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 failed to prepare for the economic impacts of a possible pandemic, according to parliament’s financial watchdog. A report by a committee of MPs from all political parties has said that economic plans were drawn up “on the hoof” in mid-March. Back in 2016 the government simulated a flu pandemic in a planning exercise that involved 950 officials - but no one thought to tell the government departments who are responsible for the economy.
Adviser comment: \"A big learning moment for the government and it's good to see this report coming out so early. Whether it be governments or individuals, we should all be planning for the ‘what ifs’ in life. Check in to see if we recommend any protection products for you.\"
The UK’s largest bus company has said coronavirus will have a “lasting effect” on commuting*. Stagecoach is currently relying on government funding to continue providing bus services for key workers. It has warned it doesn’t know how long it will be before it can start turning a profit again.
Markus Braun, former chief executive of Wirecard, has been arrested again on suspicion of committing fraud. Braun stepped down from the company last month after billions were reported missing from its accounts. Wirecard collapsed shortly afterwards, leaving thousands of UK customers locked out of accounts that relied on its technology.
Brits have gained confidence with DIY in lockdown, causing sales of paint, power tools, and plants to boom - they’re up 18.7% on last year*. And that’s given Kingfisher, which owns B&Q and Screwfix, the confidence to follow the lead of Primark and John Lewis and decline the government’s furlough bonus.
","url":"https://multiply.ghost.io/governments-astonishing-failure/","uuid":"49fb8a66-05fb-49fe-9a85-118e763e0fcb","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5f193deb38d86900385e6091"}},{"node":{"id":"Ghost__Post__5f17f25d3c87f100394698be","title":"Happy for EU","slug":"happy-for-eu","featured":false,"feature_image":"https://multiply.ghost.io/content/images/2020/07/Multiply-minute-15.png","excerpt":"After 4 long nights of talks, the European Union has agreed a €750 billion deal to support its post-coronavirus economic recovery.","custom_excerpt":"After 4 long nights of talks, the European Union has agreed a €750 billion deal to support its post-coronavirus economic recovery.","created_at_pretty":"22 July, 2020","published_at_pretty":"22 July, 2020","updated_at_pretty":"22 July, 2020","created_at":"2020-07-22T08:01:33.000+00:00","published_at":"2020-07-22T08:03:23.000+00:00","updated_at":"2020-07-22T08:12:37.000+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 with the Multiply Minute; a lightning-quick\nround-up of the money news and how it affects you.\n\nEU leaders strike deal\nAfter 4 long nights of talks, the European Union has agreed a €750 billion deal\n[https://www.bbc.co.uk/news/world-europe-53481542] to support its 27 members in\ntheir post-coronavirus economic recovery. The package includes grants and loans\nto enable governments to continue spending.\n\nHomes on the high street?\nForget trying to revitalise shops; high streets should be transformed into\nresidential hubs\n[https://www.theguardian.com/society/2020/jul/22/uk-high-streets-could-be-turned-into-housing-says-thinktank]\n. That’s according to a report from the Social Market Foundation (SMF). Even\nbefore coronavirus, the traditional high street was struggling, and the recent\nboom in online shopping and home working has put its future at even greater\nrisk. The SMF’s answer? Turn empty shops into 800,000 homes and let people live\nin town centres.\n\nPayday for Musk\nTesla’s market capitalisation (what its shares are worth on the open market) has\njust passed $150 billion and its owner, Elon Musk, gets a $2.1 billion payday\n[https://www.cityam.com/musk-qualifies-for-2-1bn-payday-after-tesla-rally/]. The\nelectric car maker’s share price has enjoyed a long bounce. It’ll find out later\ntoday if it turned a profit last quarter, which would mean Tesla shares can\nenter the S&P 500 index on Wall Street.","html":"Get straight to the good stuff with the Multiply Minute; a lightning-quick round-up of the money news and how it affects you.
After 4 long nights of talks, the European Union has agreed a €750 billion deal to support its 27 members in their post-coronavirus economic recovery. The package includes grants and loans to enable governments to continue spending.
Forget trying to revitalise shops; high streets should be transformed into residential hubs. That’s according to a report from the Social Market Foundation (SMF). Even before coronavirus, the traditional high street was struggling, and the recent boom in online shopping and home working has put its future at even greater risk. The SMF’s answer? Turn empty shops into 800,000 homes and let people live in town centres.
Tesla’s market capitalisation (what its shares are worth on the open market) has just passed $150 billion and its owner, Elon Musk, gets a $2.1 billion payday. The electric car maker’s share price has enjoyed a long bounce. It’ll find out later today if it turned a profit last quarter, which would mean Tesla shares can enter the S&P 500 index on Wall Street.
","url":"https://multiply.ghost.io/happy-for-eu/","uuid":"a48ae400-b176-42af-85d0-f75653a427fd","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5f17f25d3c87f100394698be"}},{"node":{"id":"Ghost__Post__5f16a58c3c87f100394698a1","title":"Pay rise for frontline workers","slug":"pay-rise-for-frontline-workers","featured":false,"feature_image":"https://multiply.ghost.io/content/images/2020/07/Multiply-minute-14.png","excerpt":"Almost 1 million frontline public sector workers will get an above-inflation pay rise to recognise their essential work during the pandemic.","custom_excerpt":"Almost 1 million frontline public sector workers will get an above-inflation pay rise to recognise their essential work during the pandemic.","created_at_pretty":"21 July, 2020","published_at_pretty":"21 July, 2020","updated_at_pretty":"21 July, 2020","created_at":"2020-07-21T08:21:32.000+00:00","published_at":"2020-07-21T08:24:22.000+00:00","updated_at":"2020-07-21T08:24:22.000+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 with the Multiply Minute; a lightning-quick\nround-up of the money news and how it affects you.\n\nPublic sector pay rise\nAlmost 1 million frontline public sector workers will get an above-inflation\npay\nrise\n[https://uk.reuters.com/article/uk-britain-economy-payrises/uk-public-sector-workers-on-covid-19-frontline-to-get-pay-rises-idUKKCN24L2TS] \nto recognise their essential work during the pandemic. Teachers get the biggest\nboost at 3.1%, and doctors and dentists will get 2.8%. It’s the biggest pay rise\nfor a long time - public sector wages were frozen in 2010 under austerity, and\nincreases were capped at 1% until 2018.\n\nAdviser comment: \"We recommend you save as much as possible from above-inflation\npay rises. Micro-savings accounts linked to your spending is a great way to\nachieve this.\"\n\nGovernment's still borrowing\nThe UK borrowed £35.5 billion in June\n[https://www.bbc.co.uk/news/business-53482895] to pay for coronavirus support\nmeasures. It’s five times higher than a typical June, but less than we borrowed\nin May, as some businesses reopened meaning fewer workers on furlough and more\npeople paying taxes. Plus, it turns out the government actually borrowed less in\nMay than was previously estimated, because the tax take ended up higher.\n\nHermes is hiring\nHermes has said it’s hiring 10,500 extra staff\n[https://www.bbc.co.uk/news/business-53477395] to meet a surge in demand thanks\nto the online shopping boom. The delivery company already has over 15,000\nfreelance couriers in the UK and wants even more, and has said that\nself-employed workers also get holiday pay.\n\nV-shaped recovery?\nIn the early days of the pandemic, there was a lot of hopeful talk about a rapid\n“V-shaped” economic recovery. Many experts have since given up on this - but not\nAntony Haldane, chief economist at the Bank of England. He clashed with\ncolleagues on Monday when he insisted we’re in a V\n[https://www.theguardian.com/business/2020/jul/20/uk-seeing-v-shaped-recovery-says-bank-of-england-economist]\n, and claimed the UK economy has already recovered about half of the massive\nfall that we saw in March and April.","html":"Get straight to the good stuff with the Multiply Minute; a lightning-quick round-up of the money news and how it affects you.
Almost 1 million frontline public sector workers will get an above-inflation pay rise to recognise their essential work during the pandemic. Teachers get the biggest boost at 3.1%, and doctors and dentists will get 2.8%. It’s the biggest pay rise for a long time - public sector wages were frozen in 2010 under austerity, and increases were capped at 1% until 2018.
Adviser comment: \"We recommend you save as much as possible from above-inflation pay rises. Micro-savings accounts linked to your spending is a great way to achieve this.\"
The UK borrowed £35.5 billion in June to pay for coronavirus support measures. It’s five times higher than a typical June, but less than we borrowed in May, as some businesses reopened meaning fewer workers on furlough and more people paying taxes. Plus, it turns out the government actually borrowed less in May than was previously estimated, because the tax take ended up higher.
Hermes has said it’s hiring 10,500 extra staff to meet a surge in demand thanks to the online shopping boom. The delivery company already has over 15,000 freelance couriers in the UK and wants even more, and has said that self-employed workers also get holiday pay.
In the early days of the pandemic, there was a lot of hopeful talk about a rapid “V-shaped” economic recovery. Many experts have since given up on this - but not Antony Haldane, chief economist at the Bank of England. He clashed with colleagues on Monday when he insisted we’re in a V, and claimed the UK economy has already recovered about half of the massive fall that we saw in March and April.
","url":"https://multiply.ghost.io/pay-rise-for-frontline-workers/","uuid":"50ba4078-1dbc-4a59-8c3e-512d6468b39a","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5f16a58c3c87f100394698a1"}},{"node":{"id":"Ghost__Post__5f156ce6de35340039bda201","title":"Home sales picking up","slug":"home-sales-picking-up","featured":false,"feature_image":"https://multiply.ghost.io/content/images/2020/07/Multiply-minute-13.png","excerpt":"Rightmove says it’s seen increased buyer and seller activity following a cut to stamp duty earlier this month","custom_excerpt":"Rightmove says it’s seen increased buyer and seller activity following a cut to stamp duty earlier this month","created_at_pretty":"20 July, 2020","published_at_pretty":"20 July, 2020","updated_at_pretty":"20 July, 2020","created_at":"2020-07-20T10:07:34.000+00:00","published_at":"2020-07-20T10:12:37.000+00:00","updated_at":"2020-07-20T10:17:38.000+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\nHome sales picking up\nRightmove says it’s seen increased buyer and seller activity following a cut to\nstamp duty earlier this month. In England, agreed sales were 35% higher\n[https://uk.reuters.com/article/uk-health-coronavirus-britain-housing/uk-housing-mini-boom-is-gathering-pace-property-firm-rightmove-says-idUKKCN24K0U4] \nfive days after chancellor Rishi Sunak’s summer statement. The property website\nalso said that asking prices are going up, suggesting sellers may be feeling\nmore optimistic about their chances.\n\nAdviser comment: \"Evidence of increasing activity in the housing market is\ngenerally a good sign, although we recommend reading our article on house prices\n[https://multiply-blog.appspot.com/house-price-hype/] to ensure that you\nunderstand how to read these headlines.\"\n\nTiktok's not coming to town\nTalks about a Tiktok global HQ in London have ground to a halt\n[https://www.cityam.com/tiktok-shelves-london-hq-plans-as-tensions-mount/] as\ntensions rise between China, the UK, and the US. The video sharing app has\nbillions of users worldwide, and had planned to base itself in London. But\nauthorities are worried that its parent company Bytedance might come under\npressure from the Chinese government to share user data.\n\nMarket betters getting burned\nSince the start of the pandemic there’s been a steep rise in people betting on\nfinancial markets\n[https://www.thetimes.co.uk/edition/business/losses-rise-for-amateur-traders-during-the-pandemic-ln73tst8x]\n*. The increased volatility gave amateur traders a chance to gamble on the\nmarkets’ next move with “spread -betting”s and “contracts for\ndifference”contracts-for-difference. But these risky strategies have seen\ntraders hit by far heavier losses than they were seeing back in January, leading\nmany to speculate that regulators will step in.\n\nAdviser comment: \"These are strategies for more ‘sophisticated’ investors - most\npeople should use more traditional funds. They have added risks, including\nlosing more than you actually invested, sudden or larger than expected losses\n(or gains), and having your positions closed unexpectedly.\"\n\nKlarna’s clamping down\nKlarna has seen business boom during the lockdown, with more people shopping\nonline and many facing increased financial uncertainty at the same time. The buy\nnow, pay later service says it has a default rate of less than 1% and is \ntightening its criteria [https://www.bbc.co.uk/news/technology-53465978] to make\nsure it’s only used by people who can afford to make the payments.","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.
Rightmove says it’s seen increased buyer and seller activity following a cut to stamp duty earlier this month. In England, agreed sales were 35% higher five days after chancellor Rishi Sunak’s summer statement. The property website also said that asking prices are going up, suggesting sellers may be feeling more optimistic about their chances.
Adviser comment: \"Evidence of increasing activity in the housing market is generally a good sign, although we recommend reading our article on house prices to ensure that you understand how to read these headlines.\"
Talks about a Tiktok global HQ in London have ground to a halt as tensions rise between China, the UK, and the US. The video sharing app has billions of users worldwide, and had planned to base itself in London. But authorities are worried that its parent company Bytedance might come under pressure from the Chinese government to share user data.
Since the start of the pandemic there’s been a steep rise in people betting on financial markets*. The increased volatility gave amateur traders a chance to gamble on the markets’ next move with “spread -betting”s and “contracts for difference”contracts-for-difference. But these risky strategies have seen traders hit by far heavier losses than they were seeing back in January, leading many to speculate that regulators will step in.
Adviser comment: \"These are strategies for more ‘sophisticated’ investors - most people should use more traditional funds. They have added risks, including losing more than you actually invested, sudden or larger than expected losses (or gains), and having your positions closed unexpectedly.\"
Klarna has seen business boom during the lockdown, with more people shopping online and many facing increased financial uncertainty at the same time. The buy now, pay later service says it has a default rate of less than 1% and is tightening its criteria to make sure it’s only used by people who can afford to make the payments.
","url":"https://multiply.ghost.io/home-sales-picking-up/","uuid":"1f3c2553-93ca-4fac-9d88-e38082fa6e42","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5f156ce6de35340039bda201"}},{"node":{"id":"Ghost__Post__5f115b6fe7fb370045c829c8","title":"\"Winter wave\" prep begins","slug":"winter-wave-prep-begins","featured":false,"feature_image":"https://multiply.ghost.io/content/images/2020/07/Multiply-minute-12.png","excerpt":"The NHS in England will get an extra £3 billion in funding to help it prepare for a feared winter wave of coronavirus. ","custom_excerpt":"The NHS in England will get an extra £3 billion in funding to help it prepare for a feared winter wave of coronavirus. ","created_at_pretty":"17 July, 2020","published_at_pretty":"17 July, 2020","updated_at_pretty":"17 July, 2020","created_at":"2020-07-17T08:03:59.000+00:00","published_at":"2020-07-17T08:13:18.000+00:00","updated_at":"2020-07-17T08:13:18.000+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\n£3 billion for the NHS\nThe NHS in England will get an extra £3 billion in funding\n[https://www.bbc.co.uk/news/uk-53438486] to help it prepare for a feared winter\nwave of coronavirus. It will allow the NHS to continue using private hospitals\nwhen it needs extra space, and maintain the Nightingale hospitals until the end\nof March.\n\nGoodbye jumbos\nBritish Airways says it will retire\n[https://www.bbc.co.uk/news/business-53426886] all of its Boeing 747 planes -\nalso known as the jumbo jet. BA’s fleet of 31 jumbos is the largest in the\nworld, but now the “queen of the skies” will be grounded because fewer people\nare flying. The 747s make up about 10% of BA’s fleet, and they were previously\ndue to be taken out of service in 2024.\n\nShe’s electric\nThe UK’s first planned gigafactory has found a site\n[https://www.theguardian.com/uk-news/2020/jul/17/battery-firm-chooses-welsh-site-for-britains-first-gigafactory]\n: an old RAF base in south Wales. Britishvolt launched its efforts in May to\nbuild the £1.2 billion factory which will make batteries for electric cars. It\nplans to start building by the middle of next year, along with a huge solar farm\nnext door to power the plant.","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 NHS in England will get an extra £3 billion in funding to help it prepare for a feared winter wave of coronavirus. It will allow the NHS to continue using private hospitals when it needs extra space, and maintain the Nightingale hospitals until the end of March.
British Airways says it will retire all of its Boeing 747 planes - also known as the jumbo jet. BA’s fleet of 31 jumbos is the largest in the world, but now the “queen of the skies” will be grounded because fewer people are flying. The 747s make up about 10% of BA’s fleet, and they were previously due to be taken out of service in 2024.
The UK’s first planned gigafactory has found a site: an old RAF base in south Wales. Britishvolt launched its efforts in May to build the £1.2 billion factory which will make batteries for electric cars. It plans to start building by the middle of next year, along with a huge solar farm next door to power the plant.
","url":"https://multiply.ghost.io/winter-wave-prep-begins/","uuid":"ad9b11ad-abd5-4e8b-b196-dc3db05d9cee","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5f115b6fe7fb370045c829c8"}},{"node":{"id":"Ghost__Post__5f100a49e7fb370045c829a4","title":"649,000 lose their jobs","slug":"649-000-lose-their-jobs","featured":false,"feature_image":"https://multiply.ghost.io/content/images/2020/07/Multiply-minute-11.png","excerpt":"The number of workers on payroll in the UK has fallen by 649,000 since March.","custom_excerpt":"The number of workers on payroll in the UK has fallen by 649,000 since March.","created_at_pretty":"16 July, 2020","published_at_pretty":"16 July, 2020","updated_at_pretty":"16 July, 2020","created_at":"2020-07-16T08:05:29.000+00:00","published_at":"2020-07-16T08:10:39.000+00:00","updated_at":"2020-07-16T08:10:39.000+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":"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\nPayroll shrinks in lockdown\nThe number of workers on payroll in the UK has fallen by 649,000\n[https://www.bbc.co.uk/news/business-53427304] since March. The Office for\nNational Statistics (ONS) also said total hours worked per week has dropped by\n16.7% to 877 million hours - the biggest drop since records began in the 70s.\nHowever, it's likely we won’t feel the full impacts until October, when the\nfurlough scheme ends.\n\nAdviser comment: \"If you’ve lost income and are struggling to pay your debts or\nbills, we strongly recommend that you talk to the lender or provider as soon as\npossible. You may be able to agree an alternative plan which does not result in\na failed payment.\"\n\nShot in the arm for markets\nGlobal shares, including the FTSE 100, soared yesterday\n[https://www.cityam.com/ftse-100-rises-amid-hopes-over-coronavirus-vaccine/] \nafter promising developments towards a coronavirus vaccine. A trial being run at\nthe University of Oxford and backed by drugs firm Astrazeneca is expecting to\ngive an update this week, and an early trial by Moderna in the US has had some\nsuccess too.\n\nAdviser comment: \"Some people may benefit from short term gains, but in general\nthese gains are replacing the losses many people saw as a result of the virus in\nthe first place. It is important that investors only take risks that they\nunderstand and are comfortable taking. Our in-app risk quiz will help you\ndetermine your own risk appetite.\"\n\nCheaper Nandos\nThe government’s promised VAT cut has come into effect, saving businesses money.\nPret, Nandos, and KFC have all said they’ll pass the savings onto us, announcing \nprice cuts on menu favourites [https://www.bbc.co.uk/news/business-53411649]. A\nlatte now costs 35p less, a quarter chicken is 55p cheaper, and you can save a\nwhole £1 on a sharing bucket.\n\nTwitter bitcoin hack\nYou might have seen a tweet yesterday from Barack Obama, Elon Musk, or Kanye\nWest asking you to send bitcoin, and promising to send twice as much back. Some\nof the world’s wealthiest people had their accounts hacked\n[https://inews.co.uk/news/technology/twitter-bitcoin-hack-barack-obama-kanye-west-elon-musk-accounts-post-money-requests-why-541757]\n, and around 200 people transferred cryptocurrency before the tweets were\ndeleted.","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 number of workers on payroll in the UK has fallen by 649,000 since March. The Office for National Statistics (ONS) also said total hours worked per week has dropped by 16.7% to 877 million hours - the biggest drop since records began in the 70s. However, it's likely we won’t feel the full impacts until October, when the furlough scheme ends.
Adviser comment: \"If you’ve lost income and are struggling to pay your debts or bills, we strongly recommend that you talk to the lender or provider as soon as possible. You may be able to agree an alternative plan which does not result in a failed payment.\"
Global shares, including the FTSE 100, soared yesterday after promising developments towards a coronavirus vaccine. A trial being run at the University of Oxford and backed by drugs firm Astrazeneca is expecting to give an update this week, and an early trial by Moderna in the US has had some success too.
Adviser comment: \"Some people may benefit from short term gains, but in general these gains are replacing the losses many people saw as a result of the virus in the first place. It is important that investors only take risks that they understand and are comfortable taking. Our in-app risk quiz will help you determine your own risk appetite.\"
The government’s promised VAT cut has come into effect, saving businesses money. Pret, Nandos, and KFC have all said they’ll pass the savings onto us, announcing price cuts on menu favourites. A latte now costs 35p less, a quarter chicken is 55p cheaper, and you can save a whole £1 on a sharing bucket.
You might have seen a tweet yesterday from Barack Obama, Elon Musk, or Kanye West asking you to send bitcoin, and promising to send twice as much back. Some of the world’s wealthiest people had their accounts hacked, and around 200 people transferred cryptocurrency before the tweets were deleted.
","url":"https://multiply.ghost.io/649-000-lose-their-jobs/","uuid":"9f30bd4f-44b7-414e-ba3a-060e86dbedc8","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5f100a49e7fb370045c829a4"}},{"node":{"id":"Ghost__Post__5f0ec1d65f708d0039e77b39","title":"Homebuyers eye commuter belt","slug":"homebuyers-eye-commuter-belt","featured":false,"feature_image":"https://multiply.ghost.io/content/images/2020/07/Multiply-minute-10.png","excerpt":"Rightmove says buyer enquiries have doubled for homes worth around £500,000 in towns just outside London.","custom_excerpt":"Rightmove says buyer enquiries have doubled for homes worth around £500,000 in towns just outside London.","created_at_pretty":"15 July, 2020","published_at_pretty":"15 July, 2020","updated_at_pretty":"15 July, 2020","created_at":"2020-07-15T08:44:06.000+00:00","published_at":"2020-07-15T08:51:45.000+00:00","updated_at":"2020-07-15T08:51:45.000+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":"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\nBuyers eye commuter belt\nRightmove has reported that buyer enquiries have doubled\n[https://www.theguardian.com/money/2020/jul/15/stamp-duty-cut-fuels-surge-of-interest-in-london-commuter-belt] \nfor homes worth around £500,000 in towns just outside London, like Milton\nKeynes, Harrow, and Watford. The spike comes after a stamp duty holiday on\nbuying property costing up to £500k was announced last week.\n\nAdviser comment: \"Many of these enquiries are likely to be from existing\nhomeowners looking at moving, which sets off a chain reaction further down the\nmarket by freeing up more affordable properties. More houses coming onto the\nmarket can only be good news for first-time buyers.\"\n\nInflation lagging behind\nInflation was measured at 0.6% in June\n[https://www.cityam.com/uk-inflation-beats-expectations-but-stays-well-below-bank-target/] \n- still well below the Bank of England’s target of 2%. But it’s up from 0.5% in\nMay, mainly driven by price increases for clothes and computer games. What kept\nit down? Cheaper food, and the fact that pubs, restaurants, and hotels were\nshut.\n\nVirgin Atlantic stays afloat\nThe airline has confirmed a £1.2 billion rescue package\n[https://inews.co.uk/news/business/virgin-atlantic-rescue-package-airline-jobs-537634] \nto keep its planes in the air and avoid job losses. Virgin originally approached\nthe government for help but was refused - this money is all coming from private\ninvestment.\n\nCapital Gains Tax review\nChancellor Rishi Sunak is reviewing the Capital Gains Tax\n[https://www.ftadviser.com/investments/2020/07/14/chancellor-eyes-capital-gains-tax-overhaul/]\n, a levy paid when you sell an asset or investment for more than you bought it\nfor. He says he wants to see if it’s fit for purpose, and maybe simplify the\nrules on who pays it and when.\n\nAdviser comment: \"It would be great to see simpler rules around CGT, but it’s\nlikely the chancellor is looking at this as a way of raising taxes. That’s why\nit’s important to shelter savings within ISAs, even if the immediate tax\nimplications are not obvious.\"\n\nTesco trials refillables\nSome online shoppers will be able to get their groceries in reusable containers\n[https://www.bbc.co.uk/news/business-53406881] as part of a new trial by Tesco\nand shopping platform Loop. How does it work? You apply online to take part, and\nget your shopping delivered as normal. After you reach the end of the ketchup,\nyoghurt, or washing up liquid, the empties are collected, washed, and refilled.","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.
Rightmove has reported that buyer enquiries have doubled for homes worth around £500,000 in towns just outside London, like Milton Keynes, Harrow, and Watford. The spike comes after a stamp duty holiday on buying property costing up to £500k was announced last week.
Adviser comment: \"Many of these enquiries are likely to be from existing homeowners looking at moving, which sets off a chain reaction further down the market by freeing up more affordable properties. More houses coming onto the market can only be good news for first-time buyers.\"
Inflation was measured at 0.6% in June - still well below the Bank of England’s target of 2%. But it’s up from 0.5% in May, mainly driven by price increases for clothes and computer games. What kept it down? Cheaper food, and the fact that pubs, restaurants, and hotels were shut.
The airline has confirmed a £1.2 billion rescue package to keep its planes in the air and avoid job losses. Virgin originally approached the government for help but was refused - this money is all coming from private investment.
Chancellor Rishi Sunak is reviewing the Capital Gains Tax, a levy paid when you sell an asset or investment for more than you bought it for. He says he wants to see if it’s fit for purpose, and maybe simplify the rules on who pays it and when.
Adviser comment: \"It would be great to see simpler rules around CGT, but it’s likely the chancellor is looking at this as a way of raising taxes. That’s why it’s important to shelter savings within ISAs, even if the immediate tax implications are not obvious.\"
Some online shoppers will be able to get their groceries in reusable containers as part of a new trial by Tesco and shopping platform Loop. How does it work? You apply online to take part, and get your shopping delivered as normal. After you reach the end of the ketchup, yoghurt, or washing up liquid, the empties are collected, washed, and refilled.
","url":"https://multiply.ghost.io/homebuyers-eye-commuter-belt/","uuid":"f02f9d2a-6a97-43bf-b4c0-448152f1f69d","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5f0ec1d65f708d0039e77b39"}},{"node":{"id":"Ghost__Post__5f0d66cdc7a5f80039c49997","title":"Economy grew 1.8% in May","slug":"economy-grew-1-8-in-may","featured":false,"feature_image":"https://multiply.ghost.io/content/images/2020/07/Multiply-minute-9.png","excerpt":"The UK economy started growing again in May - but only by 1.8%. That’s less than experts predicted.","custom_excerpt":"The UK economy started growing again in May - but only by 1.8%. That’s less than experts predicted.","created_at_pretty":"14 July, 2020","published_at_pretty":"14 July, 2020","updated_at_pretty":"14 July, 2020","created_at":"2020-07-14T08:03:25.000+00:00","published_at":"2020-07-14T08:15:53.000+00:00","updated_at":"2020-07-14T08:22:45.000+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":"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\nTiny economic rebound\nThe UK economy started growing again\n[https://news.sky.com/story/coronavirus-economy-still-a-quarter-below-pre-crisis-level-in-may-12028081] \nin May - but only by 1.8%. That’s less than experts predicted. It means output\nis still 24.5% lower now than it was in February, thanks to the steep drop we\nsaw in the early weeks of the lockdown. The Office for National Statistics (ONS)\nsays the tiny May rebound was driven by manufacturing and house building.\n\n90% mortgages are back\nNationwide has restarted its mortgages\n[https://www.bbc.co.uk/news/business-53383375] for buyers with a 10% deposit.\nYou’ll be able to apply from 20th July. Nationwide is one of the biggest\nmortgage lenders to first-time buyers and, along with many others, had\npreviously upped its minimum deposit requirement to 15%. \n\nAdviser comment: \"Great news for first time buyers. This could bring forward\nyour plans for buying your first home, although lending criteria are likely to\nremain rigorous. Don’t forget to update your timeline when you've got your\nmortgage offer.\"\n\nFace mask or get fined\nEveryone must wear a face covering\n[https://www.bbc.co.uk/news/uk-politics-53397617] in shops and supermarkets in\nEngland from 24th July. If you’re caught without one you could face a £100 fine.\nThis change will bring England in line with Scotland as well as many European\ncountries.\n\nNo roaming charges after Brexit\nThe main phone networks have promised not to reintroduce\n[https://www.cityam.com/major-uk-mobile-networks-vow-not-reintroduce-roaming-charges/] \nroaming charges after the UK leaves the EU. Since 2017 you can use your minutes,\ntexts, and mobile data for free in Europe - not like the bad old days when you\ncould accidentally run up a bill into the thousands. But EE, Three, Vodafone,\nand O2 have doubled down on promises not to U-turn on free roaming policies.\n\nAdviser comment: \"This is good to see, but we still recommend that you check for\nroaming charges every time you go abroad.\"","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 economy started growing again in May - but only by 1.8%. That’s less than experts predicted. It means output is still 24.5% lower now than it was in February, thanks to the steep drop we saw in the early weeks of the lockdown. The Office for National Statistics (ONS) says the tiny May rebound was driven by manufacturing and house building.
Nationwide has restarted its mortgages for buyers with a 10% deposit. You’ll be able to apply from 20th July. Nationwide is one of the biggest mortgage lenders to first-time buyers and, along with many others, had previously upped its minimum deposit requirement to 15%.
Adviser comment: \"Great news for first time buyers. This could bring forward your plans for buying your first home, although lending criteria are likely to remain rigorous. Don’t forget to update your timeline when you've got your mortgage offer.\"
Everyone must wear a face covering in shops and supermarkets in England from 24th July. If you’re caught without one you could face a £100 fine. This change will bring England in line with Scotland as well as many European countries.
The main phone networks have promised not to reintroduce roaming charges after the UK leaves the EU. Since 2017 you can use your minutes, texts, and mobile data for free in Europe - not like the bad old days when you could accidentally run up a bill into the thousands. But EE, Three, Vodafone, and O2 have doubled down on promises not to U-turn on free roaming policies.
Adviser comment: \"This is good to see, but we still recommend that you check for roaming charges every time you go abroad.\"
","url":"https://multiply.ghost.io/economy-grew-1-8-in-may/","uuid":"6b12cf63-3c97-4622-9873-8f32c7b9fa1b","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5f0d66cdc7a5f80039c49997"}},{"node":{"id":"Ghost__Post__5f0c312fc7a5f80039c49986","title":"Primark turns down £30m bonus","slug":"primark-turns-down-30m-bonus","featured":false,"feature_image":"https://multiply.ghost.io/content/images/2020/07/Multiply-minute-8.png","excerpt":"Primark has said it won’t claim the £30 million government bonus for retaining its furloughed staff.","custom_excerpt":"Primark has said it won’t claim the £30 million government bonus for retaining its furloughed staff.","created_at_pretty":"13 July, 2020","published_at_pretty":"13 July, 2020","updated_at_pretty":"13 July, 2020","created_at":"2020-07-13T10:02:23.000+00:00","published_at":"2020-07-13T10:04:07.000+00:00","updated_at":"2020-07-13T10:04:07.000+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\nNo thanks, Rishi\nPrimark has said it won’t claim [https://www.bbc.co.uk/news/business-53380719] \nthe £30 million government bonus for retaining its furloughed staff. Primark is\na bricks and mortar-only company without an online store, and furloughed 30,000\nemployees until shops reopened last month. It has now said all staff are working\nagain so they won’t be needing the government handout, which could put pressure\non other businesses to do the same.\n\nBrexit prep ramps up\nThe end of the Brexit transition period is fast approaching and today the\ngovernment will set out immigration and border control plans to take effect from\n1st January 2021. There will also be travel advice\n[https://news.sky.com/story/lets-get-going-government-steps-up-brexit-preparation-with-details-on-travel-and-immigration-12027345] \nfor anyone heading to the continent next year, which so far includes taking out\ntravel insurance and checking data roaming charges before you go.\n\nPostie’s been fined\nThe tardiness of the post is a favourite grumble for many, but it turns out\nRoyal Mail did actually miss its targets in 2018. It’s been fined £1.5 million\n[https://www.cityam.com/ofcom-fines-royal-mail-1-5m-for-missing-delivery-target/] \nby regulator Ofcom after delivering just 91.5% of first-class post within 1 day.\nIt’s meant to hit 93%.\n\nBack to the city\nSome UK companies have reopened their offices\n[https://www.theguardian.com/business/2020/jul/12/corporations-begin-cautious-return-to-uk-offices-after-lockdown] \nand are preparing to welcome back workers. After months of video calls, PwC,\nDeloitte and law firm Slaughter and May are making a cautious return to\nface-to-face working. They might feel a bit lonely - in the next few months the\n30 biggest employers in London’s financial district say they only intend to\nbring between 20% and 40% of their staff back into the office.","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.
Primark has said it won’t claim the £30 million government bonus for retaining its furloughed staff. Primark is a bricks and mortar-only company without an online store, and furloughed 30,000 employees until shops reopened last month. It has now said all staff are working again so they won’t be needing the government handout, which could put pressure on other businesses to do the same.
The end of the Brexit transition period is fast approaching and today the government will set out immigration and border control plans to take effect from 1st January 2021. There will also be travel advice for anyone heading to the continent next year, which so far includes taking out travel insurance and checking data roaming charges before you go.
The tardiness of the post is a favourite grumble for many, but it turns out Royal Mail did actually miss its targets in 2018. It’s been fined £1.5 million by regulator Ofcom after delivering just 91.5% of first-class post within 1 day. It’s meant to hit 93%.
Some UK companies have reopened their offices and are preparing to welcome back workers. After months of video calls, PwC, Deloitte and law firm Slaughter and May are making a cautious return to face-to-face working. They might feel a bit lonely - in the next few months the 30 biggest employers in London’s financial district say they only intend to bring between 20% and 40% of their staff back into the office.
","url":"https://multiply.ghost.io/primark-turns-down-30m-bonus/","uuid":"19f34325-7a5d-4e90-8585-35cd2aad3a6f","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5f0c312fc7a5f80039c49986"}},{"node":{"id":"Ghost__Post__5f082760c7a5f80039c49974","title":"Jump in the (outdoor) pool","slug":"jump-in-the-outdoor-pool","featured":false,"feature_image":"https://multiply.ghost.io/content/images/2020/07/Multiply-minute-7.png","excerpt":"Beauty salons and leisure facilities are allowed to reopen over the next few weeks, starting with outdoor pools and outdoor theatres from tomorrow.","custom_excerpt":"Beauty salons and leisure facilities are allowed to reopen over the next few weeks, starting with outdoor pools and outdoor theatres from tomorrow.","created_at_pretty":"10 July, 2020","published_at_pretty":"10 July, 2020","updated_at_pretty":"10 July, 2020","created_at":"2020-07-10T08:31:28.000+00:00","published_at":"2020-07-10T08:32:58.000+00:00","updated_at":"2020-07-10T08:36:44.000+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\nWhat’s your leisure\nBeauty salons and leisure facilities are allowed to reopen\n[https://www.bbc.co.uk/news/uk-53355001] over the next few weeks, starting with\noutdoor pools and outdoor theatres from tomorrow. It’s welcome news for many\nbusinesses which have been clamouring to reopen since the pubs and restaurants\nmade their comeback last weekend. Beauticians, tattooists can open on Monday\n13th, and gyms on the 25th.\n\nHigh street struggles\nShoppers made a cautious return\n[https://uk.reuters.com/article/uk-britain-economy-retail/uk-shoppers-make-tentative-return-to-high-street-in-june-retailers-say-idUKKBN24A3GF] \nto the high street in June as non-essential shops began to reopen. Footfall was\nhigher than in May, but still 63% lower than usual. The loss of sales is taking\nits toll [https://www.bbc.co.uk/news/business-53348519]; Boots has announced it\nneeds to cut 4,000 jobs and John Lewis plans to close 8 stores, risking a\nfurther 1,300.\n\nQuarantine rules end\nPeople travelling to the UK from 58 different countries and 14 British Oversea\nTerritories will no longer have to self-isolate\n[https://news.sky.com/story/coronavirus-uk-quarantine-rules-end-for-travellers-from-these-58-countries-12025089] \nfor 14 days after arriving. Lots of popular holiday destinations made the list\nof exempt countries, including France, Croatia, and Spain. But there are a few\nnotable exceptions; anyone arriving from the US or Canada will still have to\nquarantine.","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.
Beauty salons and leisure facilities are allowed to reopen over the next few weeks, starting with outdoor pools and outdoor theatres from tomorrow. It’s welcome news for many businesses which have been clamouring to reopen since the pubs and restaurants made their comeback last weekend. Beauticians, tattooists can open on Monday 13th, and gyms on the 25th.
Shoppers made a cautious return to the high street in June as non-essential shops began to reopen. Footfall was higher than in May, but still 63% lower than usual. The loss of sales is taking its toll; Boots has announced it needs to cut 4,000 jobs and John Lewis plans to close 8 stores, risking a further 1,300.
People travelling to the UK from 58 different countries and 14 British Oversea Territories will no longer have to self-isolate for 14 days after arriving. Lots of popular holiday destinations made the list of exempt countries, including France, Croatia, and Spain. But there are a few notable exceptions; anyone arriving from the US or Canada will still have to quarantine.
","url":"https://multiply.ghost.io/jump-in-the-outdoor-pool/","uuid":"b39de605-1415-435f-b130-0ee509931f6b","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5f082760c7a5f80039c49974"}},{"node":{"id":"Ghost__Post__5f06db1b61f0f00039cc2476","title":"Stamp duty holiday confirmed","slug":"stamp-duty-holiday-confirmed","featured":false,"feature_image":"https://multiply.ghost.io/content/images/2020/07/Multiply-minute-6.png","excerpt":"Buyers are exempt from paying stamp duty on the first £500,000 of their new home.","custom_excerpt":"Buyers are exempt from paying stamp duty on the first £500,000 of their new home.","created_at_pretty":"09 July, 2020","published_at_pretty":"09 July, 2020","updated_at_pretty":"09 July, 2020","created_at":"2020-07-09T08:53:47.000+00:00","published_at":"2020-07-09T08:58:25.000+00:00","updated_at":"2020-07-09T09:41:32.000+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\nStamp duty holiday\nHome buyers won't have to pay stamp duty\n[https://www.bbc.co.uk/news/business-53319433] on the first £500,000 of their\nnew home. It’s effective immediately, until next March. The change means many\npeople won’t pay the tax at all, and the average buyer will save around £4,500.\n\nAdviser comment \"First-time buyers were already exempt from stamp duty on the\nfirst £300,000, but this new holiday applies to everyone, plus it has a higher\ncap. It’s great news for anyone purchasing a property and the government is\nhoping it will give the property market a boost. We've updated calculators in\nour app and website to reflect these changes.\"\n\nWhat else was in the mini-Budget?\nChancellor Rishi Sunak made his summer statement\n[https://www.bbc.co.uk/news/business-53337705] yesterday, laying out £30 billion\nof support to help the economy recover from the impacts of coronavirus. Here are\nthe highlights.\n\nFurlough bonus: Employers will be rewarded for keeping staff on, with a £1,000\none-off bonus for every furloughed worker that’s still in their job in January\n2021.\n\nMeal deal: If you go out to a restaurant, pub, or cafe you’ll get 50% off your\ndinner (or the first £10 of it at least) on Monday to Wednesday throughout\nAugust. The discount doesn’t cover booze, though.\n\nKickstart jobs: There’s a whole raft of new schemes to help young people find\nwork, from a £2 billion fund to create new work placements for people on\nuniversal credit, to extra coaches at Jobcentre Plus.\n\nSuper spendy Saturday\nPubs, restaurants, and hairdressers opened their doors last weekend, and we’ve\ngot the bank statements to prove it. Revolut has revealed its users spent 50%\nmore\n[https://www.telegraph.co.uk/money/consumer-affairs/savings-habit-reversed-britons-splurge-pubs-hairdressers/] \non “Super Saturday” than on an average lockdown day.","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.
Home buyers won't have to pay stamp duty on the first £500,000 of their new home. It’s effective immediately, until next March. The change means many people won’t pay the tax at all, and the average buyer will save around £4,500.
Adviser comment \"First-time buyers were already exempt from stamp duty on the first £300,000, but this new holiday applies to everyone, plus it has a higher cap. It’s great news for anyone purchasing a property and the government is hoping it will give the property market a boost. We've updated calculators in our app and website to reflect these changes.\"
Chancellor Rishi Sunak made his summer statement yesterday, laying out £30 billion of support to help the economy recover from the impacts of coronavirus. Here are the highlights.
Furlough bonus: Employers will be rewarded for keeping staff on, with a £1,000 one-off bonus for every furloughed worker that’s still in their job in January 2021.
Meal deal: If you go out to a restaurant, pub, or cafe you’ll get 50% off your dinner (or the first £10 of it at least) on Monday to Wednesday throughout August. The discount doesn’t cover booze, though.
Kickstart jobs: There’s a whole raft of new schemes to help young people find work, from a £2 billion fund to create new work placements for people on universal credit, to extra coaches at Jobcentre Plus.
Pubs, restaurants, and hairdressers opened their doors last weekend, and we’ve got the bank statements to prove it. Revolut has revealed its users spent 50% more on “Super Saturday” than on an average lockdown day.
","url":"https://multiply.ghost.io/stamp-duty-holiday-confirmed/","uuid":"66aad5d3-14d9-4a2b-89f8-d3c0804a6e70","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5f06db1b61f0f00039cc2476"}},{"node":{"id":"Ghost__Post__5f058957561ddc0039547e65","title":"Rishi Sunak's \"mini-Budget\"","slug":"rishi-sunaks-mini-budget","featured":false,"feature_image":"https://multiply.ghost.io/content/images/2020/07/Multiply-minute-5.png","excerpt":"Today Chancellor Rishi Sunak will make a summer statement to lay out his plans to help the economy recover from coronavirus.","custom_excerpt":"Today Chancellor Rishi Sunak will make a summer statement to lay out his plans to help the economy recover from coronavirus.","created_at_pretty":"08 July, 2020","published_at_pretty":"08 July, 2020","updated_at_pretty":"08 July, 2020","created_at":"2020-07-08T08:52:39.000+00:00","published_at":"2020-07-08T08:55:29.000+00:00","updated_at":"2020-07-08T09:17:19.000+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":"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\nRishi’s summer statement\nAt 12.30pm today Chancellor Rishi Sunak will make a summer statement\n[https://www.bbc.co.uk/news/business-53313641] to lay out his plans to help the\neconomy recover from coronavirus. It’s been dubbed a “mini-Budget”. Only 4\nmonths have passed since the last Budget, but in economic terms everything has\nchanged.\n\nWe already know some of the announcements he’ll make. A £2 billion jobs scheme\nfor 16-24s. £3 billion to decarbonise buildings. A stamp duty holiday. A boost\nto traineeships. £1.57 billion for the arts. But what else has he got up his\nsleeve?\n\nAdviser comment: \"You can rest assured that we will be watching the statement to\nsee if there is any impact on the advice in your Multiply plan.\"\n\nJobs outlook could be bleak\nIf we get a second wave of coronavirus cases, unemployment could hit 15%\n[https://www.cityam.com/coronavirus-labour-crisis-so-far-10-times-worse-than-2008-says-oecd/]\n. That’s according to the Organisation for Economic Cooperation and Development\n(OECD). Even without the dreaded second wave, it predicts unemployment could hit\n11.7% as the government gradually withdraws support such as the furlough scheme.\n\nDon’t cry, Boohoo\nRetailers including Next and Asos have dropped Boohoo\n[https://www.bbc.co.uk/news/business-53327628] over allegations of exploitation\nat a supplier’s factories. The fast fashion The fast fashion brand says it\ndidn't know about the Leicester factory where workers were paid £3.50 an hour\nand given no protection from coronavirus. It has now launched an investigation\nto take a good hard look at its supply chain.\n\nNo more free parking\nOnce the pandemic is over, NHS workers will once again have to pay to park\n[https://inews.co.uk/news/politics/nhs-workers-pay-parking-hospitals-explained-coronavirus-crisis-498590] \nat the hospital where they work. They’ve been able to park for free during\nlockdown, so they wouldn’t need to take public transport, but it’s been\nconfirmed as a temporary measure.","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
At 12.30pm today Chancellor Rishi Sunak will make a summer statement to lay out his plans to help the economy recover from coronavirus. It’s been dubbed a “mini-Budget”. Only 4 months have passed since the last Budget, but in economic terms everything has changed.
We already know some of the announcements he’ll make. A £2 billion jobs scheme for 16-24s. £3 billion to decarbonise buildings. A stamp duty holiday. A boost to traineeships. £1.57 billion for the arts. But what else has he got up his sleeve?
Adviser comment: \"You can rest assured that we will be watching the statement to see if there is any impact on the advice in your Multiply plan.\"
If we get a second wave of coronavirus cases, unemployment could hit 15%. That’s according to the Organisation for Economic Cooperation and Development (OECD). Even without the dreaded second wave, it predicts unemployment could hit 11.7% as the government gradually withdraws support such as the furlough scheme.
Retailers including Next and Asos have dropped Boohoo over allegations of exploitation at a supplier’s factories. The fast fashion The fast fashion brand says it didn't know about the Leicester factory where workers were paid £3.50 an hour and given no protection from coronavirus. It has now launched an investigation to take a good hard look at its supply chain.
Once the pandemic is over, NHS workers will once again have to pay to park at the hospital where they work. They’ve been able to park for free during lockdown, so they wouldn’t need to take public transport, but it’s been confirmed as a temporary measure.
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