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.
We made record repayments on credit cards and personal loans in April. A whopping £7.4 billion was repaid in total - a typical month is £300 million. Many people have been spending less in lockdown and are using the spare cash to get back into the black.
Adviser comment: From a financial planning perspective this is great news and frees up money to help people focus on other goals.
Just 15,800 households were offered a mortgage in April. That’s a record low, and 80% less than in February. How come? A property valuation is essential to getting a mortgage, but surveyors weren’t able to get into properties because of lockdown restrictions. The rules have changed since then and lenders have started lending again.
Retail prices slid 2.4% last month, the biggest monthly drop in the last 14 years. Shops are offering bigger and bigger discounts to try and tempt customers through their virtual doors. Clothes and furniture saw the biggest price drop, while food prices went up 1.5%.
Nissan boss Ashwani Gupta said its Sunderland factory would be unsustainable if the UK leaves the EU without a deal. It’s the UK’s largest car manufacturing plant and employs around 7,000 people. His warning comes as Brexit talks resume this week.
The video calling app that’s the mainstay of our lockdown work and social lives has (unsurprisingly) seen its user numbers boom. Over 300 million people used Zoom each day at its peak in April, and the number of paying customers has tripled. And that’s despite its decision to lift the limits on its free service so we can all call for longer than 45 mins at a time.
Adviser comment: In business it’s likely that video-calling will be used more.Only time will tell whether or not we’ll continue to use it socially, but I suspect that we will. My kids say they’ve been using video-apps for years, so maybe many of us are just catching up with the youth!
","url":"https://multiply.ghost.io/credit-cards-getting-cleared/","uuid":"2eb0eb3d-1e6c-42f5-a2d5-fcc9f6751828","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5ed763659dc6f90039e8d101"}},{"node":{"id":"Ghost__Post__5ed6079716c81a0039be7fbb","title":"House prices dropped in May","slug":"house-prices-drop","featured":false,"feature_image":"https://images.unsplash.com/photo-1516156008625-3a9d6067fab5?ixlib=rb-1.2.1&q=80&fm=jpg&crop=entropy&cs=tinysrgb&w=2000&fit=max&ixid=eyJhcHBfaWQiOjExNzczfQ","excerpt":"May saw the fastest drop in house prices since the financial crash in 2009, as coronavirus caused sales to slump.","custom_excerpt":"May saw the fastest drop in house prices since the financial crash in 2009, as coronavirus caused sales to slump.","created_at_pretty":"02 June, 2020","published_at_pretty":"02 June, 2020","updated_at_pretty":"02 June, 2020","created_at":"2020-06-02T08:02:31.000+00:00","published_at":"2020-06-02T08:33:13.000+00:00","updated_at":"2020-06-02T08:33:13.000+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\nMay saw the fastest drop in house prices since the financial crash in 2009, as\ncoronavirus caused sales to slump. Prices fell 1.7% in Ma\n[https://www.cityam.com/uk-house-prices-tumble-at-fastest-rate-since-2009-amid-coronavirus/]\ny according to the Nationwide house price index after sales ground to a halt in\nlockdown. Viewings and valuations are now allowed again, but the future outlook\nof the housing market is still very uncertain.\n\nAdviser comment: We agree that the outlook for the housing market is uncertain\ndriven largely around uncertainty around job security.\n\nRenters keen to move\nDemand for places to rent is 22% higher\n[https://www.bbc.co.uk/news/uk-england-52847319] than this time last year\naccording to Rightmove. As well as postponed moves from the last two months,\nexperts have speculated that lockdown break-ups and job changes are pushing\npeople to find somewhere new to live. With supply of properties unable to keep\nup, we could see an increase in rent prices.\n\nAdviser comment:Some of this may simply be the release of built up demand caused\nby the easing of the lockdown restrictions. However, rent is usually people’s\nbiggest essential outgoing so you can’t ignore the impact of this on your\nfinances. One thing to watch out for is whether working from home will have an\nimpact on the features people look for in a home, e.g. a study. \n\nFCA takes insurers to court\nThe Financial Conduct Authority (FCA) is preparing to take legal action against\ninsurers\n[https://www.telegraph.co.uk/business/2020/06/01/watchdog-prepares-legal-action-against-insurers-covid-payouts/]\n* who refused to pay out to coronavirus-stricken businesses. Many small\ncompanies had business interruption policies but were told they weren’t covered\nfor losses caused by coronavirus. The courtroom ruling will determine whether\nthey get a payout.\n\nAdviser comment: Regardless of any legal outcome, we’d remind you to read any\ninsurance policies that you have, or new ones you take out, to ensure you\nproperly understand what you are and aren’t covered for.\n\nSolar cheaper than coal\nMore than half of the electricity generated from renewables such as wind and\nsolar is now cheaper than getting it from coa\n[https://uk.reuters.com/article/uk-energy-renewables-costs/plunging-cost-of-wind-and-solar-marks-turning-point-in-energy-transition-irena-idUKKBN2390HZ?il=0]\nl, according to a new report. It calculated that the world could save up to $23\nbillion per year by using renewables to replace the most expensive coal-fired\npower. Boss of the International Renewable Energy Agency (IRENA) described the\nfinding as a “turning point”.","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.
May saw the fastest drop in house prices since the financial crash in 2009, as coronavirus caused sales to slump. Prices fell 1.7% in May according to the Nationwide house price index after sales ground to a halt in lockdown. Viewings and valuations are now allowed again, but the future outlook of the housing market is still very uncertain.
Adviser comment: We agree that the outlook for the housing market is uncertain driven largely around uncertainty around job security.
Demand for places to rent is 22% higher than this time last year according to Rightmove. As well as postponed moves from the last two months, experts have speculated that lockdown break-ups and job changes are pushing people to find somewhere new to live. With supply of properties unable to keep up, we could see an increase in rent prices.
Adviser comment: Some of this may simply be the release of built up demand caused by the easing of the lockdown restrictions. However, rent is usually people’s biggest essential outgoing so you can’t ignore the impact of this on your finances. One thing to watch out for is whether working from home will have an impact on the features people look for in a home, e.g. a study.
The Financial Conduct Authority (FCA) is preparing to take legal action against insurers* who refused to pay out to coronavirus-stricken businesses. Many small companies had business interruption policies but were told they weren’t covered for losses caused by coronavirus. The courtroom ruling will determine whether they get a payout.
Adviser comment: Regardless of any legal outcome, we’d remind you to read any insurance policies that you have, or new ones you take out, to ensure you properly understand what you are and aren’t covered for.
More than half of the electricity generated from renewables such as wind and solar is now cheaper than getting it from coal, according to a new report. It calculated that the world could save up to $23 billion per year by using renewables to replace the most expensive coal-fired power. Boss of the International Renewable Energy Agency (IRENA) described the finding as a “turning point”.
","url":"https://multiply.ghost.io/house-prices-drop/","uuid":"970c70f0-6d89-447b-a711-2115a3f19b77","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5ed6079716c81a0039be7fbb"}},{"node":{"id":"Ghost__Post__5ed4c1b7abf0d20039b21cd8","title":"Business wants a green recovery","slug":"business-wants-a-green-recovery","featured":false,"feature_image":"https://images.unsplash.com/photo-1574689049362-a35044607ab9?ixlib=rb-1.2.1&q=80&fm=jpg&crop=entropy&cs=tinysrgb&w=2000&fit=max&ixid=eyJhcHBfaWQiOjExNzczfQ","excerpt":"More than 200 top companies and investors are calling on the government to deliver a greener economy.","custom_excerpt":"More than 200 top companies and investors are calling on the government to deliver a greener economy.","created_at_pretty":"01 June, 2020","published_at_pretty":"01 June, 2020","updated_at_pretty":"01 June, 2020","created_at":"2020-06-01T08:52:07.000+00:00","published_at":"2020-06-01T09:05:58.000+00:00","updated_at":"2020-06-01T09:28:43.000+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\nRecover, but make it green\nMore than 200 top companies and investors are calling on the government to use\nthe coronavirus downturn as a springboard to deliver a greener economy\n[https://www.bbc.co.uk/news/business-52851185]. The proposals include more\npublic investment in low carbon technologies and infrastructure, funnelling cash\ntowards sustainable sectors, and attaching strings to bailouts to force\nbusinesses to go green.\n\nAdviser comment: This really highlights the difference between essential and\nnon-essential spending; the more you earn, the more you spend, but what you\nspend it on differs. It also demonstrates that many of us can cut back on the\nnon-essential and use those savings towards other objectives.\n\nRichest 20% hunker down\nHigher earners have used the lockdown as a chance to spend less, save more, and\npay off debts. Thinktank the New Policy Institute estimates that by mid-June,\nthe wealthiest 20% of households will have reduced their total spend by £23\nbillion\n[https://www.theguardian.com/money/2020/may/31/uks-richest-20-reduce-spending-by-23bn-during--coronavirus-lockdown]\n. The poorest 20% will have spent around £3.5 billion less than usual.\n\nPret bids to save stores\nThree quarters of Pret’s 400 stores will open their doors this week, but it’s\nselling fewer baguettes these days as most office workers continue to work from\nhome. The lunchtime favourite plans to try and renegotiate its rents\n[https://www.bbc.co.uk/news/business-52862678] in a bid to keep them all open\nfor good.\n\nSpaceX success\nSpaceX astronauts arrived at the International Space Station\n[https://www.cityam.com/spacex-astronauts-arrive-at-iss-in-historic-moment-for-private-spaceflight/] \n(ISS) at around 6pm yesterday. They’re the first people ever to get there via a\nprivate company, and it’s also the first US space mission since 2011. Elon\nMusk’s company has a $2.6 billion contract with NASA. It’s next mission? “Taxi”\nflights between Earth and the ISS.","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.
More than 200 top companies and investors are calling on the government to use the coronavirus downturn as a springboard to deliver a greener economy. The proposals include more public investment in low carbon technologies and infrastructure, funnelling cash towards sustainable sectors, and attaching strings to bailouts to force businesses to go green.
Adviser comment: This really highlights the difference between essential and non-essential spending; the more you earn, the more you spend, but what you spend it on differs. It also demonstrates that many of us can cut back on the non-essential and use those savings towards other objectives.
Higher earners have used the lockdown as a chance to spend less, save more, and pay off debts. Thinktank the New Policy Institute estimates that by mid-June, the wealthiest 20% of households will have reduced their total spend by £23 billion. The poorest 20% will have spent around £3.5 billion less than usual.
Three quarters of Pret’s 400 stores will open their doors this week, but it’s selling fewer baguettes these days as most office workers continue to work from home. The lunchtime favourite plans to try and renegotiate its rents in a bid to keep them all open for good.
SpaceX astronauts arrived at the International Space Station (ISS) at around 6pm yesterday. They’re the first people ever to get there via a private company, and it’s also the first US space mission since 2011. Elon Musk’s company has a $2.6 billion contract with NASA. It’s next mission? “Taxi” flights between Earth and the ISS.
","url":"https://multiply.ghost.io/business-wants-a-green-recovery/","uuid":"45fd4ed1-09e0-4690-a22a-4bc5c0899faa","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5ed4c1b7abf0d20039b21cd8"}},{"node":{"id":"Ghost__Post__5ed0c5d030c01c00390f83fa","title":"Beginning of the end of furlough","slug":"beginning-of-the-end-of-furlough","featured":false,"feature_image":"https://images.unsplash.com/photo-1520333789090-1afc82db536a?ixlib=rb-1.2.1&q=80&fm=jpg&crop=entropy&cs=tinysrgb&w=2000&fit=max&ixid=eyJhcHBfaWQiOjExNzczfQ","excerpt":"From August, employers will have to start subsidising the wage scheme provided by the government.","custom_excerpt":"From August, employers will have to start subsidising the wage scheme provided by the government.","created_at_pretty":"29 May, 2020","published_at_pretty":"29 May, 2020","updated_at_pretty":"29 May, 2020","created_at":"2020-05-29T08:20:32.000+00:00","published_at":"2020-05-29T08:25:57.000+00:00","updated_at":"2020-05-29T09:22:28.000+00:00","meta_title":null,"meta_description":null,"og_description":null,"og_image":null,"og_title":null,"twitter_description":null,"twitter_image":null,"twitter_title":null,"authors":[{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null}],"primary_author":{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null},"primary_tag":null,"tags":[{"name":"#feed","slug":"hash-feed","description":null,"feature_image":null,"meta_description":null,"meta_title":null,"visibility":"internal"},{"name":"multiply-minute","slug":"multiply-minute","description":"The 1-minute read to get the money news you need with expert adviser commentary","feature_image":null,"meta_description":null,"meta_title":null,"visibility":"public"}],"plaintext":"Get straight to the good stuff every day with the Multiply Minute, a\nlightning-quick roundup of the money news and how it affects you.\n\nFurlough scheme to taper\nFrom August, employers will have to start subsidising the wage scheme\n[https://www.theguardian.com/politics/2020/may/28/rishi-sunak-to-taper-furlough-scheme-forcing-employers-to-pay-20-of-wages] \nprovided by the government. Any workers who are furloughed will get up to 60% of\ntheir pay from the government and a further 20% from their employer, up to the\n£2,500 monthly cap. This second phase of the scheme will run until October.\nChancellor Rishi Sunak will announce more details in the next few days. \n\nAdviser comment: This was to be expected. As the UK slowly comes out of\nlockdown, the level of government help was always likely to reduce. If you’re\nfurloughed, check with your employer if this is going to have any impact on you.\n\nSelf-employed need more help\nMeanwhile, the equivalent support scheme for self-employed workers ends this\nweekend [https://www.bbc.co.uk/news/business-52843091]. MPs have called on Rishi\nSunak to extend the help for the millions of self-employed workers who are\nunable to earn any money during the lockdown. Yesterday, the Prime Minister said\nthe possibility of extending the scheme is “under review”. \n\nAdviser comment: This is a bit of a surprise. With its late entry into the range\nof support offered to the country, its now early exit could be taken by some to\nindicate that the government felt that the self-employed have been less affected\nby the lockdown. \n\nFree football\nThe Premier League is set to restart on the 17th June, as long as the government\ngives the green light. Four matches will be shown on the BBC\n[https://www.bbc.co.uk/sport/football/52842600] for the first time ever, making\nthem free to watch for everyone. Sky Sports will also make 25 of the other\ntop-flight matches free to view.","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.
From August, employers will have to start subsidising the wage scheme provided by the government. Any workers who are furloughed will get up to 60% of their pay from the government and a further 20% from their employer, up to the £2,500 monthly cap. This second phase of the scheme will run until October. Chancellor Rishi Sunak will announce more details in the next few days.
Adviser comment: This was to be expected. As the UK slowly comes out of lockdown, the level of government help was always likely to reduce. If you’re furloughed, check with your employer if this is going to have any impact on you.
Meanwhile, the equivalent support scheme for self-employed workers ends this weekend. MPs have called on Rishi Sunak to extend the help for the millions of self-employed workers who are unable to earn any money during the lockdown. Yesterday, the Prime Minister said the possibility of extending the scheme is “under review”.
Adviser comment: This is a bit of a surprise. With its late entry into the range of support offered to the country, its now early exit could be taken by some to indicate that the government felt that the self-employed have been less affected by the lockdown.
The Premier League is set to restart on the 17th June, as long as the government gives the green light. Four matches will be shown on the BBC for the first time ever, making them free to watch for everyone. Sky Sports will also make 25 of the other top-flight matches free to view.
","url":"https://multiply.ghost.io/beginning-of-the-end-of-furlough/","uuid":"b1330320-edaa-4956-8987-6641ffe29521","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5ed0c5d030c01c00390f83fa"}},{"node":{"id":"Ghost__Post__5ecf708470349c0039f6d706","title":"Should quarantine be scrapped?","slug":"should-quarantine-be-scrapped","featured":false,"feature_image":"https://images.unsplash.com/photo-1530521954074-e64f6810b32d?ixlib=rb-1.2.1&q=80&fm=jpg&crop=entropy&cs=tinysrgb&w=2000&fit=max&ixid=eyJhcHBfaWQiOjExNzczfQ","excerpt":"Travel firms and hotels have called for the government to scrap the 14-day quarantine for people entering the UK from abroad.","custom_excerpt":"Travel firms and hotels have called for the government to scrap the 14-day quarantine for people entering the UK from abroad.","created_at_pretty":"28 May, 2020","published_at_pretty":"28 May, 2020","updated_at_pretty":"28 May, 2020","created_at":"2020-05-28T08:04:20.000+00:00","published_at":"2020-05-28T08:53:25.000+00:00","updated_at":"2020-05-28T08:53:37.000+00:00","meta_title":null,"meta_description":null,"og_description":null,"og_image":null,"og_title":null,"twitter_description":null,"twitter_image":null,"twitter_title":null,"authors":[{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null}],"primary_author":{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null},"primary_tag":null,"tags":[{"name":"#feed","slug":"hash-feed","description":null,"feature_image":null,"meta_description":null,"meta_title":null,"visibility":"internal"},{"name":"multiply-minute","slug":"multiply-minute","description":"The 1-minute read to get the money news you need with expert adviser commentary","feature_image":null,"meta_description":null,"meta_title":null,"visibility":"public"}],"plaintext":"Get straight to the good stuff every day with the Multiply Minute, a\nlightning-quick roundup of the money news and how it affects you.\n\nNo quarantine please\nTravel firms and hotels have called for the government to scrap the 14-day\nquarantine [https://www.bbc.co.uk/news/business-52819575] for people entering\nthe UK from abroad. The quarantine is due to come into force on 8th June, but\nbosses are concerned it will cripple the already struggling sector. The call\ncomes as EasyJet announced it would need to make 30% of its staff redundant\n[https://www.cityam.com/easyjet-to-axe-30-per-cent-of-staff-as-coronavirus-hits-airline-sector/] \nas part of plans to downsize its operations.\n\nRetirement plans on hold\nUp to 1.5 million people might need to delay their retirement\n[https://www.telegraph.co.uk/money/consumer-affairs/pandemic-forces-15-million-people-delay-retirement/]\n* and could spend up to three extra years working. The number of workers aged\nover 65 is already at a record high, and could be set to increase as savers have\nbeen advised against withdrawing their pension funds during the market downturn.\nPeople who’ve been furloughed or seen their income drop are the most likely to\nneed to change their plans and keep working.\n\nAdvice team’s take: We think that it’s too early to tell the impact of the\nrecent market falls on individuals' plans. With the right advice, there may be\nno reason why it should delay retirement. But please note Multiply is currently\nunable to advise you on drawing funds out of your pensions.\n\nJob prospects looking up?\nEmployers are feeling a bit better about investment and hiring\n[https://uk.reuters.com/article/uk-health-coronavirus-britain-jobs/worst-might-be-over-for-uk-hiring-slump-survey-idUKKBN2333CO] \nthis month, which means the worst could be over for the jobs market. A survey by\nthe Recruitment & Employment Confederation (REC) showed business confidence is\nstill negative but rose to -10 from -21 in April.\n\nBeer gardens beckon\nIt’s been hinted that “outdoor hospitality”\n[https://inews.co.uk/inews-lifestyle/food-and-drink/pub-gardens-speakeasies-lockdown-lifted-2866766] \ncould be a way for us to get back to our favourite pubs, restaurants, and cafes\nsooner. The news will be welcomed by the 93% of people who say they’re keen to\nget back to their local, according to a survey by Budweiser. Many pubs are\nhoping to reopen on 4th July. See you in the beer garden.\n\nAdvice team’s take: This is also welcome to us here at Multiply. Drink\nresponsibly!","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.
Travel firms and hotels have called for the government to scrap the 14-day quarantine for people entering the UK from abroad. The quarantine is due to come into force on 8th June, but bosses are concerned it will cripple the already struggling sector. The call comes as EasyJet announced it would need to make 30% of its staff redundant as part of plans to downsize its operations.
Up to 1.5 million people might need to delay their retirement* and could spend up to three extra years working. The number of workers aged over 65 is already at a record high, and could be set to increase as savers have been advised against withdrawing their pension funds during the market downturn. People who’ve been furloughed or seen their income drop are the most likely to need to change their plans and keep working.
Advice team’s take: We think that it’s too early to tell the impact of the recent market falls on individuals' plans. With the right advice, there may be no reason why it should delay retirement. But please note Multiply is currently unable to advise you on drawing funds out of your pensions.
Employers are feeling a bit better about investment and hiring this month, which means the worst could be over for the jobs market. A survey by the Recruitment & Employment Confederation (REC) showed business confidence is still negative but rose to -10 from -21 in April.
It’s been hinted that “outdoor hospitality” could be a way for us to get back to our favourite pubs, restaurants, and cafes sooner. The news will be welcomed by the 93% of people who say they’re keen to get back to their local, according to a survey by Budweiser. Many pubs are hoping to reopen on 4th July. See you in the beer garden.
Advice team’s take: This is also welcome to us here at Multiply. Drink responsibly!
","url":"https://multiply.ghost.io/should-quarantine-be-scrapped/","uuid":"e7302815-9bea-4463-a846-9690a6652018","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5ecf708470349c0039f6d706"}},{"node":{"id":"Ghost__Post__5ece205053cfc90039a52f87","title":"We're still not moving house","slug":"were-still-not-moving-house","featured":false,"feature_image":"https://images.unsplash.com/photo-1494424698959-eeb116f0daac?ixlib=rb-1.2.1&q=80&fm=jpg&crop=entropy&cs=tinysrgb&w=2000&fit=max&ixid=eyJhcHBfaWQiOjExNzczfQ","excerpt":"Despite a surge in the number of people browsing properties in the last week, sales are still in the doldrums.","custom_excerpt":"Despite a surge in the number of people browsing properties in the last week, sales are still in the doldrums.","created_at_pretty":"27 May, 2020","published_at_pretty":"27 May, 2020","updated_at_pretty":"27 May, 2020","created_at":"2020-05-27T08:09:52.000+00:00","published_at":"2020-05-27T09:48:20.000+00:00","updated_at":"2020-05-27T09:51:36.000+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":"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\nHome sales still low\nDespite a surge in the number of people browsing properties in the last week, \nsales are still in the doldrums [https://www.bbc.co.uk/news/business-52809239].\nAnalysis suggests the tough outlook for jobs might be making people cautious\nabout moving. Zoopla says buyer demand rose 88% after restrictions on moving\nhouse were lifted, but a lot of that seems to be window shopping.\n\nAdvice team’s take: A home is likely to be the biggest purchase you ever make,\nso most people are likely to take more than just one week to come to a decision\nand make an offer. We also think it will take time for the housing market to\nfeel the full effects of the pandemic. Here's why\n[https://multiply-blog.appspot.com/what-does-coronavirus-mean-for-first-time-buyers/]\n.\n\n5% deficit?\nThe UK’s public finances could be running an annual 5% deficit by 2024\n[https://www.ft.com/content/33f7debc-4005-4c79-b6a3-7681a64d7e2b]*, meaning we’d\nbe borrowing more than we bring in. Why? A group of independent economists is\npredicting that GDP (gross domestic product) will be around 4% lower than it\nshould have been, because of coronavirus. That’s a much gloomier forecast than\nboth the Bank of England and the Office for Budget Responsibility, which both\nthink the economy will recover more quickly.\n\nAdvice team’s take: One thing is for sure, the country is borrowing more. How\nmuch, and its longer term impact, will be subject of much debate for the coming\nweeks and months. It's a key reason why you should only save for short term\ngoals into low risk cash savings accounts, and take a long-term view with any\nshare-based investments.\n\nFishy business\nTrade talks are still going on between the EU and the UK, to try and agree a\ndeal before the December Brexit deadline. Fishing access to UK waters has been a\nbig stumbling block up until now. But there are now rumours of a breakthrough\nnow that the EU might be willing to ease its stance\n[https://www.cityam.com/eu-willing-to-ease-fishing-demands-in-brexit-talks/] in\nfresh talks next week.\n\nNew threat to green energy\nGlobal investment into the energy industry will fall by £324 billion\n[https://www.theguardian.com/business/2020/may/27/investment-in-global-energy-to-drop-by-400bn] \nthis year, the biggest slump in the industry’s history. We’re all using less\nenergy in lockdown, a fact which briefly caused US oil prices to turn negative\nlast month. But it’s not just oil which will suffer this lack of investment. The\nInternational Energy Agency says renewables will be affected too, and it’s\nworried that the slump could derail global efforts to switch to zero carbon\nenergy.\n\nAdvice team’s take: Let’s hope that as a global community we continue to think\nabout our planet and its long term sustainability.","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.
Despite a surge in the number of people browsing properties in the last week, sales are still in the doldrums. Analysis suggests the tough outlook for jobs might be making people cautious about moving. Zoopla says buyer demand rose 88% after restrictions on moving house were lifted, but a lot of that seems to be window shopping.
Advice team’s take: A home is likely to be the biggest purchase you ever make, so most people are likely to take more than just one week to come to a decision and make an offer. We also think it will take time for the housing market to feel the full effects of the pandemic. Here's why.
The UK’s public finances could be running an annual 5% deficit by 2024*, meaning we’d be borrowing more than we bring in. Why? A group of independent economists is predicting that GDP (gross domestic product) will be around 4% lower than it should have been, because of coronavirus. That’s a much gloomier forecast than both the Bank of England and the Office for Budget Responsibility, which both think the economy will recover more quickly.
Advice team’s take: One thing is for sure, the country is borrowing more. How much, and its longer term impact, will be subject of much debate for the coming weeks and months. It's a key reason why you should only save for short term goals into low risk cash savings accounts, and take a long-term view with any share-based investments.
Trade talks are still going on between the EU and the UK, to try and agree a deal before the December Brexit deadline. Fishing access to UK waters has been a big stumbling block up until now. But there are now rumours of a breakthrough now that the EU might be willing to ease its stance in fresh talks next week.
Global investment into the energy industry will fall by £324 billion this year, the biggest slump in the industry’s history. We’re all using less energy in lockdown, a fact which briefly caused US oil prices to turn negative last month. But it’s not just oil which will suffer this lack of investment. The International Energy Agency says renewables will be affected too, and it’s worried that the slump could derail global efforts to switch to zero carbon energy.
Advice team’s take: Let’s hope that as a global community we continue to think about our planet and its long term sustainability.
","url":"https://multiply.ghost.io/were-still-not-moving-house/","uuid":"f6a01cf8-b9b9-4536-b53c-e1d617b0a263","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5ece205053cfc90039a52f87"}},{"node":{"id":"Ghost__Post__5ecd25fa3aee1d00398b88ca","title":"Paying for saving","slug":"paying-for-saving","featured":false,"feature_image":"https://multiply.ghost.io/content/images/2020/05/annie-spratt-Jr8byYZmTTU-unsplash.jpg","excerpt":"The Bank of England has suggested that it may set interest rates below zero.","custom_excerpt":"The Bank of England has suggested that it may set interest rates below zero.","created_at_pretty":"26 May, 2020","published_at_pretty":"26 May, 2020","updated_at_pretty":"26 May, 2020","created_at":"2020-05-26T14:21:46.000+00:00","published_at":"2020-05-26T14:32:28.000+00:00","updated_at":"2020-05-26T14:32:28.000+00:00","meta_title":null,"meta_description":null,"og_description":null,"og_image":null,"og_title":null,"twitter_description":null,"twitter_image":null,"twitter_title":null,"authors":[{"name":"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":"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\nWould you pay for savings?\nThe Bank of England has suggested that it may set interest rates below zero\n[https://www.bbc.co.uk/news/business-52772950]. The Bank sets a base rate, which\nindirectly impacts the interest that people earn on savings they keep in the\nbank, as well as charges on any loans they may have. While negative rates would\nbe good news for people looking to borrow money, those looking to grow their\nmoney through savings may end up paying their bank to hold their money.\n\nUnlocking Shopping\nThe government has given a range of non-essential shops the go ahead to reopen\nfrom 15th June\n[https://news.sky.com/story/coronavirus-lockdown-which-shops-will-open-next-month-11994675]\n. This will include fashion stores, car dealerships and a range of other retail\noutlets. Hairdressers and hospitality venues will remain closed for now. Shops\nwill have to adhere to a set of guidelines that limit the risk of infection, and\nwill face spot checks to make sure that they do so.\n\nSlowdown slowing down?\nThe Bank of England’s chief economist has indicated that there are signs to be\noptimistic about the UK economy\n[https://www.thetimes.co.uk/edition/business/slowdown-is-bottoming-out-95pm398wd]\n*. The impact of coronavirus has led to people spending less, which causes the\neconomy to shrink. Whilst the overall outlook is still gloomy, there are signs\nthat people’s attitudes are recovering.\n\nRental property firesale\nMany AirBnB hosts are reportedly planning to sell off their properties\n[https://edition.cnn.com/2020/05/25/tech/airbnb-hosts/] as Coronavirus has led\nto a significant loss of income. Hosts have seen almost all bookings cancelled,\nand many are facing ongoing mortgage and utility costs which they are struggling\nto meet. AirBnB itself has been considerably hit by the pandemic, forcing it to\nreduce its workforce by 25% and hold off plans to float on the stock market this\nyear.\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.
The Bank of England has suggested that it may set interest rates below zero. The Bank sets a base rate, which indirectly impacts the interest that people earn on savings they keep in the bank, as well as charges on any loans they may have. While negative rates would be good news for people looking to borrow money, those looking to grow their money through savings may end up paying their bank to hold their money.
The government has given a range of non-essential shops the go ahead to reopen from 15th June. This will include fashion stores, car dealerships and a range of other retail outlets. Hairdressers and hospitality venues will remain closed for now. Shops will have to adhere to a set of guidelines that limit the risk of infection, and will face spot checks to make sure that they do so.
The Bank of England’s chief economist has indicated that there are signs to be optimistic about the UK economy*. The impact of coronavirus has led to people spending less, which causes the economy to shrink. Whilst the overall outlook is still gloomy, there are signs that people’s attitudes are recovering.
Many AirBnB hosts are reportedly planning to sell off their properties as Coronavirus has led to a significant loss of income. Hosts have seen almost all bookings cancelled, and many are facing ongoing mortgage and utility costs which they are struggling to meet. AirBnB itself has been considerably hit by the pandemic, forcing it to reduce its workforce by 25% and hold off plans to float on the stock market this year.
*this article might need a subscription to read
","url":"https://multiply.ghost.io/paying-for-saving/","uuid":"c5fe3c42-b67f-4d37-a209-f568ab9ae20b","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5ecd25fa3aee1d00398b88ca"}},{"node":{"id":"Ghost__Post__5ec796d85eca750038c1be60","title":"Mortgage holiday extension confirmed","slug":"mortgage-holiday-extension-confirmed","featured":false,"feature_image":"https://images.unsplash.com/photo-1518780664697-55e3ad937233?ixlib=rb-1.2.1&q=80&fm=jpg&crop=entropy&cs=tinysrgb&w=2000&fit=max&ixid=eyJhcHBfaWQiOjExNzczfQ","excerpt":"The government has confirmed that the mortgage holiday scheme will continue for another three months.","custom_excerpt":"The government has confirmed that the mortgage holiday scheme will continue for another three months.","created_at_pretty":"22 May, 2020","published_at_pretty":"22 May, 2020","updated_at_pretty":"22 May, 2020","created_at":"2020-05-22T09:09:44.000+00:00","published_at":"2020-05-22T09:12:22.000+00:00","updated_at":"2020-05-22T09:29:07.000+00:00","meta_title":null,"meta_description":null,"og_description":null,"og_image":null,"og_title":null,"twitter_description":null,"twitter_image":null,"twitter_title":null,"authors":[{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null}],"primary_author":{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null},"primary_tag":null,"tags":[{"name":"#feed","slug":"hash-feed","description":null,"feature_image":null,"meta_description":null,"meta_title":null,"visibility":"internal"},{"name":"multiply-minute","slug":"multiply-minute","description":"The 1-minute read to get the money news you need with expert adviser commentary","feature_image":null,"meta_description":null,"meta_title":null,"visibility":"public"}],"plaintext":"Get straight to the good stuff every day with the Multiply Minute; a\nlightning-quick round-up of the money news and how it affects you.\n\nMortgage holidays extended\nThe government has confirmed that the mortgage holiday scheme will continue for\nanother three months\n[https://uk.reuters.com/article/uk-health-coronavirus-britain-mortgages/britain-extends-covid-19-mortgage-payment-holiday-by-three-months-idUKKBN22Y0R3]\n. Homeowners who are struggling financially can take a break from payments until\nOctober. 1.8 million households have taken a mortgage holiday so far. If you\nthink you want one, pick up the phone to your lender.\n\nAdvice team's take: While this might look appealing (and if you need to use it,\nyou should) we recommend that you try and maintain your original repayment plan\nif you possibly can. Here's why\n[https://multiply-blog.appspot.com/should-i-take-a-mortgage-holiday/].\n\nNo V-shaped recovery\nEconomists have ruled out a V-shaped recovery\n[https://www.cityam.com/economists-rule-out-v-shaped-recovery-after-weak-survey-data/] \nafter seeing the latest economic data. At the start of the pandemic, many people\nhoped the economy would bounce back quickly once the virus was in control. But\ninstead it looks like recovery will be slower, after April was shown to be the\nworst month for the economy since the 1930s.\n\nAdvice team’s take: Our experience has shown that economists and advisers often\nhave varying opinions on these things and this means that some often get them\nwrong. The honest answer is that we just don’t know, so if you’re investing you\nneed to be in it for the long term.\n\nNHS fee U-turn\nHealth and care workers from non-EU countries will no longer have to pay a £400\nsurcharge to use the NHS. All NHS workers, including porters and cleaners, will\nbe exempted from the fee [https://www.bbc.co.uk/news/uk-politics-52761052],\nwhich is set to rise to £624 per year in October.\n\nFirst-time investor boom\nThousands of people have opened a stocks and shares ISA\n[https://www.telegraph.co.uk/investing/funds/lockdown-sparks-boom-first-time-investors-stocks-buying/]\n* during the pandemic; some stockbrokers say they have twice as many new\ninvestors as usual. There are bargains to be had after the market tanked. What\nare they buying? BP, EasyJet, and Shell all make the top ten.\n\nAdvice team’s take: We don't recommend individual stock selection. Instead, we\nrecommend investing into funds via a professional fund manager. You’ll see this\nrecommendation in your plan if we believe that now is the right time for you to\nstart investing.\n\n(Another) record low for retail\nApril was a very bad month for shopping. Sales plunged 18.1%\n[https://www.cityam.com/uk-retail-sales-crash-a-record-18-1-per-cent-in-april-lockdown/] \nas shops shut and people stayed at home. Fashion was badly affected; we spent\nhalf as much on clothes as we did in March, according to the Office for National\nStatistics (ONS). Even a 30% boost in online sales couldn’t put the sector back\ninto the black.\n\nAdvice team’s take: No great surprise here! The challenge for businesses is how\nthey prepare and adapt to a post lockdown world.","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 confirmed that the mortgage holiday scheme will continue for another three months. Homeowners who are struggling financially can take a break from payments until October. 1.8 million households have taken a mortgage holiday so far. If you think you want one, pick up the phone to your lender.
Advice team's take: While this might look appealing (and if you need to use it, you should) we recommend that you try and maintain your original repayment plan if you possibly can. Here's why.
Economists have ruled out a V-shaped recovery after seeing the latest economic data. At the start of the pandemic, many people hoped the economy would bounce back quickly once the virus was in control. But instead it looks like recovery will be slower, after April was shown to be the worst month for the economy since the 1930s.
Advice team’s take: Our experience has shown that economists and advisers often have varying opinions on these things and this means that some often get them wrong. The honest answer is that we just don’t know, so if you’re investing you need to be in it for the long term.
Health and care workers from non-EU countries will no longer have to pay a £400 surcharge to use the NHS. All NHS workers, including porters and cleaners, will be exempted from the fee, which is set to rise to £624 per year in October.
Thousands of people have opened a stocks and shares ISA* during the pandemic; some stockbrokers say they have twice as many new investors as usual. There are bargains to be had after the market tanked. What are they buying? BP, EasyJet, and Shell all make the top ten.
Advice team’s take: We don't recommend individual stock selection. Instead, we recommend investing into funds via a professional fund manager. You’ll see this recommendation in your plan if we believe that now is the right time for you to start investing.
April was a very bad month for shopping. Sales plunged 18.1% as shops shut and people stayed at home. Fashion was badly affected; we spent half as much on clothes as we did in March, according to the Office for National Statistics (ONS). Even a 30% boost in online sales couldn’t put the sector back into the black.
Advice team’s take: No great surprise here! The challenge for businesses is how they prepare and adapt to a post lockdown world.
","url":"https://multiply.ghost.io/mortgage-holiday-extension-confirmed/","uuid":"e84228b0-ba6b-4110-9d40-3f41795615dc","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5ec796d85eca750038c1be60"}},{"node":{"id":"Ghost__Post__5ec63ac96a7b340039701910","title":"Longer mortgage holidays?","slug":"longer-mortgage-holidays","featured":false,"feature_image":"https://images.unsplash.com/photo-1451934403379-ffeff84932da?ixlib=rb-1.2.1&q=80&fm=jpg&crop=entropy&cs=tinysrgb&w=2000&fit=max&ixid=eyJhcHBfaWQiOjExNzczfQ","excerpt":"Chancellor Rishi Sunak is in talks with the banks about extending the three-month mortgage holiday. ","custom_excerpt":"Chancellor Rishi Sunak is in talks with the banks about extending the three-month mortgage holiday. ","created_at_pretty":"21 May, 2020","published_at_pretty":"21 May, 2020","updated_at_pretty":"21 May, 2020","created_at":"2020-05-21T08:24:41.000+00:00","published_at":"2020-05-21T08:35:48.000+00:00","updated_at":"2020-05-21T08:35:48.000+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\nMortgage holiday extension?\nChancellor Rishi Sunak is in talks with the banks about extending the\nthree-month mortgage holiday [https://www.bbc.co.uk/news/business-52747514]. 1.6\nmillion homeowners have paused their payments since the scheme started in\nmid-March. Now, the government is worried about what will happen when the\nholiday ends in June, and wants to avoid a “cliff edge” for struggling families.\n\nPeople can’t get loans\nLenders caught up in the coronavirus credit crunch have tightened their criteria\nfor approving loans, leaving people in need of emergency cash\n[https://uk.reuters.com/article/uk-health-coronavirus-britain-credit-ins/britons-spurned-by-banks-caught-in-a-coronavirus-credit-crunch-idUKKBN22X0IX?il=0]\n. There’s not much support for so-called subprime borrowers since the consumer\nlending market has come to a standstill. In a snapshot of the market on 16th\nMay, subprime borrowers could access just 0.17 of loans on average, down from an\naverage of 1 in January.\n\nShould I buy an antibody test?\nThe medical director of NHS England has cautioned against buying a coronavirus\nantibody test [https://www.bbc.co.uk/news/uk-52747112], saying it’s not known\nhow good they are. Superdrug has an at-home test on sale for £69 which involves\ntaking a blood sample and sending it off to a lab. Public Health England is\ncurrently testing all the tests for sale to see if they’re effective.\n\nCare homes in trouble\nUp to 1,000 care homes in the UK are struggling financially and could go bust\n[https://www.telegraph.co.uk/money/consumer-affairs/1000-care-homes-could-go-bust-wake-covid-crisis/]\n*. Two have already shut their doors temporarily. The care sector is a £31\nbillion industry and employs more people than the NHS. But with the flow of new\nresidents reduced to a trickle, their future is uncertain.\n\nFree football\nIf and when the Premier League starts up again, matches will be played behind\nclosed doors. With fans kept away from stadiums, bosses are looking at making\nmatches free to view\n[https://www.theguardian.com/football/2020/may/20/dowden-hopeful-of-deal-to-show-premier-league-matches-free-to-air] \non TV. You usually have to pay for Sky or BT...or go to a pub. But a new\nagreement could mean we can watch it for free on Saturday afternoons.","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.
Chancellor Rishi Sunak is in talks with the banks about extending the three-month mortgage holiday. 1.6 million homeowners have paused their payments since the scheme started in mid-March. Now, the government is worried about what will happen when the holiday ends in June, and wants to avoid a “cliff edge” for struggling families.
Lenders caught up in the coronavirus credit crunch have tightened their criteria for approving loans, leaving people in need of emergency cash. There’s not much support for so-called subprime borrowers since the consumer lending market has come to a standstill. In a snapshot of the market on 16th May, subprime borrowers could access just 0.17 of loans on average, down from an average of 1 in January.
The medical director of NHS England has cautioned against buying a coronavirus antibody test, saying it’s not known how good they are. Superdrug has an at-home test on sale for £69 which involves taking a blood sample and sending it off to a lab. Public Health England is currently testing all the tests for sale to see if they’re effective.
Up to 1,000 care homes in the UK are struggling financially and could go bust*. Two have already shut their doors temporarily. The care sector is a £31 billion industry and employs more people than the NHS. But with the flow of new residents reduced to a trickle, their future is uncertain.
If and when the Premier League starts up again, matches will be played behind closed doors. With fans kept away from stadiums, bosses are looking at making matches free to view on TV. You usually have to pay for Sky or BT...or go to a pub. But a new agreement could mean we can watch it for free on Saturday afternoons.
","url":"https://multiply.ghost.io/longer-mortgage-holidays/","uuid":"82927b64-41d3-4991-b1f7-6b5f4ee09d85","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5ec63ac96a7b340039701910"}},{"node":{"id":"Ghost__Post__5ec4ee3c794ac8004535352a","title":"October bank holiday?","slug":"october-bank-holiday","featured":false,"feature_image":"https://images.unsplash.com/photo-1556292877-913332494cdf?ixlib=rb-1.2.1&q=80&fm=jpg&crop=entropy&cs=tinysrgb&w=2000&fit=max&ixid=eyJhcHBfaWQiOjExNzczfQ","excerpt":"The government is thinking about adding an extra bank holiday around the October half term holiday to try and boost UK tourism.","custom_excerpt":"The government is thinking about adding an extra bank holiday around the October half term holiday to try and boost UK tourism.","created_at_pretty":"20 May, 2020","published_at_pretty":"20 May, 2020","updated_at_pretty":"20 May, 2020","created_at":"2020-05-20T08:45:48.000+00:00","published_at":"2020-05-20T08:47:46.000+00:00","updated_at":"2020-05-20T08:47:46.000+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\nBonus bank holiday?\nThe government is thinking about adding an extra bank holiday\n[https://www.theguardian.com/world/2020/may/19/extra-uk-bank-holiday-could-help-remedy-37bn-coronavirus-loss-to-tourism-mps-told] \naround the October half term holiday to try and boost UK tourism. The tourism\nindustry is expected to lose £37 billion overall from the impact of coronavirus.\nVisitBritain has proposed the idea as a way to make up for the losses - and for\nthe sunny days off work we’ve spent indoors.\n\nRecovery will take time\nChancellor Rishi Sunak has warned that sectors of the economy such as retail \nwill take time to go back to normal\n[https://www.bbc.co.uk/news/business-52719230] once lockdown restrictions are\neased. Non-essential shops are hoping to open from 1st June, but with shoppers\nspending less they could see a gradual bounce back.\n\nBig business can borrow extra\nLarge companies can now borrow up to £200 million\n[https://inews.co.uk/news/business/clbil-scheme-uk-business-coronavirus-support-loans-uk-treasury-explained-2858339] \nthrough the government’s coronavirus business interruption loan scheme.\nPreviously they could only get up to £50 million. But the cash comes with\nstrings attached. Any business who gets their hands on more than £50 million\nwill be limited in how much they can pay senior staff or pay out in dividends to\nshareholders.\n\nDon’t pass the salt\nNo condiments on tables, table service at pubs instead of queueing at the bar,\nand no all-you-can-eat self service buffets. That’s the advice to businesses to\nhelp them prepare to reopen safely\n[https://www.telegraph.co.uk/business/2020/05/19/no-drinking-bar-salt-pepper-shakers-pubs-reopen/]\n*. If all goes to plan, pubs, restaurants, and hotels will be allowed to open\ntheir doors on 4th July.","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 is thinking about adding an extra bank holiday around the October half term holiday to try and boost UK tourism. The tourism industry is expected to lose £37 billion overall from the impact of coronavirus. VisitBritain has proposed the idea as a way to make up for the losses - and for the sunny days off work we’ve spent indoors.
Chancellor Rishi Sunak has warned that sectors of the economy such as retail will take time to go back to normal once lockdown restrictions are eased. Non-essential shops are hoping to open from 1st June, but with shoppers spending less they could see a gradual bounce back.
Large companies can now borrow up to £200 million through the government’s coronavirus business interruption loan scheme. Previously they could only get up to £50 million. But the cash comes with strings attached. Any business who gets their hands on more than £50 million will be limited in how much they can pay senior staff or pay out in dividends to shareholders.
No condiments on tables, table service at pubs instead of queueing at the bar, and no all-you-can-eat self service buffets. That’s the advice to businesses to help them prepare to reopen safely*. If all goes to plan, pubs, restaurants, and hotels will be allowed to open their doors on 4th July.
","url":"https://multiply.ghost.io/october-bank-holiday/","uuid":"ce9abd60-9742-4e7b-bad6-1e104e87c81a","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5ec4ee3c794ac8004535352a"}},{"node":{"id":"Ghost__Post__5ec395513ee1f30039c416fb","title":"Oil price bounces back","slug":"oil-price-bounces-back","featured":false,"feature_image":"https://images.unsplash.com/photo-1516199423456-1f1e91b06f25?ixlib=rb-1.2.1&q=80&fm=jpg&crop=entropy&cs=tinysrgb&w=2000&fit=max&ixid=eyJhcHBfaWQiOjExNzczfQ","excerpt":"As countries around the world emerge slowly from lockdown, demand for oil is picking up and the price is following suit.","custom_excerpt":"As countries around the world emerge slowly from lockdown, demand for oil is picking up and the price is following suit.","created_at_pretty":"19 May, 2020","published_at_pretty":"19 May, 2020","updated_at_pretty":"19 May, 2020","created_at":"2020-05-19T08:14:09.000+00:00","published_at":"2020-05-19T08:17:35.000+00:00","updated_at":"2020-05-19T08:17:35.000+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":"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\nOil prices soar\nAs countries around the world emerge slowly from lockdown, demand for oil is\npicking up and the price is following suit. Brent crude (the international\nstandard) hit $35 dollars a barrel\n[https://www.cityam.com/oil-prices-soar-as-world-begins-to-emerge-from-lockdown/] \nyesterday, the highest it’s been since March. Many countries have also cut\nproduction following April’s price collapse, which limits supply and helps\nbalance the market.\n\nAir bridges?\nThere’s a plan afoot among UK MPs to try and build so-called “air bridges”\n[https://news.sky.com/story/coronavirus-boost-for-holidaymakers-as-air-bridges-plan-backed-by-government-11990708] \nto connect the UK to countries where coronavirus is under control. It would mean\nthat people could travel between the connected countries without needing to\nspend time in quarantine.\n\nUnder 25s worst affected\nOne in three people aged 25 or under has lost their job or been furloughed\n[https://www.theguardian.com/society/2020/may/19/young-workers-jobs-covid-19-crisis-resolution-foundation-economic-fallout] \namid the coronavirus crisis. Thinktank the Resolution Foundation says the data\nshows that younger workers are bearing the brunt of the pandemic’s impact on the\njobs market. It’s now calling on the government to do more to guarantee work for\nyoung people.\n\nBig summer blowout\nClothes shops are making plans to reopen their doors next month, and shoppers\ncould be welcomed back with some big bargains\n[https://www.bbc.co.uk/news/business-52714699]. The last few months has left\nmany retailers with excess stock to shift, so analysts predict that we’ll see\nheavy discounts.\n\nAnimation to the rescue\nWith TV and film crews unable to shoot during the lockdown, one section of the\nindustry is booming: animations and special effects\n[https://www.theguardian.com/film/2020/may/19/how-coronavirus-has-animated-one-section-of-the-film-industry]\n. Animators can work remotely, so while blockbusters have been paused, work on\nthe year’s biggest animated films is racing ahead on fast forward.\n\nHelp us make the Minute shinier\nWe'd love to hear your feedback [https://multiplyai.typeform.com/to/hmfV6u].","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.
As countries around the world emerge slowly from lockdown, demand for oil is picking up and the price is following suit. Brent crude (the international standard) hit $35 dollars a barrel yesterday, the highest it’s been since March. Many countries have also cut production following April’s price collapse, which limits supply and helps balance the market.
There’s a plan afoot among UK MPs to try and build so-called “air bridges” to connect the UK to countries where coronavirus is under control. It would mean that people could travel between the connected countries without needing to spend time in quarantine.
One in three people aged 25 or under has lost their job or been furloughed amid the coronavirus crisis. Thinktank the Resolution Foundation says the data shows that younger workers are bearing the brunt of the pandemic’s impact on the jobs market. It’s now calling on the government to do more to guarantee work for young people.
Clothes shops are making plans to reopen their doors next month, and shoppers could be welcomed back with some big bargains. The last few months has left many retailers with excess stock to shift, so analysts predict that we’ll see heavy discounts.
With TV and film crews unable to shoot during the lockdown, one section of the industry is booming: animations and special effects. Animators can work remotely, so while blockbusters have been paused, work on the year’s biggest animated films is racing ahead on fast forward.
We'd love to hear your feedback.
","url":"https://multiply.ghost.io/oil-price-bounces-back/","uuid":"e968c265-64ed-4f7d-801c-cc3f5649a8a1","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5ec395513ee1f30039c416fb"}},{"node":{"id":"Ghost__Post__5ec252391ef1fb0039afbb4e","title":"Socially distanced rush hour","slug":"socially-distanced-rush-hour","featured":false,"feature_image":"https://images.unsplash.com/photo-1581017600943-84505b54adb9?ixlib=rb-1.2.1&q=80&fm=jpg&crop=entropy&cs=tinysrgb&w=2000&fit=max&ixid=eyJhcHBfaWQiOjExNzczfQ","excerpt":"As thousands of people return to work this morning, stations were braced to cope with the extra passengers boarding trains.","custom_excerpt":"As thousands of people return to work this morning, stations were braced to cope with the extra passengers boarding trains.","created_at_pretty":"18 May, 2020","published_at_pretty":"18 May, 2020","updated_at_pretty":"18 May, 2020","created_at":"2020-05-18T09:15:37.000+00:00","published_at":"2020-05-18T09:18:40.000+00:00","updated_at":"2020-05-18T09:21:55.000+00:00","meta_title":null,"meta_description":null,"og_description":null,"og_image":null,"og_title":null,"twitter_description":null,"twitter_image":null,"twitter_title":null,"authors":[{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null}],"primary_author":{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null},"primary_tag":null,"tags":[{"name":"#feed","slug":"hash-feed","description":null,"feature_image":null,"meta_description":null,"meta_title":null,"visibility":"internal"},{"name":"multiply-minute","slug":"multiply-minute","description":"The 1-minute read to get the money news you need with expert adviser commentary","feature_image":null,"meta_description":null,"meta_title":null,"visibility":"public"}],"plaintext":"Get straight to the good stuff every day with the Multiply Minute; a\nlightning-quick round-up of the money news and how it affects you.\n\nCrowd control\nAs thousands of people return to work this morning, stations were braced to cope\nwith the extra passengers boarding trains\n[https://www.bbc.co.uk/news/business-52701112]. Crowd control measures are in\nplace to try and make sure everyone is able to keep their distance. More\nservices are running, and there are limits on the number of people per train.\nDepending on how it goes, we might also see more radical steps like bookable\ntime slots for when you can arrive at a station.\n\nStruggle for school and uni leavers\nJobs may be hard to come by in the wake of the pandemic, and the Institute of\nStudent Employers (ISE) says it’ll be toughest for younger people\n[https://www.theguardian.com/money/2020/may/18/firms-slash-entry-level-jobs-by-almost-quarter-owing-to-coronavirus-pandemic-young-people]\n. Firms have reduced recruitment for entry-level roles by 23% this year, with\napprentice and school leaver schemes the hardest hit. Top tip: health and\npharmaceuticals was the only sector found to be increasing entry-level\nrecruitment.\n\nSmaller dividends\nInvestors are likely to see smaller dividends this year\n[https://www.thetimes.co.uk/edition/business/investors-face-global-dividend-fall-of-at-least-15-7rl8z6vz0]\n* as companies worldwide cut their payouts. Janus Henderson, the fund manager\nthat compiles the global dividend index, says we’ll see a fall of at least 15%\nin 2020. That’s a drop of $213 billion (£176 billion). Companies tend to cut\ndividend payouts in lean times to protect profits and boost their financial\nresilience for the future.\n\nMini shopping spree\nPeople took tentative steps into shops in the first week since lockdown was\nslightly eased, leading to a 3.3% increase in footfall\n[https://www.cityam.com/shoppers-begin-cautious-return-to-stores-as-lockdown-measures-eased/] \nlast week. Historic towns and seaside destinations saw the best of the boost.\nBut the week before last saw an 11.7% rise, despite lockdown restrictions still\nbeing in place.\n\nHelp us make the Minute shinier\nWe'd love to hear your feedback [https://multiplyai.typeform.com/to/hmfV6u].","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.
As thousands of people return to work this morning, stations were braced to cope with the extra passengers boarding trains. Crowd control measures are in place to try and make sure everyone is able to keep their distance. More services are running, and there are limits on the number of people per train. Depending on how it goes, we might also see more radical steps like bookable time slots for when you can arrive at a station.
Jobs may be hard to come by in the wake of the pandemic, and the Institute of Student Employers (ISE) says it’ll be toughest for younger people. Firms have reduced recruitment for entry-level roles by 23% this year, with apprentice and school leaver schemes the hardest hit. Top tip: health and pharmaceuticals was the only sector found to be increasing entry-level recruitment.
Investors are likely to see smaller dividends this year* as companies worldwide cut their payouts. Janus Henderson, the fund manager that compiles the global dividend index, says we’ll see a fall of at least 15% in 2020. That’s a drop of $213 billion (£176 billion). Companies tend to cut dividend payouts in lean times to protect profits and boost their financial resilience for the future.
People took tentative steps into shops in the first week since lockdown was slightly eased, leading to a 3.3% increase in footfall last week. Historic towns and seaside destinations saw the best of the boost. But the week before last saw an 11.7% rise, despite lockdown restrictions still being in place.
We'd love to hear your feedback.
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