can go down as well as up and it’s only suitable for people who are prepared to take some risk with their investment. Gold is a physical commodity, so it's possible that you might not be able to to sell it when you need to.\"
The recent cut to stamp duty is mainly helping homebuyers in London, according to Zoopla. The property website says agreed sales in the capital have had a 27% boost in the first 2 weeks since it was announced. Other areas of the country, where property prices are lower, haven’t yet seen the benefit of the tax cut, which raised the threshold for paying stamp duty to £500,000.
The Help to Buy scheme may be extended beyond December to give sales time to complete. The equity loan scheme, which enables buyers to get on the property ladder with a 5% deposit, was due to be phased out at the end of the year. But buyers may be given extra time to get their purchase over the line so that they don’t lose out due to coronavirus delays.
The government is giving out £50 bike repair vouchers as part of a scheme to get us all cycling more. If you’ve got a bike languishing at the back of the shed, it’s time for that rusty old chain to shine. The vouchers will be available online later today and it’s first come first served.
Adviser comment: \"You're not legally obliged to have insurance to ride a bike, but if you cause an accident or damage another vehicle, then you might be liable for any costs. Check your contents insurance - you may already be covered under a public liability clause.\"
","url":"https://multiply.ghost.io/gold-hits-record-high/","uuid":"3f4a4bd3-ed87-4960-8aa1-e273b008ecf5","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5f1fe6268ef3680039e66fdb"}},{"node":{"id":"Ghost__Post__5f1e8ccfcc340d00392b1aac","title":"Spain holidays cancelled (again)","slug":"spain-holidays-cancelled-again","featured":false,"feature_image":"https://multiply.ghost.io/content/images/2020/07/Multiply-minute-18.png","excerpt":"The government has re-imposed the 14-day quarantine rule on people entering the UK from Spain after a resurgence of coronavirus cases there.","custom_excerpt":"The government has re-imposed the 14-day quarantine rule on people entering the UK from Spain after a resurgence of coronavirus cases there.","created_at_pretty":"27 July, 2020","published_at_pretty":"27 July, 2020","updated_at_pretty":"27 July, 2020","created_at":"2020-07-27T08:14:07.000+00:00","published_at":"2020-07-27T08:19:31.000+00:00","updated_at":"2020-07-27T08:26:44.000+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\nQuarantine for Spain travellers\nThe government has re-imposed the 14-day quarantine rule on people entering the\nUK from Spain after a resurgence of coronavirus cases there. The Foreign and\nCommonwealth Office (FCO) has advised people not to travel there. One travel\ncompany estimates that 1.8 million holidays have been thrown into chaos\n[https://www.bbc.co.uk/news/business-53545222] by the move.\n\nAdviser comment: \"Check your insurance before travelling to understand what you\nare and aren’t covered for. Travelling to countries against FCO advice is likely\nto invalidate your travel insurance.\"\n\nMore quarantine coming?\nThe Spain quarantine happened very quickly - the rules changed at midnight on\nSaturday with just a few hours’ warning. Foreign Secretary Dominic Raab has said\nthe situation is under constant review and the government “won’t hesitate”\n[https://news.sky.com/story/government-warns-it-wont-hesitate-to-add-more-countries-to-quarantine-list-at-short-notice-12037005] \nto add other countries to the list at short notice.\n\nAirlines could be banned\nThe airline regulator is starting to crack down\n[https://www.telegraph.co.uk/business/2020/07/26/airlines-face-crackdown-coronavirus-refunds/]\n* on airlines for failing to refund customers whose flights were cancelled due\nto coronavirus travel restrictions. In total, millions of people are still owed\nbillions in unpaid refunds. The worst offenders could end up banned from\noperating in the UK.\n\nHigher tax on over-40s?\nThe government is considering plans to pay for the care of elderly people using \nhigher taxes on over-40s\n[https://www.theguardian.com/society/2020/jul/26/uk-ministers-looking-at-plans-to-raise-taxes-for-over-40s-to-pay-for-social-care]\n. Boris Johnson made an election pledge last year to “fix the crisis in social\ncare once and for all”. The proposals are modelled on similar systems in Germany\nand Japan and would see everyone over 40 pay more tax - or take out private\ninsurance to pay for their own later life care.\n\nAdviser comment: \"This is a huge election pledge to deliver and we'll definitely\nwatch this space. For now though, we just need to wait and see what is actually\nproposed.\"","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.
The government has re-imposed the 14-day quarantine rule on people entering the UK from Spain after a resurgence of coronavirus cases there. The Foreign and Commonwealth Office (FCO) has advised people not to travel there. One travel company estimates that 1.8 million holidays have been thrown into chaos by the move.
Adviser comment: \"Check your insurance before travelling to understand what you are and aren’t covered for. Travelling to countries against FCO advice is likely to invalidate your travel insurance.\"
The Spain quarantine happened very quickly - the rules changed at midnight on Saturday with just a few hours’ warning. Foreign Secretary Dominic Raab has said the situation is under constant review and the government “won’t hesitate” to add other countries to the list at short notice.
The airline regulator is starting to crack down* on airlines for failing to refund customers whose flights were cancelled due to coronavirus travel restrictions. In total, millions of people are still owed billions in unpaid refunds. The worst offenders could end up banned from operating in the UK.
The government is considering plans to pay for the care of elderly people using higher taxes on over-40s. Boris Johnson made an election pledge last year to “fix the crisis in social care once and for all”. The proposals are modelled on similar systems in Germany and Japan and would see everyone over 40 pay more tax - or take out private insurance to pay for their own later life care.
Adviser comment: \"This is a huge election pledge to deliver and we'll definitely watch this space. For now though, we just need to wait and see what is actually proposed.\"
","url":"https://multiply.ghost.io/spain-holidays-cancelled-again/","uuid":"778281c5-3d29-4d1b-a28e-bcaf3f87c667","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5f1e8ccfcc340d00392b1aac"}},{"node":{"id":"Ghost__Post__5f1a96adcf13d10039888512","title":"Retail has bounced back","slug":"retail-bounced-back","featured":false,"feature_image":"https://multiply.ghost.io/content/images/2020/07/Multiply-minute-17.png","excerpt":"Shops continued to bounce back in June, with a 13.9% boost in sales which overall takes retail back to pre-lockdown levels.","custom_excerpt":"Shops continued to bounce back in June, with a 13.9% boost in sales which overall takes retail back to pre-lockdown levels.","created_at_pretty":"24 July, 2020","published_at_pretty":"24 July, 2020","updated_at_pretty":"24 July, 2020","created_at":"2020-07-24T08:07:09.000+00:00","published_at":"2020-07-24T08:35:55.000+00:00","updated_at":"2020-07-24T08:35:55.000+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\nRetail’s back to normal\nShops continued to bounce back in June\n[https://www.bbc.co.uk/news/business-53523682], with a 13.9% boost in sales\nwhich overall takes retail back to pre-lockdown levels. However, it’s a very\ndifferent picture to before: we’re buying more food but fewer clothes. We’re\nalso neglecting the high street in favour of online shopping; £3 in every £10 of\nretail sales is now spent online.\n\nBut it might not last\nConsumer confidence is wavering in July\n[https://www.theguardian.com/money/2020/jul/24/consumer-confidence-survey-casts-doubt-on-v-shaped-recovery]\n, despite rising throughout May and June, according to the GfK barometer. It\nsuggests the bounce in retail sales may not be sustainable. Why the lower\nconfidence? People are concerned about being made redundant when the furlough\nscheme ends, and many are also worried about the health risks of high street\nshopping.\n\nAdviser comment: \"Many people are concerned about whether their income is\nprotected if they get ill and/or can't work. Consider taking out an Accident,\nSickness or Unemployment policy for short term illness, and check your plan for\nany recommendations for longer term sickness cover.\"\n\nFace masks now mandatory\nIn a change that might help shoppers feel safer, from today it’s compulsory to\nwear a face mask [https://www.bbc.co.uk/news/uk-53522129] in all enclosed public\nspaces including shops and banks. Anyone who’s caught without one can be fined\n£100. Tesco’s selling masks at the entrance, and Waitrose has signs up to remind\nshoppers of the new rule.\n\nBut who’s checking?\nThe masks measure may prove tricky to enforce\n[https://news.sky.com/story/coronavirus-enforcing-face-covering-law-will-be-impossible-police-fed-chairman-12035073]\n. Some shops, including Asda and Sainsbury’s, have said they won’t challenge\ncustomers for not wearing masks, and say it’s the job of the police. The police\nhave said enforcing the measure will be “impossible” as they don’t have enough\nofficers.","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.
Shops continued to bounce back in June, with a 13.9% boost in sales which overall takes retail back to pre-lockdown levels. However, it’s a very different picture to before: we’re buying more food but fewer clothes. We’re also neglecting the high street in favour of online shopping; £3 in every £10 of retail sales is now spent online.
Consumer confidence is wavering in July, despite rising throughout May and June, according to the GfK barometer. It suggests the bounce in retail sales may not be sustainable. Why the lower confidence? People are concerned about being made redundant when the furlough scheme ends, and many are also worried about the health risks of high street shopping.
Adviser comment: \"Many people are concerned about whether their income is protected if they get ill and/or can't work. Consider taking out an Accident, Sickness or Unemployment policy for short term illness, and check your plan for any recommendations for longer term sickness cover.\"
In a change that might help shoppers feel safer, from today it’s compulsory to wear a face mask in all enclosed public spaces including shops and banks. Anyone who’s caught without one can be fined £100. Tesco’s selling masks at the entrance, and Waitrose has signs up to remind shoppers of the new rule.
The masks measure may prove tricky to enforce. Some shops, including Asda and Sainsbury’s, have said they won’t challenge customers for not wearing masks, and say it’s the job of the police. The police have said enforcing the measure will be “impossible” as they don’t have enough officers.
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