The government borrowed £103.7 billion over April and May to prop up the economy under lockdown. t's spending a lot on support measures such as the furlough scheme, and at the same time it’s also getting around 30% less than usual in tax income. The result? Big borrowing.
Adviser comment: At some point the government will need to repay this money, so they’ll probably need to raise taxes. There are many different ways to do this, and we don’t yet know who or what will bear the brunt.
The Bank of England will pump an extra £100 billion into the UK economy to help us recover from the current downturn. How? The Bank will print money and use it to buy government bonds, which helps to make loans cheaper and encourages investors to buy shares. The Bank also confirmed the base interest rate will stay at 0.1%.
Shops saw their sales climb by 12% in May - that’s almost twice as much as many experts predicted. The rise was mainly fuelled by a shopping spree for household goods, as hardware stores were some of the first to reopen. All shops are now allowed to reopen, so the figures for June should be even higher.
100 stars of the stage have signed a letter to the government warning that their industry is on the verge of destruction. 70% of UK theatres will run out of money by the end of the year. It follows a report earlier this week that over 400,000 jobs are at risk in the creative sector.
","url":"https://multiply.ghost.io/government-borrows-103-billion/","uuid":"eaf0f104-2a26-4b58-9298-839fa6ceaff0","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5eec7c2f04a3620039adfde6"}},{"node":{"id":"Ghost__Post__5eeb1f810db17b00395509ad","title":"Nationwide withdraws 90% mortgages","slug":"nationwide-withdraws-90-mortgages","featured":false,"feature_image":"https://multiply.ghost.io/content/images/2020/06/minute-banner-latest-4.png","excerpt":"Nationwide, one of the country’s biggest mortgage providers, has said it won’t lend to new customers with less than a 15% deposit.","custom_excerpt":"Nationwide, one of the country’s biggest mortgage providers, has said it won’t lend to new customers with less than a 15% deposit.","created_at_pretty":"18 June, 2020","published_at_pretty":"18 June, 2020","updated_at_pretty":"18 June, 2020","created_at":"2020-06-18T08:02:09.000+00:00","published_at":"2020-06-18T08:47:35.000+00:00","updated_at":"2020-06-18T08:47:35.000+00:00","meta_title":null,"meta_description":null,"og_description":null,"og_image":null,"og_title":null,"twitter_description":null,"twitter_image":null,"twitter_title":null,"authors":[{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null}],"primary_author":{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null},"primary_tag":null,"tags":[{"name":"#feed","slug":"hash-feed","description":null,"feature_image":null,"meta_description":null,"meta_title":null,"visibility":"internal"},{"name":"multiply-minute","slug":"multiply-minute","description":"The 1-minute read to get the money news you need with expert adviser commentary","feature_image":null,"meta_description":null,"meta_title":null,"visibility":"public"}],"plaintext":"Negative equity fears\nNationwide, one of the country’s biggest mortgage providers, has said it won’t\nlend\n[https://www.thetimes.co.uk/edition/news/homebuyers-denied-loans-over-negative-equity-fears-3hvm536xn]\n* to new customers with less than a 15% deposit. It’s concerned about negative\nequity, which is when house prices dip making your mortgage balance bigger than\nthe value of your property. The lender has said the outlook for the housing\nmarket is uncertain, and it’s factoring that uncertainty into its lending\ndecisions.\n\nAdviser comment: \"Unfortunately this isn’t good news for first-time buyers, who\ntend to need a higher loan to value ratio than other homebuyers. However, the\nmortgage market is changing almost everyday at the moment, so keep saving and\nkeep an eye out for more news and comment.\"\n\nCompanies make reparations\nMajor UK firms have apologised for the part they played in the slave trade, and\nhave promised to pay reparations\n[https://www.theguardian.com/world/2020/jun/18/lloyds-of-london-and-greene-king-to-make-slave-trade-reparations]\n. Greene King’s founder was a slave owner and was given £500,000 (in today’s\nmoney) as compensation when slavery was abolished. Lloyds of London used to\ninsure slave ships. Both companies will make payments to individuals and\norganisations that benefit the black community.\n\nTriple lock under threat\nChancellor Rishi Sunak has warned that scrapping the state pension triple lock \nmay be “unavoidable”\n[https://inews.co.uk/news/analysis/state-pension-triple-lock-analysis-uk-latest-britain-economic-challenge-breaking-pledge-unavoidable-449069]\n. Under the triple lock, the state pension increases by 2.5%, wage growth, or\ninflation – whichever is highest. It’s an expensive policy, and one that may\nprove unaffordable next year when the UK is set to borrow £300 billion to cover\nthe costs of coronavirus.\n\nAdviser comment: \"This reiterates the need not to rely on the state pension for\nyour retirement income. Check your recommendations to see if you should be\nputting more aside towards your own retirement plans.\"\n\nDPD hiring spree\nDPD has announced plans to hire at least 6,000 new employees\n[https://www.bbc.co.uk/news/business-53079884] as it races to keep up with new\ndemand. The recent boom in online shopping has kept the delivery firm very busy,\nand it expects the growth to continue even now that the high street is\nreopening.","html":"Nationwide, one of the country’s biggest mortgage providers, has said it won’t lend* to new customers with less than a 15% deposit. It’s concerned about negative equity, which is when house prices dip making your mortgage balance bigger than the value of your property. The lender has said the outlook for the housing market is uncertain, and it’s factoring that uncertainty into its lending decisions.
Adviser comment: \"Unfortunately this isn’t good news for first-time buyers, who tend to need a higher loan to value ratio than other homebuyers. However, the mortgage market is changing almost everyday at the moment, so keep saving and keep an eye out for more news and comment.\"
Major UK firms have apologised for the part they played in the slave trade, and have promised to pay reparations. Greene King’s founder was a slave owner and was given £500,000 (in today’s money) as compensation when slavery was abolished. Lloyds of London used to insure slave ships. Both companies will make payments to individuals and organisations that benefit the black community.
Chancellor Rishi Sunak has warned that scrapping the state pension triple lock may be “unavoidable”. Under the triple lock, the state pension increases by 2.5%, wage growth, or inflation – whichever is highest. It’s an expensive policy, and one that may prove unaffordable next year when the UK is set to borrow £300 billion to cover the costs of coronavirus.
Adviser comment: \"This reiterates the need not to rely on the state pension for your retirement income. Check your recommendations to see if you should be putting more aside towards your own retirement plans.\"
DPD has announced plans to hire at least 6,000 new employees as it races to keep up with new demand. The recent boom in online shopping has kept the delivery firm very busy, and it expects the growth to continue even now that the high street is reopening.
","url":"https://multiply.ghost.io/nationwide-withdraws-90-mortgages/","uuid":"9bed7d2e-090d-4757-ae7f-c51724898194","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5eeb1f810db17b00395509ad"}},{"node":{"id":"Ghost__Post__5ee9e03d1e9807003981fe26","title":"Government U-turn on food vouchers","slug":"government-u-turn-on-food-vouchers","featured":false,"feature_image":"https://multiply.ghost.io/content/images/2020/06/minute-banner-latest-3.png","excerpt":"The government made a U-turn yesterday, announcing that it would extend the free school meals scheme across the summer holidays.","custom_excerpt":"The government made a U-turn yesterday, announcing that it would extend the free school meals scheme across the summer holidays.","created_at_pretty":"17 June, 2020","published_at_pretty":"17 June, 2020","updated_at_pretty":"17 June, 2020","created_at":"2020-06-17T09:19:57.000+00:00","published_at":"2020-06-17T09:23:37.000+00:00","updated_at":"2020-06-17T09:39:41.000+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":"Rashford secures free school meals\nThe government made a U-turn yesterday, announcing that it would extend the\nfree\nschool meals scheme [https://www.bbc.co.uk/news/uk-53065806] across the summer\nholidays. The decision followed a campaign by Manchester United star Marcus\nRashford which rallied massive public support. 1.3 million kids who receive free\nschool meals during term time will now get food vouchers for the summer\nholidays, in recognition that many families are under increased financial\nstrain.\n\n2 metre rule stays (for now)\nBoris Johnson has said it’s too early to ease\n[https://www.cityam.com/boris-johnson-too-early-to-ease-two-metre-social-distancing-rule/] \nthe 2 metre social distancing rule. Many businesses had high hopes that it would\nbe changed to 1 metre, after the government said it planned to review the rule.\nBut the Prime Minister cautioned that the country needs to make progress on\nbringing the number of cases of coronavirus down first.\n\nCash access trials\nNew trials have been announced to make sure cash is accessible\n[https://www.bbc.co.uk/news/business-53068282] to people who use it. They’ll\ntake place in 8 communities across the country where cash machines are hard to\ncome by. It follows a report last year which warned the UK is “sleepwalking”\ninto becoming a cashless society - which is a problem for the 8 million people\nwho still rely on using notes and coins.\n\nSavings rates slump\nIf you’re stashing money into savings, you’ll see your returns tail off right\nabout now. The average interest on average easy-access accounts has dropped\nfrom\n0.59% in January to 0.3% today\n[https://www.telegraph.co.uk/personal-banking/savings/catastrophe-savers-interest-rates-fall-financial-crisis-levels/]\n. Why? In March the Bank of England slashed the base rate as part of its\nresponse to the coronavirus crisis. Fixed-rate accounts and cash ISAs have also\nseen a slump.\n\nAdviser comment: \"We don’t think you need to worry too much about the rate. The\nimportant habit to get into is regularly saving part of your income. Ideally,\nyou should include savings in your budget. Check out your plan\n[https://www.multiply.ai/app/plan] to see your savings recommendations.\"","html":"The government made a U-turn yesterday, announcing that it would extend the free school meals scheme across the summer holidays. The decision followed a campaign by Manchester United star Marcus Rashford which rallied massive public support. 1.3 million kids who receive free school meals during term time will now get food vouchers for the summer holidays, in recognition that many families are under increased financial strain.
Boris Johnson has said it’s too early to ease the 2 metre social distancing rule. Many businesses had high hopes that it would be changed to 1 metre, after the government said it planned to review the rule. But the Prime Minister cautioned that the country needs to make progress on bringing the number of cases of coronavirus down first.
New trials have been announced to make sure cash is accessible to people who use it. They’ll take place in 8 communities across the country where cash machines are hard to come by. It follows a report last year which warned the UK is “sleepwalking” into becoming a cashless society - which is a problem for the 8 million people who still rely on using notes and coins.
If you’re stashing money into savings, you’ll see your returns tail off right about now. The average interest on average easy-access accounts has dropped from 0.59% in January to 0.3% today. Why? In March the Bank of England slashed the base rate as part of its response to the coronavirus crisis. Fixed-rate accounts and cash ISAs have also seen a slump.
Adviser comment: \"We don’t think you need to worry too much about the rate. The important habit to get into is regularly saving part of your income. Ideally, you should include savings in your budget. Check out your plan to see your savings recommendations.\"
","url":"https://multiply.ghost.io/government-u-turn-on-food-vouchers/","uuid":"46295589-4bae-45e7-8725-c916058a78d4","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5ee9e03d1e9807003981fe26"}},{"node":{"id":"Ghost__Post__5ee87fa3a412ca00396efd7b","title":"Unemployment rate stays steady","slug":"unemployment-rate-stays-steady-2","featured":false,"feature_image":"https://multiply.ghost.io/content/images/2020/06/minute-banner-latest-2.png","excerpt":"But there are now 600,000 fewer people on payroll than in March.","custom_excerpt":"But there are now 600,000 fewer people on payroll than in March.","created_at_pretty":"16 June, 2020","published_at_pretty":"16 June, 2020","updated_at_pretty":"16 June, 2020","created_at":"2020-06-16T08:15:31.000+00:00","published_at":"2020-06-16T08:50:10.000+00:00","updated_at":"2020-06-16T08:57:41.000+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":"Jobs numbers are here\nThere are now 600,000 fewer people on payroll\n[https://uk.reuters.com/article/uk-health-coronavirus-britain-economy/workers-on-uk-payrolls-fall-in-may-vacancies-plunge-ons-idUKKBN23N0QU] \nthan in March. Data from the Office for National Statistics also shows that the\nnumber of job vacancies has fallen to a record low. However, for now, the\ngovernment’s job retention scheme seems to be working; overall unemployment\nstayed steady at 3.9% which is better news than many economists expected.\n\nAdviser comment: If this pandemic has highlighted one thing, it's the importance\nof having an emergency fund. Rarely has one event seen so many people affected\nand could have benefited from having a fund to fall back on. Struggling to save? \nHere are some tips\n[https://multiply-blog.appspot.com/building-an-emergency-fund-in-a-pandemic/].\n\nRestaurants ask for help\nOver 90 popular restaurant chains including Pizza Hut and Wagamamas have signed\na letter organised by Deliveroo, telling the government they’ll need more\nsupport [https://www.bbc.co.uk/news/business-53056845] if the 2 metre distancing\nrule continues. They have warned they’ll be forced to close restaurants and let\npeople go unless they get help with taxes and rent.\n\nHigh street splurge unlikely\nIt’s estimated that around £60 billion has gone unspent\n[https://www.theguardian.com/business/2020/jun/15/high-street-splurge-unlikely-anytime-soon-despite-60bn-unspent-unemployment-coronavirus] \nat shops since March, leaving people with more cash left in the bank. Retailers\nare hoping everyone will now spend more to make up for lost time. But many think\nthat, facing an uncertain financial future, people will be less inclined to\nspend. \n\nRashford rejected\nBoris Johnson has rejected Marcus Rashford’s campaign\n[https://www.theguardian.com/football/2020/jun/15/boris-johnson-rejects-marcus-rashfords-plea-for-free-school-meals-over-summer] \nto give out free school meals over the summer to kids from low income families.\nThe Manchester United star wrote an emotional open letter about his own\nexperiences going hungry as a child. He wants the government to extend the meal\nvoucher system which was introduced in March in place of free school meals.\n\nAdviser comment: If you’re on a low income and your children are of school age,\nthen they may be eligible for free school meals\n[https://www.gov.uk/apply-free-school-meals] during term time. You might also be\nable to get help getting your children to school\n[https://www.gov.uk/school-attendance-absence/help-with-getting-your-child-to-go-to-school]\n.","html":"There are now 600,000 fewer people on payroll than in March. Data from the Office for National Statistics also shows that the number of job vacancies has fallen to a record low. However, for now, the government’s job retention scheme seems to be working; overall unemployment stayed steady at 3.9% which is better news than many economists expected.
Adviser comment: If this pandemic has highlighted one thing, it's the importance of having an emergency fund. Rarely has one event seen so many people affected and could have benefited from having a fund to fall back on. Struggling to save? Here are some tips.
Over 90 popular restaurant chains including Pizza Hut and Wagamamas have signed a letter organised by Deliveroo, telling the government they’ll need more support if the 2 metre distancing rule continues. They have warned they’ll be forced to close restaurants and let people go unless they get help with taxes and rent.
It’s estimated that around £60 billion has gone unspent at shops since March, leaving people with more cash left in the bank. Retailers are hoping everyone will now spend more to make up for lost time. But many think that, facing an uncertain financial future, people will be less inclined to spend.
Boris Johnson has rejected Marcus Rashford’s campaign to give out free school meals over the summer to kids from low income families. The Manchester United star wrote an emotional open letter about his own experiences going hungry as a child. He wants the government to extend the meal voucher system which was introduced in March in place of free school meals.
Adviser comment: If you’re on a low income and your children are of school age, then they may be eligible for free school meals during term time. You might also be able to get help getting your children to school.
","url":"https://multiply.ghost.io/unemployment-rate-stays-steady-2/","uuid":"1b043011-62c2-4a20-9ad8-c342b5f9a898","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5ee87fa3a412ca00396efd7b"}},{"node":{"id":"Ghost__Post__5ee72c9f62c83e003901bed0","title":"Shops reopen today","slug":"shops-reopen-today","featured":false,"feature_image":"https://multiply.ghost.io/content/images/2020/06/minute-banner-latest-1.png","excerpt":"This morning, shops across the UK are welcoming their first customers in almost 3 months.","custom_excerpt":"This morning, shops across the UK are welcoming their first customers in almost 3 months.","created_at_pretty":"15 June, 2020","published_at_pretty":"15 June, 2020","updated_at_pretty":"15 June, 2020","created_at":"2020-06-15T08:09:03.000+00:00","published_at":"2020-06-15T08:11:11.000+00:00","updated_at":"2020-06-15T08:21:04.000+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":"Roll up the shutters\nThis morning, shops across the UK are welcoming their first customers in almost\n3 months [https://www.bbc.co.uk/news/business-53044826]. Non-essential\nretailers, from bookshops to fashion chains, have reopened with measures in\nplace to keep shoppers 2 metres away from each other. But many businesses are\nworried that if footfall is low, they won’t be able to serve enough people to\nmake them viable.\n\nAdviser comment: Many of us have been eagerly awaiting this, but remember to put\naside your savings first and make a budget before hitting the high street.\n\nPlug the gaps\nMPs have called on the government to help an estimated 1 million people who have \nfallen through the cracks [https://www.bbc.co.uk/news/business-53044835] of its\nsupport schemes. Many didn’t fit the criteria to be furloughed or to apply for\nself-employed income support. \n\nHunting down false claims\nOn the flip side, chancellor Rishi Sunak has given the HMRC new powers to claw\nback falsely claimed furlough and grant payments\n[https://inews.co.uk/news/business/coronavirus-uk-latest-rishi-sunak-hmrc-draconian-powers-covid-19-support-claims-444690]\n. Individuals and businesses who didn’t deserve coronavirus cash, or who bent\nthe rules to apply, will have to pay 100% tax on the payments. And if they don’t\npay? They could be prosecuted.\n\n2 metres apart?\nThe government has said it will review the 2 metre social distancing rule\n[https://www.cityam.com/rishi-sunak-government-to-take-fresh-look-at-two-metre-rule/] \nafter pressure from the hospitality sector to change it to 1 metre. Keeping\npeople 2 metres apart is tricky for pubs, restaurants, and other businesses -\nonly a third would be able to operate profitably. They’ll make far more money if\nthey can fit more people in.","html":"This morning, shops across the UK are welcoming their first customers in almost 3 months. Non-essential retailers, from bookshops to fashion chains, have reopened with measures in place to keep shoppers 2 metres away from each other. But many businesses are worried that if footfall is low, they won’t be able to serve enough people to make them viable.
Adviser comment: Many of us have been eagerly awaiting this, but remember to put aside your savings first and make a budget before hitting the high street.
MPs have called on the government to help an estimated 1 million people who have fallen through the cracks of its support schemes. Many didn’t fit the criteria to be furloughed or to apply for self-employed income support.
On the flip side, chancellor Rishi Sunak has given the HMRC new powers to claw back falsely claimed furlough and grant payments. Individuals and businesses who didn’t deserve coronavirus cash, or who bent the rules to apply, will have to pay 100% tax on the payments. And if they don’t pay? They could be prosecuted.
The government has said it will review the 2 metre social distancing rule after pressure from the hospitality sector to change it to 1 metre. Keeping people 2 metres apart is tricky for pubs, restaurants, and other businesses - only a third would be able to operate profitably. They’ll make far more money if they can fit more people in.
","url":"https://multiply.ghost.io/shops-reopen-today/","uuid":"1ea570d4-0fe0-477a-8904-736466364233","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5ee72c9f62c83e003901bed0"}},{"node":{"id":"Ghost__Post__5ee34231eed75a0039ed35c0","title":"Economy crashed in April","slug":"economy-crashed-in-april","featured":false,"feature_image":"https://images.unsplash.com/photo-1567789884554-0b844b597180?ixlib=rb-1.2.1&q=80&fm=jpg&crop=entropy&cs=tinysrgb&w=2000&fit=max&ixid=eyJhcHBfaWQiOjExNzczfQ","excerpt":"UK gross domestic product (GDP) plummeted 20.4% in April - the largest monthly fall on record by a long, long way.","custom_excerpt":"UK gross domestic product (GDP) plummeted 20.4% in April - the largest monthly fall on record by a long, long way.","created_at_pretty":"12 June, 2020","published_at_pretty":"12 June, 2020","updated_at_pretty":"12 June, 2020","created_at":"2020-06-12T08:52:01.000+00:00","published_at":"2020-06-12T09:14:23.000+00:00","updated_at":"2020-06-12T09:44:34.000+00:00","meta_title":null,"meta_description":null,"og_description":null,"og_image":null,"og_title":null,"twitter_description":null,"twitter_image":null,"twitter_title":null,"authors":[{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null}],"primary_author":{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null},"primary_tag":null,"tags":[{"name":"#feed","slug":"hash-feed","description":null,"feature_image":null,"meta_description":null,"meta_title":null,"visibility":"internal"},{"name":"multiply-minute","slug":"multiply-minute","description":"The 1-minute read to get the money news you need with expert adviser commentary","feature_image":null,"meta_description":null,"meta_title":null,"visibility":"public"}],"plaintext":"Get straight to the good stuff every day with the Multiply Minute; a\nlightning-quick round-up of the money news and how it affects you.\n\nEconomy crashed in April\nUK gross domestic product (GDP) plummeted 20.4% in April\n[https://www.bbc.co.uk/news/business-53019360] - the largest monthly fall on\nrecord by a long, long way. The figure shows the impact of our first full month\nin lockdown which saw absolutely all economic activity come to a standstill.\n\n90% mortgages withdrawn\nIn the last few days, many lenders have stopped accepting mortgage applications\nfrom buyers with a 10% deposit. Accord, Virgin Money, Clydesdale Bank, and\nIpswich building society have all withdrawn their 90% loan-to-value (LTV)\nmortgages\n[https://www.theguardian.com/money/2020/jun/12/england-first-time-buyers-with-10-per-cent-deposit-struggle-to-find-mortgage]\n, leaving buyers with fewer options. Why? Lenders say with staff seconded to\ndeal with mortgage holidays, and the rest socially distanced, they’re struggling\nto process applications.\n\nAdviser comment: \"If you want to buy soon, speak to a mortgage adviser. They can\ntell you what deals are available to you. Even if the answer is none, at least\nit gives you time to build a bigger deposit to get an even better mortgage deal.\nEveryone else: don’t panic, keep saving. The mortgage market is very flexible\nand likely to be very different when you come to buy.\"\n\nFreelance mothers threaten to sue\nCampaign group Pregnant Then Screwed have threatened to sue the government for\ndiscrimination, saying 70,000 women have been treated unfairly by the\nself-employed income support scheme. Payments were based on freelancers’ average\nprofits, but didn’t take maternity leave into account\n[https://www.telegraph.co.uk/money/consumer-affairs/freelance-mothers-threaten-sue-government-discriminatory-state/]\n*, meaning anyone who took time off has been left worse off.\n\nWho’s the biggest furlougher?\nAlmost nine million people are currently furloughed and having their wages paid\nby the government. HMRC has just released figures showing shops (and their\nsuppliers) are the most reliant on the scheme\n[https://www.bbc.co.uk/news/business-53014192], with 1.6 million workers\nfurloughed. Hotels and restaurants are just behind with 1.4 million.\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.
UK gross domestic product (GDP) plummeted 20.4% in April - the largest monthly fall on record by a long, long way. The figure shows the impact of our first full month in lockdown which saw absolutely all economic activity come to a standstill.
In the last few days, many lenders have stopped accepting mortgage applications from buyers with a 10% deposit. Accord, Virgin Money, Clydesdale Bank, and Ipswich building society have all withdrawn their 90% loan-to-value (LTV) mortgages, leaving buyers with fewer options. Why? Lenders say with staff seconded to deal with mortgage holidays, and the rest socially distanced, they’re struggling to process applications.
Adviser comment: \"If you want to buy soon, speak to a mortgage adviser. They can tell you what deals are available to you. Even if the answer is none, at least it gives you time to build a bigger deposit to get an even better mortgage deal. Everyone else: don’t panic, keep saving. The mortgage market is very flexible and likely to be very different when you come to buy.\"
Campaign group Pregnant Then Screwed have threatened to sue the government for discrimination, saying 70,000 women have been treated unfairly by the self-employed income support scheme. Payments were based on freelancers’ average profits, but didn’t take maternity leave into account*, meaning anyone who took time off has been left worse off.
Almost nine million people are currently furloughed and having their wages paid by the government. HMRC has just released figures showing shops (and their suppliers) are the most reliant on the scheme, with 1.6 million workers furloughed. Hotels and restaurants are just behind with 1.4 million.
*this article might need a subscription to read
","url":"https://multiply.ghost.io/economy-crashed-in-april/","uuid":"09eebe9f-57c5-4797-8f78-bab4d6a80d84","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5ee34231eed75a0039ed35c0"}},{"node":{"id":"Ghost__Post__5ee1f1285b431a00387320bd","title":"New jobs building fibre broadband","slug":"new-jobs-building-fibre-broadband","featured":false,"feature_image":"https://images.unsplash.com/photo-1530639834082-05bafb67fbbe?ixlib=rb-1.2.1&q=80&fm=jpg&crop=entropy&cs=tinysrgb&w=2000&fit=max&ixid=eyJhcHBfaWQiOjExNzczfQ","excerpt":"CityFibre has announced a three-year scheme to recruit 10,000 people to the project","custom_excerpt":"CityFibre has announced a three-year scheme to recruit 10,000 people to the project","created_at_pretty":"11 June, 2020","published_at_pretty":"11 June, 2020","updated_at_pretty":"11 June, 2020","created_at":"2020-06-11T08:54:00.000+00:00","published_at":"2020-06-11T08:58:54.000+00:00","updated_at":"2020-06-11T08:58:54.000+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\n10,000 jobs up for grabs\nPlans have been unveiled to start work on upgrading the UK’s digital network.\nCityFibre has announced a three-year scheme to recruit 10,000 people\n[https://uk.finance.yahoo.com/news/10-000-jobs-planned-roll-230100752.html] to\nthe project. It says it wants to prioritise people from black, Asian, and\nminority ethnic backgrounds as well as women and those who’ve lost their jobs as\na result of coronavirus.\n\nDeposit fears, stand aside\nFor first-time buyers, job security has become the biggest barrier to owning a\nhome\n[https://www.telegraph.co.uk/property/uk/job-fears-bigger-barrier-home-ownership-deposit-size-first-time/]\n*. For the first time in ten years it’s overtaken the challenge of saving up for\na deposit. The survey by YouGov also found that 43% of people are delaying their\nplans to buy a home by at least 6 months.\n\nAdviser comment: Focus on what you can control.If you’re looking at buying in\nmore than 12 months’ time, focus on your savings. If you’re hoping to buy in the\nnext few months, talk to a mortgage broker. They can look at mortgage deals and\neven look into Accident/Sickness or Redundancy cover for you. A lot can change\nin 12 months and the market is quick to adapt to changes. \n\nSold out seats?\nEasyJet has been accused of lying to customers\n[https://inews.co.uk/news/business/coronavirus-uk-latest-easyjet-lying-accused-customers-mislabelling-flights-443107] \nto avoid paying refunds down the line. The airline marked thousands of available\nseats as “sold out” to avoid taking bookings on flights which may end up being\ncancelled.\n\nAdviser comment: If you use comparison website to book flights or holidays, be\naware that you may not be covered by travel protection schemes (e.g. ABTA or\nATOL). They can potentially save you money, but double check before you book. \n\nChild care concerns\nWhile many businesses are expected to go back to usual this month, schools will\nremain closed to many pupils, which has raised the alarm among employers.\nBusiness groups are calling on the government\n[https://www.telegraph.co.uk/business/2020/06/10/employers-raise-alarm-school-closures/]\n* to help parents juggle childcare and returning to work. \n\nAdviser comment: You can get help paying for childcare if it is provided by\ncertain types of childcare providers. Details can be found here\n[https://www.gov.uk/help-with-childcare-costs] and a handy calculator on the\namount of help is here [https://www.gov.uk/childcare-calculator].\n\nNot a great fit\n80% of people say they’d feel uncomfortable using changing rooms\n[https://inews.co.uk/news/consumer/shops-reopening-consumers-uncomfortable-fitting-rooms-trying-on-clothes-lockdown-442899] \nwhen clothes shops reopen next week. Retailers are hoping to start recouping\ntheir lockdown losses, but shoppers might be shy to start with. The survey by EY\nalso found that 45% expect their shopping habits to change in the next two\nyears.","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.
Plans have been unveiled to start work on upgrading the UK’s digital network. CityFibre has announced a three-year scheme to recruit 10,000 people to the project. It says it wants to prioritise people from black, Asian, and minority ethnic backgrounds as well as women and those who’ve lost their jobs as a result of coronavirus.
For first-time buyers, job security has become the biggest barrier to owning a home*. For the first time in ten years it’s overtaken the challenge of saving up for a deposit. The survey by YouGov also found that 43% of people are delaying their plans to buy a home by at least 6 months.
Adviser comment: Focus on what you can control.If you’re looking at buying in more than 12 months’ time, focus on your savings. If you’re hoping to buy in the next few months, talk to a mortgage broker. They can look at mortgage deals and even look into Accident/Sickness or Redundancy cover for you. A lot can change in 12 months and the market is quick to adapt to changes.
EasyJet has been accused of lying to customers to avoid paying refunds down the line. The airline marked thousands of available seats as “sold out” to avoid taking bookings on flights which may end up being cancelled.
Adviser comment: If you use comparison website to book flights or holidays, be aware that you may not be covered by travel protection schemes (e.g. ABTA or ATOL). They can potentially save you money, but double check before you book.
While many businesses are expected to go back to usual this month, schools will remain closed to many pupils, which has raised the alarm among employers. Business groups are calling on the government* to help parents juggle childcare and returning to work.
Adviser comment: You can get help paying for childcare if it is provided by certain types of childcare providers. Details can be found here and a handy calculator on the amount of help is here.
80% of people say they’d feel uncomfortable using changing rooms when clothes shops reopen next week. Retailers are hoping to start recouping their lockdown losses, but shoppers might be shy to start with. The survey by EY also found that 45% expect their shopping habits to change in the next two years.
","url":"https://multiply.ghost.io/new-jobs-building-fibre-broadband/","uuid":"2761bab1-bf96-4e34-85c6-c8ea7f0d193e","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5ee1f1285b431a00387320bd"}},{"node":{"id":"Ghost__Post__5ee0a11e5b431a00387320a0","title":"Property sales back to normal","slug":"property-sales-back-to-normal","featured":false,"feature_image":"https://images.unsplash.com/photo-1579690602005-647035ff79c3?ixlib=rb-1.2.1&q=80&fm=jpg&crop=entropy&cs=tinysrgb&w=2000&fit=max&ixid=eyJhcHBfaWQiOjExNzczfQ","excerpt":"People are buying homes again, bringing the number of sales in England back to normal pre-lockdown levels.","custom_excerpt":"People are buying homes again, bringing the number of sales in England back to normal pre-lockdown levels.","created_at_pretty":"10 June, 2020","published_at_pretty":"10 June, 2020","updated_at_pretty":"10 June, 2020","created_at":"2020-06-10T09:00:14.000+00:00","published_at":"2020-06-10T09:04:05.000+00:00","updated_at":"2020-06-10T09:27:15.000+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\nNote from the team: our edit will always include a balance of headlines to keep\nyou in the loop with the money news. But this week, we’ll be paying particular\nattention to stories concerning black people and their finances, here and across\nthe world.\n\nProperty sales bounce back\nPeople are buying homes again, bringing the number of sales in England back to\nnormal pre-lockdown levels\n[https://www.theguardian.com/money/2020/jun/10/property-sales-recover-to-pre-lockdown-levels-across-england-says-zoopla]\n. Zoopla data also shows that London sales are lagging, with more people\nsearching for homes out of the cities now that the daily commute may be a thing\nof the past. \n\nAdviser comment: \"Try writing out a list of all of the things you ideally do and\ndon't want in a home. Then prioritise how important they are to you. This will\nhelp stop a single feature dominating your choice. Need help with the maths? \nCheck out our calculator [https://multiply.ai/property-calculator/].\"\n\nDonations top £1m\nBlack Lives Matter UK (BLMUK) has received over £750,000 in donations\n[https://www.theguardian.com/uk-news/2020/jun/09/donations-to-black-lives-matter-uk-and-other-groups-top-1m] \nsince launching a fundraising drive last week. Related organisations, such as\nthose helping black people with their mental health, have also seen an influx of\ncash, taking the total to £1 million.\n\nAdviser comment: \"If you donate to a registered charity, it can claim back some\nor all of the income tax you've paid. If you’re a higher or additional rate\ntaxpayer, the charity gets the first 20% of the tax relief and you can claim the\nrest back yourself via a self-assessment tax return.\"\n\nShops open Monday\nAll shops in England have been given the green light to open their doors on\nMonday [https://www.bbc.co.uk/news/uk-52984687], as long as they can put social\ndistancing measures in place. In Northern Ireland the date is set for Friday.\nThe government is hoping the promise of retail therapy will see high streets\nspring back to life, despite pubs, bars, and restaurants staying shut until 4th\nJuly.\n\nMunroe Bergdorf rejoins L’Oreal\nL’Oreal has re-hired model Munroe Bergdorf\n[https://news.sky.com/story/munroe-bergdorf-model-rejoins-loreal-three-years-after-being-sacked-for-white-supremacy-comment-12003807]\n, three years after dropping her for her comments on racism. Bergdorf called the\nbeauty brand out on social media for publicly supporting the Black Lives Matter\nmovement, and the brand’s new president has now apologised for the way she was\ntreated in 2017.","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.
Note from the team: our edit will always include a balance of headlines to keep you in the loop with the money news. But this week, we’ll be paying particular attention to stories concerning black people and their finances, here and across the world.
People are buying homes again, bringing the number of sales in England back to normal pre-lockdown levels. Zoopla data also shows that London sales are lagging, with more people searching for homes out of the cities now that the daily commute may be a thing of the past.
Adviser comment: \"Try writing out a list of all of the things you ideally do and don't want in a home. Then prioritise how important they are to you. This will help stop a single feature dominating your choice. Need help with the maths? Check out our calculator.\"
Black Lives Matter UK (BLMUK) has received over £750,000 in donations since launching a fundraising drive last week. Related organisations, such as those helping black people with their mental health, have also seen an influx of cash, taking the total to £1 million.
Adviser comment: \"If you donate to a registered charity, it can claim back some or all of the income tax you've paid. If you’re a higher or additional rate taxpayer, the charity gets the first 20% of the tax relief and you can claim the rest back yourself via a self-assessment tax return.\"
All shops in England have been given the green light to open their doors on Monday, as long as they can put social distancing measures in place. In Northern Ireland the date is set for Friday. The government is hoping the promise of retail therapy will see high streets spring back to life, despite pubs, bars, and restaurants staying shut until 4th July.
L’Oreal has re-hired model Munroe Bergdorf, three years after dropping her for her comments on racism. Bergdorf called the beauty brand out on social media for publicly supporting the Black Lives Matter movement, and the brand’s new president has now apologised for the way she was treated in 2017.
","url":"https://multiply.ghost.io/property-sales-back-to-normal/","uuid":"193d79c5-1b78-463d-9958-67fa4291716d","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5ee0a11e5b431a00387320a0"}},{"node":{"id":"Ghost__Post__5edf56046efbd10039958a08","title":"The £3,350 pensions gap","slug":"the-3-350-pension-gap","featured":false,"feature_image":"https://images.unsplash.com/photo-1513159446162-54eb8bdaa79b?ixlib=rb-1.2.1&q=80&fm=jpg&crop=entropy&cs=tinysrgb&w=2000&fit=max&ixid=eyJhcHBfaWQiOjExNzczfQ","excerpt":"Retired people from black, Asian and minority ethnic (BAME) backgrounds are £3,350 worse off per year than white pensioners the same age.","custom_excerpt":"Retired people from black, Asian and minority ethnic (BAME) backgrounds are £3,350 worse off per year than white pensioners the same age.","created_at_pretty":"09 June, 2020","published_at_pretty":"09 June, 2020","updated_at_pretty":"09 June, 2020","created_at":"2020-06-09T09:27:32.000+00:00","published_at":"2020-06-09T09:33:47.000+00:00","updated_at":"2020-06-09T09:47:01.000+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\nNote from the team: our edit will always include a balance of headlines to keep\nyou in the loop with the money news. But this week, we’ll be paying particular\nattention to stories concerning black people and their finances, here and across\nthe world. #BlackLivesMatter [https://twitter.com/hashtag/BlackLivesMatter].\n\nMind the pensions gap\nRetired people from black, Asian and minority ethnic (BAME) backgrounds are \n£3,350 worse off per year\n[https://uk.finance.yahoo.com/news/pension-ethnicity-gap-exposes-income-inequalities-for-ethnic-minority-pensioners-100506663.html] \nthan white pensioners the same age. Research published in January this year\nfound a 24% gap in annual pension income. What’s going on? Firstly, not all\nhouseholds receive the state pension. Other factors feeding the pensions gap\ninclude a disparity in earnings and higher rates of self-employment among BAME\nworkers.\n\nCoronavirus job losses\nThe employment rate among BAME workers dropped from 72% to 67.4%\n[https://uk.reuters.com/article/uk-health-coronavirus-britain-minorities/black-minority-britons-hit-hardest-by-covid-job-losses-researchers-say-idUKKBN23F1X5] \nin April in the fallout from coronavirus. That’s a much bigger drop than for\nwhite workers. Data shows white people are more likely to have been furloughed,\nwhile their BAME colleagues struggle with redundancy or having their hours cut.\n\nCash boost for debt charities\nHouseholds that have suffered a loss of income are increasingly turning to debt\nto cover the shortfall. Charities such as StepChange have warned of a £6\nbillion\n“debt tsunami”\n[https://news.sky.com/story/coronavirus-cash-boost-for-debt-advice-as-6bn-tsunami-hits-households-12002998] \nfacing low-income families. The government has announced £37.8m in additional\nsupport for the charities working to get people back to financial health.\n\nAdviser comment: If you find yourself in this position, there’s help out there.\nFor details, check out our recent series on dealing with debt\n[https://multiply-blog.appspot.com/debt-series-1-dealing-with-debt-in-a-pandemic/]\n.\n\nGoodbye coal and oil?\nTomorrow the UK will complete its second coal-free month in a row\n[https://www.bbc.co.uk/news/science-environment-52973089]. That’s huge: a decade\nago, we got 40% of our electricity from burning coal. Demand for oil is falling\ntoo. So much so that BP has announced it needs to cut 10,000 staff\n[https://www.bbc.co.uk/news/explainers-52966609] worldwide by the end of the\nyear. It’s not just coronavirus; there’s been huge investment in renewable\nenergy in recent years and now Big Oil is also trying to swerve towards\nrenewables.\n\nAdviser comment: You never know when redundancy could affect your own situation,\nwhich is why it’s essential to build up an emergency fund to help you through\npotentially difficult times.","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.
Note from the team: our edit will always include a balance of headlines to keep you in the loop with the money news. But this week, we’ll be paying particular attention to stories concerning black people and their finances, here and across the world. #BlackLivesMatter.
Retired people from black, Asian and minority ethnic (BAME) backgrounds are £3,350 worse off per year than white pensioners the same age. Research published in January this year found a 24% gap in annual pension income. What’s going on? Firstly, not all households receive the state pension. Other factors feeding the pensions gap include a disparity in earnings and higher rates of self-employment among BAME workers.
The employment rate among BAME workers dropped from 72% to 67.4% in April in the fallout from coronavirus. That’s a much bigger drop than for white workers. Data shows white people are more likely to have been furloughed, while their BAME colleagues struggle with redundancy or having their hours cut.
Households that have suffered a loss of income are increasingly turning to debt to cover the shortfall. Charities such as StepChange have warned of a £6 billion “debt tsunami” facing low-income families. The government has announced £37.8m in additional support for the charities working to get people back to financial health.
Adviser comment: If you find yourself in this position, there’s help out there. For details, check out our recent series on dealing with debt.
Tomorrow the UK will complete its second coal-free month in a row. That’s huge: a decade ago, we got 40% of our electricity from burning coal. Demand for oil is falling too. So much so that BP has announced it needs to cut 10,000 staff worldwide by the end of the year. It’s not just coronavirus; there’s been huge investment in renewable energy in recent years and now Big Oil is also trying to swerve towards renewables.
Adviser comment: You never know when redundancy could affect your own situation, which is why it’s essential to build up an emergency fund to help you through potentially difficult times.
","url":"https://multiply.ghost.io/the-3-350-pension-gap/","uuid":"39e5d504-64b9-4fe9-829a-865ea61264ff","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5edf56046efbd10039958a08"}},{"node":{"id":"Ghost__Post__5eddfdc921ccbd00393ff41e","title":"Economic shock hits BAME people hardest","slug":"economic-shock-hits-bame-people-hardest","featured":false,"feature_image":"https://images.unsplash.com/photo-1590949527573-7ca0301ab7ac?ixlib=rb-1.2.1&q=80&fm=jpg&crop=entropy&cs=tinysrgb&w=2000&fit=max&ixid=eyJhcHBfaWQiOjExNzczfQ","excerpt":"Two separate studies came out over the weekend finding that black and minority ethnic people have been hardest hit financially by coronavirus.","custom_excerpt":"Two separate studies came out over the weekend finding that black and minority ethnic people have been hardest hit financially by coronavirus.","created_at_pretty":"08 June, 2020","published_at_pretty":"08 June, 2020","updated_at_pretty":"08 June, 2020","created_at":"2020-06-08T08:58:49.000+00:00","published_at":"2020-06-08T09:08:13.000+00:00","updated_at":"2020-06-08T09:15:33.000+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 roundup of the money news and how it affects you.\n\nNote from the team: our edit will always include a balance of news to keep you\nin the loop with money, finance, and business. But this week, we’ll be paying\nparticular attention to stories concerning black people and their finances, here\nand across the world. #BlackLivesMatter.\n\nCorona effects worst for BAME people\nTwo separate studies came out over the weekend finding that black and minority\nethnic people have been hardest hit financially by coronavirus. One found that\nBAME women are the least supported by the government\n[https://www.theguardian.com/world/2020/jun/08/coronavirus-uk-bame-women-suffer-harder-financial-hit] \nand are the most worried about going into debt as a result.\n\nThe other study looked at household incomes and saw BAME household earnings have \nfallen from £441 a week to £40\n[https://www.theguardian.com/world/2020/jun/07/bame-and-single-parent-families-worst-hit-financially-by-covid-19]\n4, on average. Non-BAME groups saw a fall from £547 to £503. The study also\nfound that, compared to their white counterparts, black and minority ethnic\nworkers are more likely to have lost their jobs rather than being furloughed.\n\nMinneapolis police dismantled\nIn the US city where George Floyd was killed by a police officer, councillors\nhave voted to dismantle the local police department\n[https://www.bbc.co.uk/news/world-us-canada-52960227] and replace it with a “new\nmodel of public safety”. Campaigners have long been calling for the police to be\ndefunded. This vote will kick off further discussions of how police funding\nshould be spent.\n\nLockdown easing faster\nFollowing a stark warning about high unemployment, Boris Johnson is making moves\nto ease lockdown more quickly\n[https://www.cityam.com/boris-johnson-moves-to-ease-lockdown-faster-in-face-of-mass-job-losses/]\n. The aim is to get the UK back to something like normality by July, so that\nbusinesses can benefit from summer trading. He was told last week that 3.5\nmillion hospitality workers were at risk of losing their jobs. The new plans\nmake it likely that pubs and restaurants will be able to open their outdoor\nspaces from 4th July.\n\nAdviser comment: Assuming that this can be achieved safely, this would be a\nwelcome boost for businesses and help more people get back to work.\n\nShoppers raring to go\nIndustry data shows there’s huge pent-up demand for shopping\n[https://uk.reuters.com/article/us-britain-economy-retail/uk-shopper-numbers-indicate-huge-pent-up-demand-springboard-says-idUKKBN23E0WE] \nin physical shops. People have been flocking to the shops that have been allowed\nto open. On 1st June, thousands of people queued around IKEA car parks. It's a\ngood sign for struggling high street businesses.\n\nAdviser comment: If you are one of those hoping to get back down the high\nstreet, please remember not to spend more than you earn and ideally put your\nsavings aside first.","html":"Get straight to the good stuff every day with the Multiply Minute; a lightning-quick roundup of the money news and how it affects you.
Note from the team: our edit will always include a balance of news to keep you in the loop with money, finance, and business. But this week, we’ll be paying particular attention to stories concerning black people and their finances, here and across the world. #BlackLivesMatter.
Two separate studies came out over the weekend finding that black and minority ethnic people have been hardest hit financially by coronavirus. One found that BAME women are the least supported by the government and are the most worried about going into debt as a result.
The other study looked at household incomes and saw BAME household earnings have fallen from £441 a week to £404, on average. Non-BAME groups saw a fall from £547 to £503. The study also found that, compared to their white counterparts, black and minority ethnic workers are more likely to have lost their jobs rather than being furloughed.
In the US city where George Floyd was killed by a police officer, councillors have voted to dismantle the local police department and replace it with a “new model of public safety”. Campaigners have long been calling for the police to be defunded. This vote will kick off further discussions of how police funding should be spent.
Following a stark warning about high unemployment, Boris Johnson is making moves to ease lockdown more quickly. The aim is to get the UK back to something like normality by July, so that businesses can benefit from summer trading. He was told last week that 3.5 million hospitality workers were at risk of losing their jobs. The new plans make it likely that pubs and restaurants will be able to open their outdoor spaces from 4th July.
Adviser comment: Assuming that this can be achieved safely, this would be a welcome boost for businesses and help more people get back to work.
Industry data shows there’s huge pent-up demand for shopping in physical shops. People have been flocking to the shops that have been allowed to open. On 1st June, thousands of people queued around IKEA car parks. It's a good sign for struggling high street businesses.
Adviser comment: If you are one of those hoping to get back down the high street, please remember not to spend more than you earn and ideally put your savings aside first.
","url":"https://multiply.ghost.io/economic-shock-hits-bame-people-hardest/","uuid":"088c0f12-0d89-4fe7-89fa-a6623a7000d5","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5eddfdc921ccbd00393ff41e"}},{"node":{"id":"Ghost__Post__5eda14b54706570039baaff8","title":"Who claimed corona cash?","slug":"who-claimed-corona-cash","featured":false,"feature_image":"https://images.unsplash.com/photo-1580238169310-f642ac65ed7d?ixlib=rb-1.2.1&q=80&fm=jpg&crop=entropy&cs=tinysrgb&w=2000&fit=max&ixid=eyJhcHBfaWQiOjExNzczfQ","excerpt":"Chanel, Greggs, and Tottenham Hotspur are all among the companies who’ve borrowed millions via the Bank of England’s covid corporate financing facility (CCFF) to stay afloat.","custom_excerpt":"Chanel, Greggs, and Tottenham Hotspur are all among the companies who’ve borrowed millions via the Bank of England’s covid corporate financing facility (CCFF) to stay afloat.","created_at_pretty":"05 June, 2020","published_at_pretty":"05 June, 2020","updated_at_pretty":"05 June, 2020","created_at":"2020-06-05T09:47:33.000+00:00","published_at":"2020-06-05T09:50:44.000+00:00","updated_at":"2020-06-05T09:50:44.000+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 roundup of the money news and how it affects you.\n\nWho claimed corona cash?\nChanel, Greggs, and Tottenham Hotspur are all among the companies who’ve \nborrowed millions\n[https://www.cityam.com/german-chemicals-firm-basf-borrows-most-from-boe-covid-scheme/] \nvia the Bank of England’s covid corporate financing facility (CCFF) to stay\nafloat. Under the CCFF, the Bank creates money and lends it directly to large\ncompanies by buying their short-term bonds. It’s lent £16 billion this way so\nfar. To get the cash, companies have to be big employers and generate a lot of\nrevenue.\n\nAdviser comment: This is happening because people have been ‘battening down the\nhatches’ over recent weeks, so luxury and non-essential items and activities are\nstruggling the most.\n\nWe’re not feeling good\nThe consumer confidence index, which measures the way we’re all feeling about\nthe state of our finances, went down to -36 in May\n[https://uk.reuters.com/article/uk-health-coronavirus-britain-consumers/uk-consumer-confidence-touches-new-decade-low-as-covid-hits-economy-gfk-idUKKBN23B3FH]\n. It’s now at its lowest level since 2009. Uncertainty in things like job\nprospects and house prices mean that people tend to spend less and try to save\nmore.\n\nHMRC reopens investigations\nThe tax people have been a bit preoccupied in the last few months, so inquiries\nwere on pause. But it’s now restarting investigations\n[https://www.telegraph.co.uk/tax/news/hmrc-quietly-restarts-tax-investigations-paused-due-covid-stress/]\n* into companies and individuals suspected of tax dodging. The government’s\noverall tax take is down 42% compared to last year, so there’s a big incentive\nto get cracking and find any tax that’s gone unpaid.\n\nAdviser comment: This is simply just the HMRC getting back to normal.We should\ntake the opportunity to remind you, whether you are employed or self-employed,\nthat you never know when HMRC might look into your tax affairs. Investigations\ninto innocent errors can go back up to 4 years, and up to 6 years into what\nthey deem careless tax returns. \n\nEurope gets its purse out\nThe European Central Bank (ECB) has put even more cash\n[https://inews.co.uk/news/business/ecb-throws-kitchen-sink-coronavirus-pandemic-stimulus-package-2875211] \ninto its own bond-buying scheme to try and prop up struggling eurozone\ncountries. The ECB has now spent a total of €1.35 trillion on its rescue\nprogramme, which will run until June 2021.","html":"Get straight to the good stuff every day with the Multiply Minute, a lightning-quick roundup of the money news and how it affects you.
Chanel, Greggs, and Tottenham Hotspur are all among the companies who’ve borrowed millions via the Bank of England’s covid corporate financing facility (CCFF) to stay afloat. Under the CCFF, the Bank creates money and lends it directly to large companies by buying their short-term bonds. It’s lent £16 billion this way so far. To get the cash, companies have to be big employers and generate a lot of revenue.
Adviser comment: This is happening because people have been ‘battening down the hatches’ over recent weeks, so luxury and non-essential items and activities are struggling the most.
The consumer confidence index, which measures the way we’re all feeling about the state of our finances, went down to -36 in May. It’s now at its lowest level since 2009. Uncertainty in things like job prospects and house prices mean that people tend to spend less and try to save more.
The tax people have been a bit preoccupied in the last few months, so inquiries were on pause. But it’s now restarting investigations* into companies and individuals suspected of tax dodging. The government’s overall tax take is down 42% compared to last year, so there’s a big incentive to get cracking and find any tax that’s gone unpaid.
Adviser comment: This is simply just the HMRC getting back to normal.We should take the opportunity to remind you, whether you are employed or self-employed, that you never know when HMRC might look into your tax affairs. Investigations into innocent errors can go back up to 4 years, and up to 6 years into what they deem careless tax returns.
The European Central Bank (ECB) has put even more cash into its own bond-buying scheme to try and prop up struggling eurozone countries. The ECB has now spent a total of €1.35 trillion on its rescue programme, which will run until June 2021.
","url":"https://multiply.ghost.io/who-claimed-corona-cash/","uuid":"c2be0e1d-14e7-46c7-8384-424a5973630b","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5eda14b54706570039baaff8"}},{"node":{"id":"Ghost__Post__5ed8a9acdd0d140039e1b78e","title":"Post-corona jobs programme?","slug":"post-corona-jobs-programme","featured":false,"feature_image":"https://images.unsplash.com/photo-1564424555153-04228f0aa7ee?ixlib=rb-1.2.1&q=80&fm=jpg&crop=entropy&cs=tinysrgb&w=2000&fit=max&ixid=eyJhcHBfaWQiOjExNzczfQ","excerpt":"Prime Minister Boris Johnson has warned we’ll see high levels of unemployment as a result of coronavirus.","custom_excerpt":"Prime Minister Boris Johnson has warned we’ll see high levels of unemployment as a result of coronavirus.","created_at_pretty":"04 June, 2020","published_at_pretty":"04 June, 2020","updated_at_pretty":"04 June, 2020","created_at":"2020-06-04T07:58:35.000+00:00","published_at":"2020-06-04T08:46:38.000+00:00","updated_at":"2020-06-04T09:23:32.000+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":"Post-corona jobs programme?\nPrime Minister Boris Johnson has warned we’ll see high levels of unemployment\n[https://www.cityam.com/boris-johnson-tells-uk-to-brace-for-mass-unemployment/] \nas a result of coronavirus. The official tally is likely to go up once the\nlatest figures come out, and more people may be out of work when the furlough\nscheme ends. He promised the government’s response would be “activist and\ninterventionist” and chancellor Rishi Sunak has begun developing a jobs\nprogramme which may include retraining for green jobs.\n\n$100 million fund\nSoftBank has put money behind its words of solidarity with the Black Lives\nMatter movement following the death of George Floyd. The world’s largest tech\ninvestor has earmarked $100 million for the Opportunity Growth Fund\n[https://www.bbc.co.uk/news/business-52916871] which will invest in startups led\nby people of colour.\n\nWould you pay more tax?\nMore than three quarters of people would be willing to pay more income tax\n[https://www.thetimes.co.uk/edition/business/workers-back-tax-rise-to-pay-for-virus-9g7k3hlnn]\n* to cover the mounting costs of the government’s coronavirus rescue package.\nThe survey by stockbroker AJ Bell also found that most people think the\ngovernment was right to borrow more - which is lucky, as the national debt is\nexpected to rise by £300 billion this year.\n\nAdviser comment: If this survey is accurate, then the challenge of ‘welcomed’\ntax rises will be the timing. Traditionally, as people start to get back to\nnormality such empathy wanes quickly.\n\nGetting spendy\nContactless payments over £30 have soared\n[https://www.cityam.com/barclaycard-processes-900m-in-contactless-payments-since-30-limit-lifted/] \nsince the cap was raised on 1st April in a bid to make shopping more hygienic.\nYou can now spend up to £45 without needing to put in your PIN, and Barclaycard\nsays 90% of face-to-face card payments are now contactless.\n\n*this article might need a subscription to read.","html":"Prime Minister Boris Johnson has warned we’ll see high levels of unemployment as a result of coronavirus. The official tally is likely to go up once the latest figures come out, and more people may be out of work when the furlough scheme ends. He promised the government’s response would be “activist and interventionist” and chancellor Rishi Sunak has begun developing a jobs programme which may include retraining for green jobs.
SoftBank has put money behind its words of solidarity with the Black Lives Matter movement following the death of George Floyd. The world’s largest tech investor has earmarked $100 million for the Opportunity Growth Fund which will invest in startups led by people of colour.
More than three quarters of people would be willing to pay more income tax* to cover the mounting costs of the government’s coronavirus rescue package. The survey by stockbroker AJ Bell also found that most people think the government was right to borrow more - which is lucky, as the national debt is expected to rise by £300 billion this year.
Adviser comment: If this survey is accurate, then the challenge of ‘welcomed’ tax rises will be the timing. Traditionally, as people start to get back to normality such empathy wanes quickly.
Contactless payments over £30 have soared since the cap was raised on 1st April in a bid to make shopping more hygienic. You can now spend up to £45 without needing to put in your PIN, and Barclaycard says 90% of face-to-face card payments are now contactless.
*this article might need a subscription to read.
","url":"https://multiply.ghost.io/post-corona-jobs-programme/","uuid":"6a046e21-82fe-49a0-a1af-678e8174d07e","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5ed8a9acdd0d140039e1b78e"}}]}},"pageContext":{"slug":"multiply-minute","limit":12,"skip":312,"numberOfPages":37,"humanPageNumber":27,"prevPageNumber":26,"nextPageNumber":28,"previousPagePath":"/tag/multiply-minute/page/26/","nextPagePath":"/tag/multiply-minute/page/28/"}},"staticQueryHashes":["176528973","2358152166","2561578252","2731221146","4145280475"]}