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 chancellor has a plan to cut stamp duty which is likely to start in autumn - but many want it brought forward to begin immediately. Cutting stamp duty could give a boost to first time buyers and help to rouse the sleepy housing market. It’s likely to work by raising the threshold at which buyers have to pay the tax - currently £300,000 for first-time buyers and £125,000 for everyone else.
Adviser comment \"As a typical house move takes between 8 and 10 weeks from offer accepted to completion, many may benefit from this reduction even if it is not implemented immediately. However, we suspect some buyers might stall in order to get the benefit of this saving, so we’d love to see it brought forward.\"
Hundreds of thousands of homeowners could get a voucher of up to £5,000 to improve the insulation in their homes. Better insulation could save people over £600 a year on their energy bills. The scheme is due to launch in September, and it’s part of a new £3 billion fund from the government to help reduce carbon emissions by making buildings more efficient.
Adviser comment: \"This is currently only ‘under consideration’, but for most people it would still involve some cost for the homeowner. If you need your property insulating, we recommend that you start building it into your budget now.\"
Halfords has reported a 57% surge in their bike business thanks to a boom in cycling as people steer clear public transport and make the most of the quieter roads. The retailer was deemed essential and so was allowed to remain open throughout the lockdown.
","url":"https://multiply.ghost.io/stamp-duty-holiday/","uuid":"b4188d68-a4d5-4f64-a05e-f3265878f9e3","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5f043249ddc988003966687c"}},{"node":{"id":"Ghost__Post__5f02f3c75d6e5c0038ad5f50","title":"£1.57 billion package for the arts","slug":"1-57-billion-package-for-the-arts","featured":false,"feature_image":"https://multiply.ghost.io/content/images/2020/07/Multiply-minute-3.png","excerpt":"The government has pledged a £1.57 billion rescue package to help save theatres, music venues, museums, and galleries.","custom_excerpt":"The government has pledged a £1.57 billion rescue package to help save theatres, music venues, museums, and galleries.","created_at_pretty":"06 July, 2020","published_at_pretty":"06 July, 2020","updated_at_pretty":"06 July, 2020","created_at":"2020-07-06T09:49:59.000+00:00","published_at":"2020-07-06T09:52:25.000+00:00","updated_at":"2020-07-06T09:52:25.000+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\nThe show must go on\nThe government has pledged a £1.57 billion rescue package\n[https://www.theguardian.com/world/2020/jul/05/boris-johnson-uk-lifeline-arts-heritage-sector-afloat] \nto help save theatres, music venues, museums, and galleries. The UK arts scene\nhas been hit hard by lockdown measures. It’s been warning for weeks that it was\nat risk of collapse without support. The package includes a mix of loans,\ngrants, and capital support designed to prop up cultural organisations across\nthe country.\n\nUnis about to go bust?\n13 UK universities are at risk of insolvency\n[https://www.bbc.co.uk/news/uk-53280965] unless they get a bailout according to\na study by the Institute of Fiscal Studies (IFS). It doesn’t name names, but\nsays unis with lots of international students face the biggest drop in income,\nand less prestigious universities are at greater risk overall. The IFS\nrecommends a government bailout as the most cost-effective plan.\n\nMore traineeships\nThe number of “traineeships”, which provide practical and classroom-based\ntraining to get young people onto the career ladder, is set to rise to 30,000\n[https://www.bbc.co.uk/news/business-53301076]. We’ll get more details on\nWednesday when Chancellor Rishi Sunak unveils his economic plan to deal with the\naftermath of coronavirus.\n\n£500 voucher anyone?\nThe chancellor is considering giving £500 to every adult\n[https://www.cityam.com/rishi-sunak-considers-500-hand-out-to-every-adult/] and\n£250 every child to spend with businesses in hard-hit sectors like hospitality\nand retail. It’s one of many possible measures being weighed up, including a\ntemporary VAT cut or one-off cash payments. All will be revealed on Wednesday.\n\nAdviser comment: \"This is something that has been done in many countries around\nthe world and could give a much needed boost to some troubled businesses and\nsome welcome spending money to everyone else.”","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 pledged a £1.57 billion rescue package to help save theatres, music venues, museums, and galleries. The UK arts scene has been hit hard by lockdown measures. It’s been warning for weeks that it was at risk of collapse without support. The package includes a mix of loans, grants, and capital support designed to prop up cultural organisations across the country.
13 UK universities are at risk of insolvency unless they get a bailout according to a study by the Institute of Fiscal Studies (IFS). It doesn’t name names, but says unis with lots of international students face the biggest drop in income, and less prestigious universities are at greater risk overall. The IFS recommends a government bailout as the most cost-effective plan.
The number of “traineeships”, which provide practical and classroom-based training to get young people onto the career ladder, is set to rise to 30,000. We’ll get more details on Wednesday when Chancellor Rishi Sunak unveils his economic plan to deal with the aftermath of coronavirus.
The chancellor is considering giving £500 to every adult and £250 every child to spend with businesses in hard-hit sectors like hospitality and retail. It’s one of many possible measures being weighed up, including a temporary VAT cut or one-off cash payments. All will be revealed on Wednesday.
Adviser comment: \"This is something that has been done in many countries around the world and could give a much needed boost to some troubled businesses and some welcome spending money to everyone else.”
","url":"https://multiply.ghost.io/1-57-billion-package-for-the-arts/","uuid":"1b85c2bf-d27e-4150-80ce-4df604d9316e","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5f02f3c75d6e5c0038ad5f50"}},{"node":{"id":"Ghost__Post__5efef29959c65e0039269600","title":"Holiday quarantine scrapped","slug":"holiday-quarantine-scrapped","featured":false,"feature_image":"https://multiply.ghost.io/content/images/2020/07/Multiply-minute-2.png","excerpt":"From 10th July, people arriving in the UK from certain “reduced risk” holiday destinations will be exempt from having to self-isolate for 14 days.","custom_excerpt":"From 10th July, people arriving in the UK from certain “reduced risk” holiday destinations will be exempt from having to self-isolate for 14 days.","created_at_pretty":"03 July, 2020","published_at_pretty":"03 July, 2020","updated_at_pretty":"03 July, 2020","created_at":"2020-07-03T08:55:53.000+00:00","published_at":"2020-07-03T08:57:31.000+00:00","updated_at":"2020-07-03T09:14:17.000+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 need to quarantine\nFrom 10th July, people arriving in the UK from certain “reduced risk” holiday\ndestinations will be exempt [https://www.bbc.co.uk/news/uk-53273048] from having\nto self-isolate for 14 days. The full list of countries comes out tomorrow. It\nmeans European holidays are back on the cards, but not without risk. Insurers\nare shying away from covering coronavirus, so anyone who has to cancel a holiday\nbecause they start showing symptoms is unlikely to get a refund\n[https://www.theguardian.com/money/2020/jul/03/holidaymakers-offered-little-or-no-coronavirus-related-insurance]\n.\n\nAdviser comment: \"If you're looking at taking a break, check out your travel\ninsurance to see if there are any new exclusions relating to coronavirus.\"\n\nJob ads on the rise\nThere were 990,000 job ads posted\n[https://news.sky.com/story/coronavirus-vital-green-shoot-as-number-of-uk-job-adverts-increase-12020040] \nin the last week of June, a significant increase from the start of the month.\nMany of the new vacancies are in the hospitality sector as businesses such as\npubs and restaurants prepare to reopen tomorrow. Employers are also seeking\nhairdressers, roofers, bricklayers, and school crossing patrols.\n\nCovid Recovery Commission\nBig dogs from many of the UK’s biggest companies have banded together to form a\npressure group\n[https://www.cityam.com/covid-recovery-commission-ftse-100-bosses-unite-to-set-uk-economy-back-on-track/] \nto help the economy get back on track.The Covid Recovery Commission includes the\nchairs of Tesco and Shell along with chief execs from the likes of Heathrow and\nVodafone. It wants to be a “critical friend” to the government, and says it will\nproduce practical ideas to make the UK stronger and more resilient. Thunderbirds\nare go.","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.
From 10th July, people arriving in the UK from certain “reduced risk” holiday destinations will be exempt from having to self-isolate for 14 days. The full list of countries comes out tomorrow. It means European holidays are back on the cards, but not without risk. Insurers are shying away from covering coronavirus, so anyone who has to cancel a holiday because they start showing symptoms is unlikely to get a refund.
Adviser comment: \"If you're looking at taking a break, check out your travel insurance to see if there are any new exclusions relating to coronavirus.\"
There were 990,000 job ads posted in the last week of June, a significant increase from the start of the month. Many of the new vacancies are in the hospitality sector as businesses such as pubs and restaurants prepare to reopen tomorrow. Employers are also seeking hairdressers, roofers, bricklayers, and school crossing patrols.
Big dogs from many of the UK’s biggest companies have banded together to form a pressure group to help the economy get back on track.The Covid Recovery Commission includes the chairs of Tesco and Shell along with chief execs from the likes of Heathrow and Vodafone. It wants to be a “critical friend” to the government, and says it will produce practical ideas to make the UK stronger and more resilient. Thunderbirds are go.
","url":"https://multiply.ghost.io/holiday-quarantine-scrapped/","uuid":"a225625a-7644-4977-99ef-d311530c5f66","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5efef29959c65e0039269600"}},{"node":{"id":"Ghost__Post__5efda16f28b626003917496e","title":"House prices on the move","slug":"house-prices-on-the-move","featured":false,"feature_image":"https://multiply.ghost.io/content/images/2020/07/Multiply-minute-1.png","excerpt":"House prices were 0.1% lower in June 2020 than the same time last year in the first annual decline since 2012.","custom_excerpt":"House prices were 0.1% lower in June 2020 than the same time last year in the first annual decline since 2012.","created_at_pretty":"02 July, 2020","published_at_pretty":"02 July, 2020","updated_at_pretty":"02 July, 2020","created_at":"2020-07-02T08:57:19.000+00:00","published_at":"2020-07-02T09:04:20.000+00:00","updated_at":"2020-07-02T09:24:24.000+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\nHouse prices fall\nHouse prices were 0.1% lower in June 2020\n[https://www.bbc.co.uk/news/business-53247066] than the same time last year.\nIt’s the first time the property market’s seen an annual decline since 2012. The\ndata from Nationwide also shows that homes are 1.4% cheaper now than they were\nin May this year, as the impact of lockdown hits.\n\nAdviser comment: Lower prices are good for first time buyers, but at this stage\nyou should take this data with a pinch of salt because of low volumes and high\nuncertainty. We concur with the conclusion of the article - it will be the next\n6 months that gives a true indication of the market.\n\nCitizenship for Hong Kong residents\nThe Prime Minister has extended an offer\n[https://www.bbc.co.uk/news/uk-politics-53246899] to almost 3 million Hong Kong\nresidents to settle in the UK, and ultimately apply for citizenship. The\ninvitation was prompted by an increasingly fraught situation in the former\nBritish territory, where new security laws threaten to violate its people’s\nfreedoms.\n\nWe want strings attached\nShould bailouts come with strings attached? 63% of people\n[https://www.cityam.com/two-thirds-of-brits-think-coronavirus-bailouts-should-have-strings-attached/] \nthink big companies should only receive public money if they agree to protect\njobs and reduce carbon emissions. Yesterday, Bank of England boss Andrew Bailey\ncommitted to reviewing the impact of the Bank’s bailout scheme. It has doled out\n£18 billion so far to the UK’s major firms, many of which are still cutting jobs\nand burning fossil fuels.\n\nRyanair bookings take off\nRyanair has reported “very strong” bookings for the summer. It was back to \nbusiness as usual on Wednesday\n[https://uk.reuters.com/article/uk-ryanair-jobs/strong-bookings-boost-ryanairs-hopes-of-return-to-normal-idUKKBN2424NN]\n, with planes full of mask-wearing passengers jetting overseas for the first\ntime in months. The budget airline is taking the government to court on Friday\nin the hope of overturning the 14-day quarantine for anyone coming into the UK,\nincluding Brits returning from holiday.","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.
House prices were 0.1% lower in June 2020 than the same time last year. It’s the first time the property market’s seen an annual decline since 2012. The data from Nationwide also shows that homes are 1.4% cheaper now than they were in May this year, as the impact of lockdown hits.
Adviser comment: Lower prices are good for first time buyers, but at this stage you should take this data with a pinch of salt because of low volumes and high uncertainty. We concur with the conclusion of the article - it will be the next 6 months that gives a true indication of the market.
The Prime Minister has extended an offer to almost 3 million Hong Kong residents to settle in the UK, and ultimately apply for citizenship. The invitation was prompted by an increasingly fraught situation in the former British territory, where new security laws threaten to violate its people’s freedoms.
Should bailouts come with strings attached? 63% of people think big companies should only receive public money if they agree to protect jobs and reduce carbon emissions. Yesterday, Bank of England boss Andrew Bailey committed to reviewing the impact of the Bank’s bailout scheme. It has doled out £18 billion so far to the UK’s major firms, many of which are still cutting jobs and burning fossil fuels.
Ryanair has reported “very strong” bookings for the summer. It was back to business as usual on Wednesday, with planes full of mask-wearing passengers jetting overseas for the first time in months. The budget airline is taking the government to court on Friday in the hope of overturning the 14-day quarantine for anyone coming into the UK, including Brits returning from holiday.
","url":"https://multiply.ghost.io/house-prices-on-the-move/","uuid":"91426512-634e-44f9-bf17-74c110838b26","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5efda16f28b626003917496e"}},{"node":{"id":"Ghost__Post__5efc43d0e414060038aab31d","title":"Boris Johnson's New Deal?","slug":"boris-johnsons-new-deal","featured":false,"feature_image":"https://multiply.ghost.io/content/images/2020/07/Multiply-minute.png","excerpt":"The Prime Minister pledged in a speech yesterday that the UK would build its way out of the economic downturn.","custom_excerpt":"The Prime Minister pledged in a speech yesterday that the UK would build its way out of the economic downturn.","created_at_pretty":"01 July, 2020","published_at_pretty":"01 July, 2020","updated_at_pretty":"01 July, 2020","created_at":"2020-07-01T08:05:36.000+00:00","published_at":"2020-07-01T08:17:50.000+00:00","updated_at":"2020-07-01T08:17:50.000+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\nBuild, build, build\nThe Prime Minister pledged in a speech yesterday that the UK would build its\nway\nout\n[https://uk.reuters.com/article/uk-health-coronavirus-britain-johnson/johnson-demands-britain-build-build-build-to-beat-covid-19-slump-idUKKBN2402YD] \nof the economic downturn. Planned projects include schools, hospitals, and\nroads. The government will bring forward £5 billion of the spending announced\nlast year, and relax planning rules to make life easier for private property\ndevelopers.\n\nAdviser comment: Good news for an industry that has a large number of self-\nemployed workers. If that's you, then check in regularly to see how much we\nsuggest you put aside to meet your tax liability.\n\nAir travel job losses\nMore companies are warning that jobs are at risk as coronavirus continues to\ntake its toll on the travel industry. Plane builder Airbus\n[https://www.bbc.co.uk/news/business-53242272] says it plans to cut around 1,700\njobs in the UK as part of a global reduction in its staff. Airport favourite \nUpper Crust [https://www.bbc.co.uk/news/business-53230682] has said it may need\nto let as many as 5,000 people go.\n\nSocially distanced scooting\nIt took a pandemic for it to happen, but from Saturday you’ll be able to e-scoot\nyour way to the reopened pub. Electric scooters are being trialled\n[https://www.cityam.com/electric-scooters-zoom-onto-uk-roads-as-government-fast-tracks-trials/] \nto see if they can help to keep us off buses and trains. They’ll be available\nfrom sharing schemes (privately owned ones are still banned). Max speed?\n15.5mph. You’ll also need a driving licence for a car, motorbike, or moped.\n\nAdviser comment: If you’re planning on going for a scoot, we suggest you check\nany house or contents insurance policy to see if in the event of an accident you\nare covered for public liability.","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 Prime Minister pledged in a speech yesterday that the UK would build its way out of the economic downturn. Planned projects include schools, hospitals, and roads. The government will bring forward £5 billion of the spending announced last year, and relax planning rules to make life easier for private property developers.
Adviser comment: Good news for an industry that has a large number of self- employed workers. If that's you, then check in regularly to see how much we suggest you put aside to meet your tax liability.
More companies are warning that jobs are at risk as coronavirus continues to take its toll on the travel industry. Plane builder Airbus says it plans to cut around 1,700 jobs in the UK as part of a global reduction in its staff. Airport favourite Upper Crust has said it may need to let as many as 5,000 people go.
It took a pandemic for it to happen, but from Saturday you’ll be able to e-scoot your way to the reopened pub. Electric scooters are being trialled to see if they can help to keep us off buses and trains. They’ll be available from sharing schemes (privately owned ones are still banned). Max speed? 15.5mph. You’ll also need a driving licence for a car, motorbike, or moped.
Adviser comment: If you’re planning on going for a scoot, we suggest you check any house or contents insurance policy to see if in the event of an accident you are covered for public liability.
","url":"https://multiply.ghost.io/boris-johnsons-new-deal/","uuid":"96fce623-a390-4432-8a62-a5ee3e81071b","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5efc43d0e414060038aab31d"}},{"node":{"id":"Ghost__Post__5efaf2125026150039b5e36f","title":"Leicester stays in lockdown","slug":"leicester-stays-in-lockdown","featured":false,"feature_image":"https://multiply.ghost.io/content/images/2020/06/Multiply-minute-6.png","excerpt":"Leicester will see its lockdown restrictions tightened this week after a flare up of coronavirus cases.","custom_excerpt":"Leicester will see its lockdown restrictions tightened this week after a flare up of coronavirus cases.","created_at_pretty":"30 June, 2020","published_at_pretty":"30 June, 2020","updated_at_pretty":"30 June, 2020","created_at":"2020-06-30T08:04:34.000+00:00","published_at":"2020-06-30T08:06:49.000+00:00","updated_at":"2020-06-30T08:06:49.000+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\nLocal lockdown\nLeicester will see its lockdown restrictions tightened this week\n[https://news.sky.com/story/coronavirus-leicester-to-stay-in-lockdown-after-local-spike-in-cases-12017539] \nafter a flare up of coronavirus cases. Schools and non-essential shops are\nclosing and people have been told to stay at home as much as possible. Many\nLeicester businesses had been planning to reopen this weekend - but now they’ll\nneed to delay their plans.\n\nWirecard is back online\nThousands of people who’ve been cut off from their cash after Wirecard collapsed\nwill be able to use their cards again today\n[https://www.bbc.co.uk/news/business-53230026]. The Financial Conduct Authority\nhas allowed it to resume payment activities after making sure all the money was\nsafeguarded in UK bank accounts with strict conditions. That means the 70 UK\ncompanies that use Wirecard’s technology, such as Pockit and FairFX, will now be\nable resume their usual services.\n\nFuture Fund expanded\nUK startups which have moved their HQ to a different country will now be able to \naccess government funding\n[https://www.theguardian.com/technology/2020/jun/30/sunak-expands-500m-fund-for-uk-startups-hit-by-coronavirus]\n. Startups must show that half of their staff are based in the UK to be able to\napply for the Future Fund, which was set up to help early stage businesses cope\nwith the impact of coronavirus.\n\nFacebook boycott grows\nBig brands are cancelling their advertising on Facebook\n[https://www.ft.com/content/78d8095f-83d4-49d3-9aff-ce2c6aa85956]* in a boycott\nof the platform over its handling of hate speech and racism. Diageo, Starbucks\nand Levi’s are the latest to withdraw their spending with the social media site,\njoining Coca Cola, Unilever, and dozens of others. Facebook’s made efforts to\nappease the boycotters, announcing new policies over the weekend, to no avail.\n\n*this article might need a subscription to read","html":"Get straight to the good stuff every day with the Multiply Minute; a lightning-quick round-up of the money news and how it affects you.
Leicester will see its lockdown restrictions tightened this week after a flare up of coronavirus cases. Schools and non-essential shops are closing and people have been told to stay at home as much as possible. Many Leicester businesses had been planning to reopen this weekend - but now they’ll need to delay their plans.
Thousands of people who’ve been cut off from their cash after Wirecard collapsed will be able to use their cards again today. The Financial Conduct Authority has allowed it to resume payment activities after making sure all the money was safeguarded in UK bank accounts with strict conditions. That means the 70 UK companies that use Wirecard’s technology, such as Pockit and FairFX, will now be able resume their usual services.
UK startups which have moved their HQ to a different country will now be able to access government funding. Startups must show that half of their staff are based in the UK to be able to apply for the Future Fund, which was set up to help early stage businesses cope with the impact of coronavirus.
Big brands are cancelling their advertising on Facebook* in a boycott of the platform over its handling of hate speech and racism. Diageo, Starbucks and Levi’s are the latest to withdraw their spending with the social media site, joining Coca Cola, Unilever, and dozens of others. Facebook’s made efforts to appease the boycotters, announcing new policies over the weekend, to no avail.
*this article might need a subscription to read
","url":"https://multiply.ghost.io/leicester-stays-in-lockdown/","uuid":"7f0aa7bd-021f-4790-83f0-dea92efd14f7","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5efaf2125026150039b5e36f"}},{"node":{"id":"Ghost__Post__5ef9b7d4e8ddb700399849df","title":"Thousands locked out of accounts","slug":"thousands-locked-out-of-accounts","featured":false,"feature_image":"https://multiply.ghost.io/content/images/2020/06/Multiply-minute-5.png","excerpt":"German fintech Wirecard collapsed on Friday, leaving thousands of people without access to their money.","custom_excerpt":"German fintech Wirecard collapsed on Friday, leaving thousands of people without access to their money.","created_at_pretty":"29 June, 2020","published_at_pretty":"29 June, 2020","updated_at_pretty":"29 June, 2020","created_at":"2020-06-29T09:43:48.000+00:00","published_at":"2020-06-29T10:04:38.000+00:00","updated_at":"2020-06-29T10:08:44.000+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\nWirecard collapse\nGerman fintech Wirecard collapsed on Friday, leaving thousands of people\nwithout\naccess to their money\n[https://inews.co.uk/news/business/wirecard-collapse-thousands-vulnerable-uk-customers-unable-access-bank-accounts-benefits-458001]\n. Many UK companies including Pockit, FairFX, and ANNA, relied on Wirecard\ntechnology to provide their accounts. The money is protected, so they’ll get it\nback, but no one knows when.\n\nWhat happened? Wirecard had its licence revoked by the Financial Conduct\nAuthority. The company had filed for insolvency after admitting to £3 billion\ngoing missing from its balance sheets. Its auditors, including EY, are now \nunder\nfire\n[https://www.cityam.com/ey-failed-to-request-wirecard-bank-statements-for-three-years/] \nfor failing to find the fraud for three years.\n\nAdviser comment: \"We recommend only using accounts that are covered by the\nFinancial Services Compensation Scheme (FSCS) or directly by the Bank of\nEngland. The key message for those affected by the Wirecard issue is that,\nalthough access will be a problem, your money is protected.\"\n\n£1 billion for schools\nPrime Minister Boris Johnson has set out a 10-year programme to rebuild schools\n[https://uk.reuters.com/article/uk-health-coronavirus-britain-schools/hoping-to-rebound-from-coronavirus-johnson-sets-out-school-building-plan-idUKKBN23Z0UB]\n, complete with £1 billion of funding. Tomorrow, in a speech about economic\nrecovery plans, he’s expected to announce further funding for the infrastructure\npledges that got him elected in December.\n\nBuild back better\nJust 6% of people\n[https://news.sky.com/story/coronavirus-only-6-of-public-want-life-to-return-to-pre-pandemic-times-12017151] \nwant to go back to the way things were before the pandemic, according to a new\nYougov poll. 31% want to see big changes in how the economy is run, and another\n28% think there should be moderate changes. The findings add weight to calls of\n300 leaders from the likes of charities and trade unions for the UK to \"build\nback better\".\n\nMore money for the climate\nThe UK needs to spend an extra £14 billion\n[https://www.bbc.co.uk/news/business-53214997] a year on fighting climate\nchange. Thinktank the Green Alliance says clean transport, nature restoration,\nand low-carbon buildings all need more cash if the UK is to meet its commitments\nto bring down emissions.","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.
German fintech Wirecard collapsed on Friday, leaving thousands of people without access to their money. Many UK companies including Pockit, FairFX, and ANNA, relied on Wirecard technology to provide their accounts. The money is protected, so they’ll get it back, but no one knows when.
What happened? Wirecard had its licence revoked by the Financial Conduct Authority. The company had filed for insolvency after admitting to £3 billion going missing from its balance sheets. Its auditors, including EY, are now under fire for failing to find the fraud for three years.
Adviser comment: \"We recommend only using accounts that are covered by the Financial Services Compensation Scheme (FSCS) or directly by the Bank of England. The key message for those affected by the Wirecard issue is that, although access will be a problem, your money is protected.\"
Prime Minister Boris Johnson has set out a 10-year programme to rebuild schools, complete with £1 billion of funding. Tomorrow, in a speech about economic recovery plans, he’s expected to announce further funding for the infrastructure pledges that got him elected in December.
Just 6% of people want to go back to the way things were before the pandemic, according to a new Yougov poll. 31% want to see big changes in how the economy is run, and another 28% think there should be moderate changes. The findings add weight to calls of 300 leaders from the likes of charities and trade unions for the UK to \"build back better\".
The UK needs to spend an extra £14 billion a year on fighting climate change. Thinktank the Green Alliance says clean transport, nature restoration, and low-carbon buildings all need more cash if the UK is to meet its commitments to bring down emissions.
","url":"https://multiply.ghost.io/thousands-locked-out-of-accounts/","uuid":"56e90ed2-44dc-4063-b45a-9730e8eec63d","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5ef9b7d4e8ddb700399849df"}},{"node":{"id":"Ghost__Post__5ef5b5a32c88ce00398a964d","title":"We’re all going on a summer holiday","slug":"were-all-going-on-a-summer-holiday","featured":false,"feature_image":"https://multiply.ghost.io/content/images/2020/06/Multiply-minute-4.png","excerpt":"Phones are ringing off the hook at campsites, hotels, and B&Bs across the country since Boris Johnson announced the easing of lockdown restrictions.","custom_excerpt":"Phones are ringing off the hook at campsites, hotels, and B&Bs across the country since Boris Johnson announced the easing of lockdown restrictions.","created_at_pretty":"26 June, 2020","published_at_pretty":"26 June, 2020","updated_at_pretty":"26 June, 2020","created_at":"2020-06-26T08:45:23.000+00:00","published_at":"2020-06-26T08:47:01.000+00:00","updated_at":"2020-06-26T08:47:01.000+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\nStaycation boom\nPhones are ringing off the hook at campsites, hotels, and B&Bs across the\ncountry since Boris Johnson announced the easing of lockdown restrictions. Many\nBrits are choosing to holiday in the UK\n[https://www.bbc.co.uk/news/business-53164243] to avoid having to quarantine for\ntwo weeks on re-entering the country from abroad. It’s a welcome boost for the\ntourism industry, which recently predicted a £37 billion loss from the fallout\nof coronavirus.\n\nAdviser comment: \"Taking out travel insurance is always a great safety net if\nanything goes wrong and is even more important in the current uncertain times.\"\n\nTesco’s sales bounce\nThe lockdown saw Tesco’s sales rise almost 9%\n[https://www.cityam.com/tesco-sales-bounce-amid-lockdown-spending-spree/] in the\n13 weeks up to the end of May, as people stocked up on loo roll and hand wash.\nIt says its profits will be about the same as last year though, because it’s had\nto spend a lot more too.\n\nMike Ashely under investigation?\nHMRC are investigating companies\n[https://inews.co.uk/news/mike-ashley-retail-empire-tops-hmrc-hit-list-furlough-scheme-456162] \nbelieved to have abused the coronavirus job retention scheme. Mike Ashley’s\nbusiness empire, which includes House of Fraser, Sports Direct and Evans Cycles,\nis apparently top of its “hit list”. Staff have come forward to say that they\nwere asked to work while on furlough, which would be a clear breach of the\nrules.\n\nShopping centre giant close to collapse\nThe owner of the Trafford Centre, Metrocentre, and Lakeside shopping centres,\nhas said its likely to bring in administrators\n[https://news.sky.com/story/shopping-centre-giant-intu-likely-to-appoint-administrators-12015080] \nafter talks with creditors stalled. Intu employs 3,000 people directly, and over\n100,000 more work in its 17 shopping centres. Its collapse would be the biggest\ncorporate casualty of the coronavirus crisis so far.","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.
Phones are ringing off the hook at campsites, hotels, and B&Bs across the country since Boris Johnson announced the easing of lockdown restrictions. Many Brits are choosing to holiday in the UK to avoid having to quarantine for two weeks on re-entering the country from abroad. It’s a welcome boost for the tourism industry, which recently predicted a £37 billion loss from the fallout of coronavirus.
Adviser comment: \"Taking out travel insurance is always a great safety net if anything goes wrong and is even more important in the current uncertain times.\"
The lockdown saw Tesco’s sales rise almost 9% in the 13 weeks up to the end of May, as people stocked up on loo roll and hand wash. It says its profits will be about the same as last year though, because it’s had to spend a lot more too.
HMRC are investigating companies believed to have abused the coronavirus job retention scheme. Mike Ashley’s business empire, which includes House of Fraser, Sports Direct and Evans Cycles, is apparently top of its “hit list”. Staff have come forward to say that they were asked to work while on furlough, which would be a clear breach of the rules.
The owner of the Trafford Centre, Metrocentre, and Lakeside shopping centres, has said its likely to bring in administrators after talks with creditors stalled. Intu employs 3,000 people directly, and over 100,000 more work in its 17 shopping centres. Its collapse would be the biggest corporate casualty of the coronavirus crisis so far.
","url":"https://multiply.ghost.io/were-all-going-on-a-summer-holiday/","uuid":"d6690299-843f-4ebd-8d4a-ad030464a9d0","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5ef5b5a32c88ce00398a964d"}},{"node":{"id":"Ghost__Post__5ef4616344502600395e31d2","title":"Councils at risk of bankruptcy","slug":"councils-at-risk-of-bankruptcy","featured":false,"feature_image":"https://multiply.ghost.io/content/images/2020/06/Multiply-minute-3.png","excerpt":"Councils across the UK say they’re at risk of going bankrupt if they don't get further government support.","custom_excerpt":"Councils across the UK say they’re at risk of going bankrupt if they don't get further government support.","created_at_pretty":"25 June, 2020","published_at_pretty":"25 June, 2020","updated_at_pretty":"25 June, 2020","created_at":"2020-06-25T08:33:39.000+00:00","published_at":"2020-06-25T08:38:54.000+00:00","updated_at":"2020-06-25T08:50:33.000+00:00","meta_title":null,"meta_description":null,"og_description":null,"og_image":null,"og_title":null,"twitter_description":null,"twitter_image":null,"twitter_title":null,"authors":[{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null}],"primary_author":{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null},"primary_tag":null,"tags":[{"name":"#feed","slug":"hash-feed","description":null,"feature_image":null,"meta_description":null,"meta_title":null,"visibility":"internal"},{"name":"multiply-minute","slug":"multiply-minute","description":"The 1-minute read to get the money news you need with expert adviser commentary","feature_image":null,"meta_description":null,"meta_title":null,"visibility":"public"}],"plaintext":"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\nBankruptcy warning from councils\nCouncils across the UK say they’re at risk of going bankrupt\n[https://www.bbc.co.uk/news/uk-53069772] if they don't get further government\nsupport. 150 authorities are short by £3.2 billion in total. Why? Dealing with\ncoronavirus has meant higher care costs, and payment holidays from business\nrates and council tax have meant their income is reduced at the same time.\nBankrupt councils would be bad news for bin collections, the fire brigade,\npublic transport, roads...the list goes on.\n\nSA302s at the ready\nSelf-employed borrowers are waiting longer to get a mortgage decision, because\nlenders are scrutinising applications\n[https://www.telegraph.co.uk/personal-banking/mortgages/summer-drought-self-employed-home-buyers-banks-tighten-mortgage/]\n* in even more detail to check if their business has been affected by\ncoronavirus. Normally, self-employed applicants just have to provide 2 years’\nworth of tax returns as proof of income. Now, banks are requesting further\nevidence from accountants, and they’re manually reviewing every case.\n\nAdviser comment: \"Lenders are currently risk-averse and apply strict lending\ncriteria. There are additional hurdles if you’re self-employed, and you might\nhave to pay a higher interest rate. A higher deposit will help you. Speak to\nyour accountant before applying and make sure all your accounts are available.\nWe also recommend speaking to a mortgage adviser.\"\n\nSigning into the pub\nWhen pubs reopen on 4th July, punters will have to give their name at the door\n[https://uk.reuters.com/article/uk-health-coronavirus-britain-pubs/no-name-no-pint-new-rules-for-englands-pubs-after-lockdown-idUKKBN23V1GS] \nbefore coming in. No name, no pint. It’s part of the track and trace process;\nthe government needs to be able to pinpoint who was there in case there’s a\nlocal flare up. Other rules? No standing at the bar, no live performances, and\nstay 1 metre away from everyone else.\n\n\n\n*this article may need a subscription to read","html":"Get straight to the good stuff every day with the Multiply Minute; a lightning-quick round-up of the money news and how it affects you.
Councils across the UK say they’re at risk of going bankrupt if they don't get further government support. 150 authorities are short by £3.2 billion in total. Why? Dealing with coronavirus has meant higher care costs, and payment holidays from business rates and council tax have meant their income is reduced at the same time. Bankrupt councils would be bad news for bin collections, the fire brigade, public transport, roads...the list goes on.
Self-employed borrowers are waiting longer to get a mortgage decision, because lenders are scrutinising applications* in even more detail to check if their business has been affected by coronavirus. Normally, self-employed applicants just have to provide 2 years’ worth of tax returns as proof of income. Now, banks are requesting further evidence from accountants, and they’re manually reviewing every case.
Adviser comment: \"Lenders are currently risk-averse and apply strict lending criteria. There are additional hurdles if you’re self-employed, and you might have to pay a higher interest rate. A higher deposit will help you. Speak to your accountant before applying and make sure all your accounts are available. We also recommend speaking to a mortgage adviser.\"
When pubs reopen on 4th July, punters will have to give their name at the door before coming in. No name, no pint. It’s part of the track and trace process; the government needs to be able to pinpoint who was there in case there’s a local flare up. Other rules? No standing at the bar, no live performances, and stay 1 metre away from everyone else.
*this article may need a subscription to read
","url":"https://multiply.ghost.io/councils-at-risk-of-bankruptcy/","uuid":"a37b4557-bcce-4846-8171-aef9522ae1e7","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5ef4616344502600395e31d2"}},{"node":{"id":"Ghost__Post__5ef30ed70d548800397eabb6","title":"10 days to go","slug":"10-days-to-go","featured":false,"feature_image":"https://multiply.ghost.io/content/images/2020/06/Multiply-minute-2.png","excerpt":"From 4th July, many of the fun parts of the economy will be able to throw open their doors.","custom_excerpt":"From 4th July, many of the fun parts of the economy will be able to throw open their doors.","created_at_pretty":"24 June, 2020","published_at_pretty":"24 June, 2020","updated_at_pretty":"24 June, 2020","created_at":"2020-06-24T08:29:11.000+00:00","published_at":"2020-06-24T08:32:06.000+00:00","updated_at":"2020-06-24T08:32:06.000+00:00","meta_title":null,"meta_description":null,"og_description":null,"og_image":null,"og_title":null,"twitter_description":null,"twitter_image":null,"twitter_title":null,"authors":[{"name":"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\nA pint and a haircut\nFrom 4th July, many of the fun parts of the economy will be able to throw open\ntheir doors. Pubs, restaurants, hotels, hairdressers, cinemas, galleries, and\ntheme parks are among the businesses that will be emerging from lockdown\n[https://www.bbc.co.uk/news/explainers-52530518]. Social distancing will still\nbe in force, but a new “1 metre plus” rule applies where it’s not possible to\nkeep 2 metres apart.\n\nRecovery has started\nOther, more serious parts of the economy are starting to grow again\n[https://www.thetimes.co.uk/edition/business/factories-and-services-lead-the-way-as-recovery-begins-to-take-hold-stc9p80j6]\n* after the downturn. Manufacturing is on the up, and the services sector seems\nto have stopped falling. The IHS Markit index, which measures activity across\nthe two, rose to 47.6 in June - far higher than economists expected. It only\nneeds to peek above 50 to indicate overall growth.\n\nAdviser comment: \"While we’re seeing some growth in certain sectors, experts\nbelieve that the recent market volatility is not over. That means that we don’t\ncurrently expect to see steadily growing investment markets.\"\n\nWant a job?\nChoose your uni carefully. On average, 4% of 2018 uni leavers were unemployed 15\nmonths after graduating. But some unis, including Bradford and London Met, had\nalmost double those levels of grad unemployment\n[https://inews.co.uk/news/education/universities-graduate-unemployment-varies-which-university-explained-453974]\n. Others, such as Winchester and Robert Gordon, as well as Oxford, Cambridge,\nand LSE, saw just 2% of their graduates struggle to find work.\n\n\n\n*this article might need a subscription to read.","html":"Get straight to the good stuff every day with the Multiply Minute; a lightning-quick round-up of the money news and how it affects you.
From 4th July, many of the fun parts of the economy will be able to throw open their doors. Pubs, restaurants, hotels, hairdressers, cinemas, galleries, and theme parks are among the businesses that will be emerging from lockdown. Social distancing will still be in force, but a new “1 metre plus” rule applies where it’s not possible to keep 2 metres apart.
Other, more serious parts of the economy are starting to grow again* after the downturn. Manufacturing is on the up, and the services sector seems to have stopped falling. The IHS Markit index, which measures activity across the two, rose to 47.6 in June - far higher than economists expected. It only needs to peek above 50 to indicate overall growth.
Adviser comment: \"While we’re seeing some growth in certain sectors, experts believe that the recent market volatility is not over. That means that we don’t currently expect to see steadily growing investment markets.\"
Choose your uni carefully. On average, 4% of 2018 uni leavers were unemployed 15 months after graduating. But some unis, including Bradford and London Met, had almost double those levels of grad unemployment. Others, such as Winchester and Robert Gordon, as well as Oxford, Cambridge, and LSE, saw just 2% of their graduates struggle to find work.
*this article might need a subscription to read.
","url":"https://multiply.ghost.io/10-days-to-go/","uuid":"883389d2-875b-48f0-ab7d-c0f59df1e0e6","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5ef30ed70d548800397eabb6"}},{"node":{"id":"Ghost__Post__5ef1c15c2eee5300394c7e2f","title":"UK nearly went bust","slug":"uk-nearly-went-bust","featured":false,"feature_image":"https://multiply.ghost.io/content/images/2020/06/Multiply-minute-1.png","excerpt":"Bank of England boss Andrew Bailey has revealed that the government may not have been able to fund itself in March, had the Bank not stepped in.","custom_excerpt":"Bank of England boss Andrew Bailey has revealed that the government may not have been able to fund itself in March, had the Bank not stepped in.","created_at_pretty":"23 June, 2020","published_at_pretty":"23 June, 2020","updated_at_pretty":"23 June, 2020","created_at":"2020-06-23T08:46:20.000+00:00","published_at":"2020-06-23T08:51:15.000+00:00","updated_at":"2020-06-23T08:51:14.000+00:00","meta_title":null,"meta_description":null,"og_description":null,"og_image":null,"og_title":null,"twitter_description":null,"twitter_image":null,"twitter_title":null,"authors":[{"name":"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\nGovernment was close to insolvency\nBank of England boss Andrew Bailey has revealed that the government may not\nhave\nbeen able to fund itself\n[https://news.sky.com/story/coronavirus-governor-says-bank-of-england-saved-britain-from-effective-insolvency-12012369] \nin March, had the Bank not stepped in. According to Bailey, with the economy in\nmeltdown it looked as if the government was going to struggle to sell its debts\nto private investors. The Bank quickly introduced new quantitative easing, which\nstabilised the economy by making borrowing cheaper and encouraging investors.\n\nUnpaid energy bills\nGas and electricity companies will be able to chase unpaid bills\n[https://www.theguardian.com/business/2020/jun/22/energy-customers-face-bailiffs-as-ofgem-allows-debt-collecting-again] \nfrom July, according to the energy watchdog. Until now, they’ve been required to\noffer payment holidays to provide a bit of breathing space to customers who are\nstruggling financially.\n\nNew supplier in town\nBrighter news for anyone stressed about their gas bill: British Gas X\n[https://www.bbc.co.uk/news/business-53136804], a new, cheaper rival to British\nGas, is currently trialling its new digital-only service. We’ll find out more\nabout its launch plans next month.\n\nAdviser comment: \"Periodically check to see if you can get a better deal on your\nutility bills. It may even be worthwhile paying an exit fee if you can save more\nover the term of a new offer. The same applies to mortgages!\"","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.
Bank of England boss Andrew Bailey has revealed that the government may not have been able to fund itself in March, had the Bank not stepped in. According to Bailey, with the economy in meltdown it looked as if the government was going to struggle to sell its debts to private investors. The Bank quickly introduced new quantitative easing, which stabilised the economy by making borrowing cheaper and encouraging investors.
Gas and electricity companies will be able to chase unpaid bills from July, according to the energy watchdog. Until now, they’ve been required to offer payment holidays to provide a bit of breathing space to customers who are struggling financially.
Brighter news for anyone stressed about their gas bill: British Gas X, a new, cheaper rival to British Gas, is currently trialling its new digital-only service. We’ll find out more about its launch plans next month.
Adviser comment: \"Periodically check to see if you can get a better deal on your utility bills. It may even be worthwhile paying an exit fee if you can save more over the term of a new offer. The same applies to mortgages!\"
","url":"https://multiply.ghost.io/uk-nearly-went-bust/","uuid":"c885f750-1748-4aed-8f4e-af009fc97160","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5ef1c15c2eee5300394c7e2f"}},{"node":{"id":"Ghost__Post__5ef07ebced4c830039134c7d","title":"Calls for VAT slash","slug":"calls-for-vat-slash","featured":false,"feature_image":"https://multiply.ghost.io/content/images/2020/06/Multiply_minute.png","excerpt":"In an attempt to revitalise the economy, chancellor Rishi Sunak is planning to slash VAT.","custom_excerpt":"In an attempt to revitalise the economy, chancellor Rishi Sunak is planning to slash VAT.","created_at_pretty":"22 June, 2020","published_at_pretty":"22 June, 2020","updated_at_pretty":"22 June, 2020","created_at":"2020-06-22T09:49:48.000+00:00","published_at":"2020-06-22T09:54:36.000+00:00","updated_at":"2020-06-22T09:54:36.000+00:00","meta_title":null,"meta_description":null,"og_description":null,"og_image":null,"og_title":null,"twitter_description":null,"twitter_image":null,"twitter_title":null,"authors":[{"name":"Tim Elder","slug":"tim","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null}],"primary_author":{"name":"Tim Elder","slug":"tim","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null},"primary_tag":null,"tags":[{"name":"#feed","slug":"hash-feed","description":null,"feature_image":null,"meta_description":null,"meta_title":null,"visibility":"internal"},{"name":"multiply-minute","slug":"multiply-minute","description":"The 1-minute read to get the money news you need with expert adviser commentary","feature_image":null,"meta_description":null,"meta_title":null,"visibility":"public"}],"plaintext":"VAT cuts planned\nIn an attempt to revitalise the economy, chancellor Rishi Sunak is planning to\nslash VAT\n[https://www.cityam.com/sunak-mulls-vat-cut-to-boost-economy-after-lockdown/]—a\nmove that the former chancellor Lord Alistair Darling backs\n[https://www.cityam.com/former-chancellor-lord-alistair-darling-backs-sunaks-vat-cut-plans/]\n. Why does his opinion matter? He also cut the sales tax during the 2008\nfinancial crisis, and is widely credited with boosting consumer spending to\nrevive the economy.\n\nSecond wave fears shake markets\nHopes of an economic bounceback are being tested\n[https://www.theguardian.com/business/live/2020/jun/22/markets-second-wave-fears-gold-germany-uk-factories-coronavirus-business-live?page=with:block-5ef0436c8f08cf3f35139302#block-5ef0436c8f08cf3f35139302] \nby growing concerns about rising coronavirus cases. Europe’s largest economy,\nGermany, has seen its R rate jump to 2.88\n[https://metro.co.uk/2020/06/21/germany-fears-second-coronavirus-wave-r-rate-leaps-1-79-12883024/]\n. Stock markets across Asia and Europe opened this morning in the red, and gold\nprices have surged\n[https://www.bloomberg.com/news/articles/2020-06-22/gold-drives-toward-highest-since-12-on-virus-resurgence-concern] \nto their highest levels since 2012.\n\nAdviser Comment: Volatile times—but remember, any investment in stocks and\nshares should be seen as longer term. Usually the best thing to do is to hold on\nand wait for any market recovery.\n\nWealth gap increases\nLower-income households are twice as likely to have increased their debts\n[https://www.bbc.co.uk/news/business-53131643] during the coronavirus lockdown,\naccording to the think tank Resolution Foundation. Richer families are saving\nmore whilst eating out and holidays are off the menu.\n\nAdviser Comment: If you are struggling with debt, please see our series of\narticles\n[http://links.multiply.ai/track?uid=20c1ecc9-460b-4ed4-b0fd-e495d36d8838&cid=1bab637f-4685-4130-9be2-f3059a511678&mid=312b741a-dea3-4106-b9f6-c295e58f3740&bsft_ek=2020-06-22T09%3A43%3A19Z&a=click&redir=https%3A%2F%2Fmultiply-blog.appspot.com%2Fdebt-series-1-dealing-with-debt-in-a-pandemic%2F] \non managing debt.\n\nBlack business managers under-represented\nBusiness in the Community—a group founded by the Prince of Wales—has told UK\nemployers to take “urgent action” to support BAME workers\n[https://www.theguardian.com/business/2020/jun/22/uk-black-professional-representation-has-barely-budged-since-2014]\n. Black people held just 1.5% of leadership positions, despite making up 3% of\nthe population. The report comes a day after the Financial Reporting Council\nannounced that it’s exploring plans to impose new diversity reporting\nrequirements\n[https://www.telegraph.co.uk/business/2020/06/20/black-lives-matter-ftse-giants-face-tougher-targets-race-diversity/] \non FTSE companies.\n\nPubs wait for go-ahead\nTomorrow, Boris Johnson is expected to update Parliament\n[https://www.bbc.co.uk/news/uk-politics-53129845] on whether pubs, restaurants,\nhotels and hairdressers can reopen in England from 4th July. Downing street has\ncautioned that these moves could be reversed if a virus surge is detected.","html":"In an attempt to revitalise the economy, chancellor Rishi Sunak is planning to slash VAT—a move that the former chancellor Lord Alistair Darling backs. Why does his opinion matter? He also cut the sales tax during the 2008 financial crisis, and is widely credited with boosting consumer spending to revive the economy.
Hopes of an economic bounceback are being tested by growing concerns about rising coronavirus cases. Europe’s largest economy, Germany, has seen its R rate jump to 2.88. Stock markets across Asia and Europe opened this morning in the red, and gold prices have surged to their highest levels since 2012.
Adviser Comment: Volatile times—but remember, any investment in stocks and shares should be seen as longer term. Usually the best thing to do is to hold on and wait for any market recovery.
Lower-income households are twice as likely to have increased their debts during the coronavirus lockdown, according to the think tank Resolution Foundation. Richer families are saving more whilst eating out and holidays are off the menu.
Adviser Comment: If you are struggling with debt, please see our series of articles on managing debt.
Business in the Community—a group founded by the Prince of Wales—has told UK employers to take “urgent action” to support BAME workers. Black people held just 1.5% of leadership positions, despite making up 3% of the population. The report comes a day after the Financial Reporting Council announced that it’s exploring plans to impose new diversity reporting requirements on FTSE companies.
Tomorrow, Boris Johnson is expected to update Parliament on whether pubs, restaurants, hotels and hairdressers can reopen in England from 4th July. Downing street has cautioned that these moves could be reversed if a virus surge is detected.
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