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 spent £123.2 billion so far to tackle coronavirus and its economic impact. Annual borrowing is expected to hit 15.2% of GDP to cover the cost; the highest since WW2. Paul Dales, chief UK economist at Capital Economics, described the spending as “good news” for people in the short term, but explains: “We will have to pay for it, either by taxes going up or by spending being cut.”
Would-be homebuyers who are trying to get their plans back on track this week are facing new delays to getting a mortgage*. Why? Valuations are a key part of the mortgage approval process, and after weeks of shutdown many banks are warning it could take weeks for property surveyors to clear the backlog. Until they do, many lenders are closed to applications from new customers.
Transport for London (TfL) has agreed a £1.6 billion government bailout to keep the lights on and the trains running. Other public transport operators around the country have received similar funding in recent months. TfL had warned that it was about to run out of cash, having taken a 95% hit in the money collected from tube fares during lockdown.
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","url":"https://multiply.ghost.io/biggest-borrowing-since-ww2/","uuid":"be684e6e-0174-4de9-8495-a08ac55e8e8d","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5ebe51bcf3c0ea0039466bff"}},{"node":{"id":"Ghost__Post__5ebd04bb01709c003904a8e8","title":"The big insurance payout","slug":"the-big-insurance-payout","featured":false,"feature_image":"https://images.unsplash.com/photo-1494017690426-08b6a0f5005e?ixlib=rb-1.2.1&q=80&fm=jpg&crop=entropy&cs=tinysrgb&w=2000&fit=max&ixid=eyJhcHBfaWQiOjExNzczfQ","excerpt":"Insurance market Lloyds of London says it expects to pay out up to $4.3 billion (£3.5 billion) in claims related to coronavirus.","custom_excerpt":"Insurance market Lloyds of London says it expects to pay out up to $4.3 billion (£3.5 billion) in claims related to coronavirus.","created_at_pretty":"14 May, 2020","published_at_pretty":"14 May, 2020","updated_at_pretty":"14 May, 2020","created_at":"2020-05-14T08:43:39.000+00:00","published_at":"2020-05-14T08:45:59.000+00:00","updated_at":"2020-05-14T08:45:59.000+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\nHuge insurance payout\nInsurance market Lloyds of London says it expects to pay out up to $4.3 billion\n(£3.5 billion)\n[https://www.cityam.com/lloyds-of-london-expects-to-pay-up-to-4-3bn-in-coronavirus-insurance-claims/] \nin claims related to coronavirus. It’s one of the market’s biggest ever payouts,\non par with hurricanes Harvey, Irma, and Maria combined. Customers are claiming\non their insurance policies for everything from cancelled holidays to business\ninterruption.\n\nSelf-employed scheme launches\nThe income support scheme for self-employed workers saw over 110,000 people\napply in the first few hours\n[https://www.theguardian.com/politics/2020/may/13/uk-self-employed-coronavirus-scheme-attracts-110000-claims-in-first-hours]\n. The scheme is designed to cover up to 80% of lost earnings for the 3.5 million\nself-employed people in the UK who are eligible. If that’s you, you’ll get an\nemail giving you a day between now and Monday to log on and make your claim.\n\nFord factories back online\nFord’s manufacturing plants in Bridgend and Dagenham will come whirring back to\nlife on Monday to restart production on its cars\n[https://www.cityam.com/ford-to-restart-uk-car-manufacturing-at-dagenham-and-bridgend/]\n. The Dagenham plant was already partially open to build ventilators, which it\nwill continue to do. Ford is making its own face masks for employees to wear,\nand everyone will follow social distancing guidelines.\n\nWe’re not going on a summer holiday\nSome lockdown restrictions have been eased slightly, meaning people can go\noutside for more exercise and recreation. You can also drive to other parts of\nthe country to visit parks and beaches, although many facilities remain closed.\nBut holidays are still not allowed\n[https://www.bbc.co.uk/news/explainers-52646738]. You can’t stay overnight\nanywhere, even at a second home, and the government is warning against any\nnon-essential travel.\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.
Insurance market Lloyds of London says it expects to pay out up to $4.3 billion (£3.5 billion) in claims related to coronavirus. It’s one of the market’s biggest ever payouts, on par with hurricanes Harvey, Irma, and Maria combined. Customers are claiming on their insurance policies for everything from cancelled holidays to business interruption.
The income support scheme for self-employed workers saw over 110,000 people apply in the first few hours. The scheme is designed to cover up to 80% of lost earnings for the 3.5 million self-employed people in the UK who are eligible. If that’s you, you’ll get an email giving you a day between now and Monday to log on and make your claim.
Ford’s manufacturing plants in Bridgend and Dagenham will come whirring back to life on Monday to restart production on its cars. The Dagenham plant was already partially open to build ventilators, which it will continue to do. Ford is making its own face masks for employees to wear, and everyone will follow social distancing guidelines.
Some lockdown restrictions have been eased slightly, meaning people can go outside for more exercise and recreation. You can also drive to other parts of the country to visit parks and beaches, although many facilities remain closed. But holidays are still not allowed. You can’t stay overnight anywhere, even at a second home, and the government is warning against any non-essential travel.
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","url":"https://multiply.ghost.io/the-big-insurance-payout/","uuid":"a3a1f909-b480-4a02-85e9-d89b0fad43ab","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5ebd04bb01709c003904a8e8"}},{"node":{"id":"Ghost__Post__5ebbc44b5a55390039474b4b","title":"UK economy shrinks","slug":"uk-economy-shrinks","featured":false,"feature_image":"https://images.unsplash.com/flagged/photo-1579225818168-858da8667fae?ixlib=rb-1.2.1&q=80&fm=jpg&crop=entropy&cs=tinysrgb&w=2000&fit=max&ixid=eyJhcHBfaWQiOjExNzczfQ","excerpt":"The figures are in: GDP shrank by 2% in the first three months of 2020.","custom_excerpt":"The figures are in: GDP shrank by 2% in the first three months of 2020.","created_at_pretty":"13 May, 2020","published_at_pretty":"13 May, 2020","updated_at_pretty":"13 May, 2020","created_at":"2020-05-13T09:56:27.000+00:00","published_at":"2020-05-13T10:02:01.000+00:00","updated_at":"2020-05-13T10:02:01.000+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\nDownturn begins\nThe figures are in: GDP shrank by 2%\n[https://www.bbc.co.uk/news/business-52641807] in the first three months of\n2020. The drop is the worst we’ve seen since the 2008 recession, although it\nwasn’t as steep as some experts feared it might be. Lockdown only started at the\nend of March, meaning this decline was caused by less than two weeks of the new\nnormal.\n\nFurlough will continue\nWorkers who’ve been furloughed will continue to have up to 80% of their wages\ncovered by the government until October. Chancellor Rishi Sunak confirmed\nyesterday that the job retention scheme will remain in place\n[https://www.bbc.co.uk/news/business-52634759], but that companies will be asked\nto “share the cost” from August. Currently 7.5 million people are covered by the\nscheme.\n\nYou can move house\nBuyers, sellers, and renters in England will now be able to move, as the\ngovernment eases restrictions on the housing market\n[https://www.bbc.co.uk/news/uk-52641373]. Good news for the estimated 373,000\nhome sales which were on pause during lockdown. Estate and lettings agents have\nopened their doors again, and viewings are allowed as long as people practice\nsocial distancing. The rules in Scotland, Wales, and Northern Ireland remain in\nplace.\n\nSelf-employed scheme opens\nSelf-employed people can apply for the government’s coronavirus support package\n[https://www.cityam.com/coronavirus-uk-relief-package-for-self-employed-opens-today/] \nfrom today - earlier than previously expected. Anyone who earns more than half\nof their income from self-employment and has half yearly profits of less than\n£50,000 is eligible, and can get paid up to £7,500 as a lump sum for three\nmonths’ income. The first payments are expected to arrive on 25th May.\n\nMore stimulus on the way?\nThe Bank of England could increase its support for the economy\n[https://www.theguardian.com/business/2020/may/12/increased-economic-stimulus-quite-possible-says-bank-of-england-official] \nto prevent the downturn from getting worse. The Bank has already announced £645\nbillion in quantitative easing (where the central bank prints digital money to\nbuy government bonds) and has cut interest rates to a record low of 0.1%.\n\nBig Mac is back\nMcDonald’s has said it’s reopening 30 of its restaurants\n[https://news.sky.com/story/coronavirus-mcdonalds-announces-phase-two-of-plan-to-reopen-its-restaurants-11987231] \nfor drive-through from next Wednesday. It hasn’t yet revealed which lucky towns\nwill see the golden arches light up once more, but the rest of us won’t have\nlong to wait; they’ll all be open for drive-through by early June.","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 figures are in: GDP shrank by 2% in the first three months of 2020. The drop is the worst we’ve seen since the 2008 recession, although it wasn’t as steep as some experts feared it might be. Lockdown only started at the end of March, meaning this decline was caused by less than two weeks of the new normal.
Workers who’ve been furloughed will continue to have up to 80% of their wages covered by the government until October. Chancellor Rishi Sunak confirmed yesterday that the job retention scheme will remain in place, but that companies will be asked to “share the cost” from August. Currently 7.5 million people are covered by the scheme.
Buyers, sellers, and renters in England will now be able to move, as the government eases restrictions on the housing market. Good news for the estimated 373,000 home sales which were on pause during lockdown. Estate and lettings agents have opened their doors again, and viewings are allowed as long as people practice social distancing. The rules in Scotland, Wales, and Northern Ireland remain in place.
Self-employed people can apply for the government’s coronavirus support package from today - earlier than previously expected. Anyone who earns more than half of their income from self-employment and has half yearly profits of less than £50,000 is eligible, and can get paid up to £7,500 as a lump sum for three months’ income. The first payments are expected to arrive on 25th May.
The Bank of England could increase its support for the economy to prevent the downturn from getting worse. The Bank has already announced £645 billion in quantitative easing (where the central bank prints digital money to buy government bonds) and has cut interest rates to a record low of 0.1%.
McDonald’s has said it’s reopening 30 of its restaurants for drive-through from next Wednesday. It hasn’t yet revealed which lucky towns will see the golden arches light up once more, but the rest of us won’t have long to wait; they’ll all be open for drive-through by early June.
","url":"https://multiply.ghost.io/uk-economy-shrinks/","uuid":"ca5054e2-ef12-489e-b973-b4640e771ed2","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5ebbc44b5a55390039474b4b"}},{"node":{"id":"Ghost__Post__5eba6193996577003963a1db","title":"Ryanair returns","slug":"ryanair-returns","featured":false,"feature_image":"https://images.unsplash.com/photo-1583228370699-8406fb3f5771?ixlib=rb-1.2.1&q=80&fm=jpg&crop=entropy&cs=tinysrgb&w=2000&fit=max&ixid=eyJhcHBfaWQiOjExNzczfQ","excerpt":"The budget airline has said it plans to start running 1,000 flights per day from 1st July; that’s around 40% of its normal schedule.","custom_excerpt":"The budget airline has said it plans to start running 1,000 flights per day from 1st July; that’s around 40% of its normal schedule.","created_at_pretty":"12 May, 2020","published_at_pretty":"12 May, 2020","updated_at_pretty":"12 May, 2020","created_at":"2020-05-12T08:42:59.000+00:00","published_at":"2020-05-12T08:44:27.000+00:00","updated_at":"2020-05-12T08:44:27.000+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\nRyanair prepares for takeoff\nThe budget airline has said it plans to start running 1,000 flights per day\n[https://uk.reuters.com/article/uk-health-coronavirus-ryanair-hldgs/ryanair-to-resume-40-of-july-flights-with-new-rules-for-passengers-idUKKBN22O0R8] \nfrom 1st July; that’s around 40% of its normal schedule. Currently it only runs\n30 flights per day. Ryanair boss Michael O’Leary says he expects to sell just\nhalf the tickets for each flight due to low demand.\n\nBack to school\nIn new guidance, the government has said it wants all primary school pupils to\nbe able to go back to school for a month\n[https://www.bbc.co.uk/news/education-52618187] before the summer holidays.\nThey’ll be taught in smaller classes of 15 kids, and kept apart from other\nclasses using staggered break, lunch, and home times. The plans should make it\neasier for parents to work. However, they won’t face fines if they decide not to\nsend their children to school.\n\nRainy day savings\nPeople are saving more in lockdown. The Bank of England says in total we \nstashed\naway £13bn in savings\n[https://www.telegraph.co.uk/personal-banking/savings/coronavirus-has-turned-britain-nation-savers-squirreling-away/]\n* in March. Although millions of people have seen their income drop, many are\nspending less on commuting, eating out, and socialising. The result? More spare\ncash to save. The average household is now saving £162 a week on average,\naccording to estimates from insurers Aviva.\n\nVirgin Galactic up for sale\nFancy owning a few space rockets? Now's your chance. Richard Branson is selling\n$500 million (£405 million) of Virgin Galactic shares\n[https://www.theguardian.com/business/2020/may/11/richard-branson-to-sell-500m-worth-of-virgin-galactic-shares] \nto try and rescue his flagging airline. That’s about 20% of his stake in the\nspace tourism venture. He’s also said he’ll mortgage his private tax haven\nisland in the Caribbean, after his plea for a bailout from UK taxpayers drew\nheavy criticism.","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 budget airline has said it plans to start running 1,000 flights per day from 1st July; that’s around 40% of its normal schedule. Currently it only runs 30 flights per day. Ryanair boss Michael O’Leary says he expects to sell just half the tickets for each flight due to low demand.
In new guidance, the government has said it wants all primary school pupils to be able to go back to school for a month before the summer holidays. They’ll be taught in smaller classes of 15 kids, and kept apart from other classes using staggered break, lunch, and home times. The plans should make it easier for parents to work. However, they won’t face fines if they decide not to send their children to school.
People are saving more in lockdown. The Bank of England says in total we stashed away £13bn in savings* in March. Although millions of people have seen their income drop, many are spending less on commuting, eating out, and socialising. The result? More spare cash to save. The average household is now saving £162 a week on average, according to estimates from insurers Aviva.
Fancy owning a few space rockets? Now's your chance. Richard Branson is selling $500 million (£405 million) of Virgin Galactic shares to try and rescue his flagging airline. That’s about 20% of his stake in the space tourism venture. He’s also said he’ll mortgage his private tax haven island in the Caribbean, after his plea for a bailout from UK taxpayers drew heavy criticism.
","url":"https://multiply.ghost.io/ryanair-returns/","uuid":"b894b0f3-0665-46b2-9f7c-0b58e570ba4c","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5eba6193996577003963a1db"}},{"node":{"id":"Ghost__Post__5eb90e41d5e75a00385f94c5","title":"Back to work?","slug":"back-to-work","featured":false,"feature_image":"https://images.unsplash.com/photo-1523815378073-a43ae3fbf36a?ixlib=rb-1.2.1&q=80&fm=jpg&crop=entropy&cs=tinysrgb&w=2000&fit=max&ixid=eyJhcHBfaWQiOjExNzczfQ","excerpt":"Business groups are demanding guidance following Boris Johnson’s announcement that people should return to work if they can't do their job from home.","custom_excerpt":"Business groups are demanding guidance following Boris Johnson’s announcement that people should return to work if they can't do their job from home.","created_at_pretty":"11 May, 2020","published_at_pretty":"11 May, 2020","updated_at_pretty":"11 May, 2020","created_at":"2020-05-11T08:35:13.000+00:00","published_at":"2020-05-11T09:02:55.000+00:00","updated_at":"2020-05-11T09:02:55.000+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\nCall for clarity\nBusiness groups are demanding guidance\n[https://www.bbc.co.uk/news/business-52610585] following prime minister Boris\nJohnson’s announcement on Sunday evening that people should return to work if\nthey can't do their job from home. The British Chambers of Commerce boss says\n \"businesses need their practical questions answered so they can plan to\nrestart, rebuild and renew.\"\n\nPost-lockdown property splurge\nHome buyers in London could be set to spend £52 billion on property\n[https://www.cityam.com/london-house-market-set-for-52bn-post-lockdown-splurge-as-transactions-stall/] \nonce the lockdown is lifted. Many sales fell through when the pandemic struck so\nthere’s a lot of pent up demand, according to property firm Knight Frank. Its\ndata shows an uptick in the number of new buyer registrations, suggesting people\nare starting to think about life after lockdown.\n\nNot just GDP\n80% of people want the government to prioritise health and wellbeing\n[https://www.theguardian.com/society/2020/may/10/britons-want-quality-of-life-indicators-priority-over-economy-coronavirus] \nover economic growth during the coronavirus crisis, and 60% want that to\ncontinue after it has subsided. This week we’ll find out the UK’s GDP figures\nfor the first three months of 2020, and they’re likely to show a decline. But\nthe new data from campaigning group Positive Money suggests that economic\nindicators shouldn’t be the whole story.\n\nKitchen table overtime\nPeople working from home are putting in an average of 28 hours of overtime a\nmonth\n[https://uk.style.yahoo.com/coronavirus-covid19-lockdown-working-home-overtime-113333449.html]\n. A survey by LinkedIn and The Mental Health Foundation found that at-home\nworkers are starting earlier and logging off later, now that there’s no need to\ncommute. Experts have warned that stress and longer hours could put people at\nrisk of burnout.","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.
Business groups are demanding guidance following prime minister Boris Johnson’s announcement on Sunday evening that people should return to work if they can't do their job from home. The British Chambers of Commerce boss says \"businesses need their practical questions answered so they can plan to restart, rebuild and renew.\"
Home buyers in London could be set to spend £52 billion on property once the lockdown is lifted. Many sales fell through when the pandemic struck so there’s a lot of pent up demand, according to property firm Knight Frank. Its data shows an uptick in the number of new buyer registrations, suggesting people are starting to think about life after lockdown.
80% of people want the government to prioritise health and wellbeing over economic growth during the coronavirus crisis, and 60% want that to continue after it has subsided. This week we’ll find out the UK’s GDP figures for the first three months of 2020, and they’re likely to show a decline. But the new data from campaigning group Positive Money suggests that economic indicators shouldn’t be the whole story.
People working from home are putting in an average of 28 hours of overtime a month. A survey by LinkedIn and The Mental Health Foundation found that at-home workers are starting earlier and logging off later, now that there’s no need to commute. Experts have warned that stress and longer hours could put people at risk of burnout.
","url":"https://multiply.ghost.io/back-to-work/","uuid":"bfa0b801-8284-46ea-9ad0-92b77e7ce4c4","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5eb90e41d5e75a00385f94c5"}},{"node":{"id":"Ghost__Post__5eb3ce84911e9b0038256f39","title":"Deepest recession ever","slug":"deepest-recession-ever","featured":false,"feature_image":"https://images.unsplash.com/photo-1567434371939-1f1c1e76ce3c?ixlib=rb-1.2.1&q=80&fm=jpg&crop=entropy&cs=tinysrgb&w=2000&fit=max&ixid=eyJhcHBfaWQiOjExNzczfQ","excerpt":"The Bank of England has warned that the UK economy could shrink by up to 14% this year, which would be the biggest annual decline on record.","custom_excerpt":"The Bank of England has warned that the UK economy could shrink by up to 14% this year, which would be the biggest annual decline on record.","created_at_pretty":"07 May, 2020","published_at_pretty":"07 May, 2020","updated_at_pretty":"07 May, 2020","created_at":"2020-05-07T09:01:56.000+00:00","published_at":"2020-05-07T09:04:18.000+00:00","updated_at":"2020-05-07T09:04:18.000+00:00","meta_title":null,"meta_description":null,"og_description":null,"og_image":null,"og_title":null,"twitter_description":null,"twitter_image":null,"twitter_title":null,"authors":[{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null}],"primary_author":{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null},"primary_tag":null,"tags":[{"name":"#feed","slug":"hash-feed","description":null,"feature_image":null,"meta_description":null,"meta_title":null,"visibility":"internal"},{"name":"multiply-minute","slug":"multiply-minute","description":"The 1-minute read to get the money news you need with expert adviser commentary","feature_image":null,"meta_description":null,"meta_title":null,"visibility":"public"}],"plaintext":"Get straight to the good stuff every day with the Multiply Minute; a\nlightning-quick round-up of the money news and how it affects you.\n\nDeepest recession on record\nThe Bank of England has warned that the UK economy could shrink by up to 14%\nthis year [https://www.bbc.co.uk/news/business-52566030], which would be the\nbiggest annual decline on record. Its predictions are based on lockdown measures\nbeing phased out from June. To try and support the economy, the base interest\nrate will stay at its current record low of 0.1% and the Bank's £645 billion\nquantitative easing programme announced last month will continue.\n\nParents’ money worries\nPeople who have young children are twice as likely to be struggling for money\n[https://www.theguardian.com/world/2020/may/07/coronavirus-half-of-uk-parents-with-young-children-face-money-woes-survey] \nthan their child-free counterparts. 51% of parents of under-11s say they’re\nworried about making ends meet, according to a survey by London universities.\nCampaigners are calling for an increase to child benefit payments to help\nstruggling parents.\n\nO2 and Virgin merger\nThere’s going to be a new giant on the digital block as O2 merges its mobile\nbusiness with Virgin’s broadband and entertainment offering. The result? A new\n£32 billion telecoms player\n[https://www.cityam.com/o2-and-virgin-media-confirm-merger-to-create-31bn-telecoms-player/]\n.\n\nBike sales boom\nMore people are taking to the saddle to avoid catching coronavirus on public\ntransport. Cycle-to-work schemes, which allow employees to claim a tax credit on\na bike for commuting, have seen a 200% increase in orders from key workers\n[https://www.bbc.co.uk/news/business-52564351]. Many bike shops are struggling\nto meet the new surge in demand for new bikes and repairs of old ones.","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 warned that the UK economy could shrink by up to 14% this year, which would be the biggest annual decline on record. Its predictions are based on lockdown measures being phased out from June. To try and support the economy, the base interest rate will stay at its current record low of 0.1% and the Bank's £645 billion quantitative easing programme announced last month will continue.
People who have young children are twice as likely to be struggling for money than their child-free counterparts. 51% of parents of under-11s say they’re worried about making ends meet, according to a survey by London universities. Campaigners are calling for an increase to child benefit payments to help struggling parents.
There’s going to be a new giant on the digital block as O2 merges its mobile business with Virgin’s broadband and entertainment offering. The result? A new £32 billion telecoms player.
More people are taking to the saddle to avoid catching coronavirus on public transport. Cycle-to-work schemes, which allow employees to claim a tax credit on a bike for commuting, have seen a 200% increase in orders from key workers. Many bike shops are struggling to meet the new surge in demand for new bikes and repairs of old ones.
","url":"https://multiply.ghost.io/deepest-recession-ever/","uuid":"d5ec0bc6-6e6b-4a08-bdd0-8715ac80ab3c","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5eb3ce84911e9b0038256f39"}},{"node":{"id":"Ghost__Post__5eb275951351120039fecac4","title":"Furlough to end in summer","slug":"furlough-to-end-in-summer","featured":false,"feature_image":"https://images.unsplash.com/photo-1504384308090-c894fdcc538d?ixlib=rb-1.2.1&q=80&fm=jpg&crop=entropy&cs=tinysrgb&w=2000&fit=max&ixid=eyJhcHBfaWQiOjExNzczfQ","excerpt":"The government’s job retention scheme is likely to start winding down from July in parallel with lifting lockdown measures.","custom_excerpt":"The government’s job retention scheme is likely to start winding down from July in parallel with lifting lockdown measures.","created_at_pretty":"06 May, 2020","published_at_pretty":"06 May, 2020","updated_at_pretty":"06 May, 2020","created_at":"2020-05-06T08:30:13.000+00:00","published_at":"2020-05-06T08:33:59.000+00:00","updated_at":"2020-05-06T08:33:59.000+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\nWinding down furlough scheme\nThe government’s job retention scheme is likely to start winding down from July\n[https://www.theguardian.com/world/2020/may/05/rishi-sunak-preparing-to-wind-down-furlough-scheme-from-july] \nin parallel with lifting lockdown measures. Currently, the government is\ncovering 80% of the wages of over 6.3 million workers. It’s not clear yet\nexactly how the transition will take place, but chancellor Rishi Sunak is\nexpected to announce details within the next week or so.\n\nBack to work?\nJust as well then that most companies say they could be ready to go back to\nbusiness as usual with just three weeks’ notice\n[https://www.bbc.co.uk/news/business-52552580]. That’s according to a survey by\nthe British Chamber of Commerce (BCC), which also found that some firms wouldn’t\nneed any notice at all before restarting.\n\nBounce back loans\nOver 100,000 small businesses applied\n[https://www.cityam.com/well-over-50000-firms-apply-for-bounce-back-loans-on-first-day/] \nfor a “bounce back” loan on Monday, the first day of the scheme. The\ngovernment’s latest support package is designed to help the UK’s smallest\ncompanies stay afloat by offering 100% state-backed loans of up to £50,000.\nCompanies should receive the cash within days of a successful application.\n\nHelp to Save\n2 million people have started claiming Universal Credit since March and could\nget a £1,200 bonus\n[https://www.telegraph.co.uk/personal-banking/savings/coronavirus-hit-workers-can-claim-1200-savings-bonus-government/]\n* through the government’s Help to Save scheme, which has been around since\n2018. You’re eligible if you receive Universal Credit or child tax benefits, or\nif you’re entitled to working tax credits. You can pay up to £50 a month into a\nHelp to Save account for up to four years and get a 50% bonus on the balance at\nthe end of the second and fourth year.","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’s job retention scheme is likely to start winding down from July in parallel with lifting lockdown measures. Currently, the government is covering 80% of the wages of over 6.3 million workers. It’s not clear yet exactly how the transition will take place, but chancellor Rishi Sunak is expected to announce details within the next week or so.
Just as well then that most companies say they could be ready to go back to business as usual with just three weeks’ notice. That’s according to a survey by the British Chamber of Commerce (BCC), which also found that some firms wouldn’t need any notice at all before restarting.
Over 100,000 small businesses applied for a “bounce back” loan on Monday, the first day of the scheme. The government’s latest support package is designed to help the UK’s smallest companies stay afloat by offering 100% state-backed loans of up to £50,000. Companies should receive the cash within days of a successful application.
2 million people have started claiming Universal Credit since March and could get a £1,200 bonus* through the government’s Help to Save scheme, which has been around since 2018. You’re eligible if you receive Universal Credit or child tax benefits, or if you’re entitled to working tax credits. You can pay up to £50 a month into a Help to Save account for up to four years and get a 50% bonus on the balance at the end of the second and fourth year.
","url":"https://multiply.ghost.io/furlough-to-end-in-summer/","uuid":"20520d2a-feb5-4091-816d-8ee2e1837002","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5eb275951351120039fecac4"}},{"node":{"id":"Ghost__Post__5eb126e304de9000394b23a7","title":"Quarter of workers furloughed","slug":"quarter-of-workers-furloughed","featured":false,"feature_image":"https://images.unsplash.com/photo-1531834685032-c34bf0d84c77?ixlib=rb-1.2.1&q=80&fm=jpg&crop=entropy&cs=tinysrgb&w=2000&fit=max&ixid=eyJhcHBfaWQiOjExNzczfQ","excerpt":"The coronavirus job retention scheme is now paying the wages of over 6.3 million furloughed workers who can't work because of the lockdown.","custom_excerpt":"The coronavirus job retention scheme is now paying the wages of over 6.3 million furloughed workers who can't work because of the lockdown.","created_at_pretty":"05 May, 2020","published_at_pretty":"05 May, 2020","updated_at_pretty":"05 May, 2020","created_at":"2020-05-05T08:42:11.000+00:00","published_at":"2020-05-05T08:46:23.000+00:00","updated_at":"2020-05-05T08:46:23.000+00:00","meta_title":null,"meta_description":null,"og_description":null,"og_image":null,"og_title":null,"twitter_description":null,"twitter_image":null,"twitter_title":null,"authors":[{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null}],"primary_author":{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null},"primary_tag":null,"tags":[{"name":"#feed","slug":"hash-feed","description":null,"feature_image":null,"meta_description":null,"meta_title":null,"visibility":"internal"},{"name":"multiply-minute","slug":"multiply-minute","description":"The 1-minute read to get the money news you need with expert adviser commentary","feature_image":null,"meta_description":null,"meta_title":null,"visibility":"public"}],"plaintext":"Get straight to the good stuff every day with the Multiply Minute; a\nlightning-quick round-up of the money news and how it affects you.\n\nGovernment pays quarter of wages\nThe coronavirus job retention scheme is now paying the wages of over 6.3\nmillion\nfurloughed workers [https://www.bbc.co.uk/news/business-52539203] who can't work\nbecause of the lockdown. That’s 23% of the UK’s total employed workforce. The\ngovernment has paid over £8 billion in wages so far, with an average monthly\npayout of £1,269.\n\nPriority is saving lives\n67% of people around the world think it’s more important for governments to\nsave\nlives\n[https://uk.reuters.com/article/us-health-coronavirus-politics-trust/coronavirus-health-fears-outweigh-concern-for-economy-global-survey-idUKKBN22H098] \nthan to restart economies. That’s according to the Edelman Trust Barometer, a\nglobal poll which measures peoples’ trust in institutions. Its findings seem to\nsuggest that “lockdown fatigue” isn’t yet affecting populations as severely as\nexpected.\n\nTrade talks begin\nThe first round of talks between the UK and the US will begin today\n[https://www.cityam.com/business-groups-back-start-of-uk-us-trade-talks/] with\nvideo conferencing sessions between trade officials. Business groups\nrepresenting small businesses say a trade deal is important for small firms\nlooking to boost their exports.\n\nCar industry stalls\nCar sales in the UK dropped 97% in April as consumers retreat. But it’s a\ncoronavirus double whammy for the car industry. Amid the downturn, Volkswagen\nhas warned that it’s also getting more expensive to make cars\n[https://www.ft.com/content/5aee2027-c8c5-4348-a323-de965432a38f]*. Why?\nFactories that produce the parts are operating at lower capacity, driving up the\ncosts across the supply chain.\n\nCat scammers\nIf you’ve been tempted to get a new furry friend to keep you company, you’re not\nalone. But those online ads may not be what they seem. In the last two months,\n669 people have been conned into buying kittens and puppies that don’t exist\n[https://news.sky.com/story/coronavirus-scam-animal-lovers-being-conned-into-buying-non-existent-pets-11983227]\n. Action Fraud says customers should research the seller and ask to see videos\nof animals before sending any money.\n\nQuestions about coronavirus and your money? Put them to our resident financial\nadvisers in a live Q&A at lunchtime today. Sign up here\n[https://www.youtube.com/watch?v=aMfgx1Ft6Yw].\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 coronavirus job retention scheme is now paying the wages of over 6.3 million furloughed workers who can't work because of the lockdown. That’s 23% of the UK’s total employed workforce. The government has paid over £8 billion in wages so far, with an average monthly payout of £1,269.
67% of people around the world think it’s more important for governments to save lives than to restart economies. That’s according to the Edelman Trust Barometer, a global poll which measures peoples’ trust in institutions. Its findings seem to suggest that “lockdown fatigue” isn’t yet affecting populations as severely as expected.
The first round of talks between the UK and the US will begin today with video conferencing sessions between trade officials. Business groups representing small businesses say a trade deal is important for small firms looking to boost their exports.
Car sales in the UK dropped 97% in April as consumers retreat. But it’s a coronavirus double whammy for the car industry. Amid the downturn, Volkswagen has warned that it’s also getting more expensive to make cars*. Why? Factories that produce the parts are operating at lower capacity, driving up the costs across the supply chain.
If you’ve been tempted to get a new furry friend to keep you company, you’re not alone. But those online ads may not be what they seem. In the last two months, 669 people have been conned into buying kittens and puppies that don’t exist. Action Fraud says customers should research the seller and ask to see videos of animals before sending any money.
Questions about coronavirus and your money? Put them to our resident financial advisers in a live Q&A at lunchtime today. Sign up here.
*this article might need a subscription to read.
","url":"https://multiply.ghost.io/quarter-of-workers-furloughed/","uuid":"cd3b9d3c-af00-4dd1-96ff-89005be3d7cf","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5eb126e304de9000394b23a7"}},{"node":{"id":"Ghost__Post__5eafd565aa25bb0039ed331e","title":"It's bounce back time","slug":"its-bounce-back-time","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":"Starting today, small businesses can apply for a loan of up to £50,000 that is fully guaranteed by the government. ","custom_excerpt":"Starting today, small businesses can apply for a loan of up to £50,000 that is fully guaranteed by the government. ","created_at_pretty":"04 May, 2020","published_at_pretty":"04 May, 2020","updated_at_pretty":"04 May, 2020","created_at":"2020-05-04T08:42:13.000+00:00","published_at":"2020-05-04T08:44:32.000+00:00","updated_at":"2020-05-04T08:50:20.000+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\nBounce back loans launched\nStarting today, small businesses can apply for a loan of up to £50,000\n[https://www.bbc.co.uk/news/business-52524343] that is fully guaranteed by the\ngovernment. There are no fees, interest or repayments for the first year.\nThey’ve been dubbed “bounce back” loans and the government has said they’re\nquicker and easier to apply for.\n\nBills surge in lockdown\nEveryone is spending more time at home, and it shows. Energy bills are set to \nrise by a third\n[https://www.theguardian.com/money/2020/may/04/uk-household-energy-bills-to-soar-by-32-per-month]\n, meaning the average household spending £32 per month. With families working\nfrom home, streaming and gaming more, and cooking most meals, metre readings are\noff the charts.\n\nFinal salary transfer warning\nLast year, over 200,000 people swapped their final salary pension schemes for a\nmore flexible - but riskier - final contribution fund. The Financial Conduct\nAuthority has warned that many of them were badly advised. Lots of savers have\nseen their pension pots lose value\n[https://www.telegraph.co.uk/money/consumer-affairs/lost-66000-st-jamess-place-botched-pension-transfer/]\n* in the current downturn, just months after giving up the security of a final\nsalary scheme.\n\nRent freeze?\nOver 1 million renters are at risk of losing their income, and should be\nprotected with a rent freeze\n[https://www.theguardian.com/money/2020/may/04/call-for-freeze-on-all-uk-private-rents-to-help-1m-at-risk-workers-covid-19]\n. That's according to thinktank the New Economics Foundation (NEF), which says\nmany people have been made redundant or seen their hours cut rather than being\nfurloughed, and will struggle to pay their rent. It’s calling on the government\nto suspend all private rents for three months.","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.
Starting today, small businesses can apply for a loan of up to £50,000 that is fully guaranteed by the government. There are no fees, interest or repayments for the first year. They’ve been dubbed “bounce back” loans and the government has said they’re quicker and easier to apply for.
Everyone is spending more time at home, and it shows. Energy bills are set to rise by a third, meaning the average household spending £32 per month. With families working from home, streaming and gaming more, and cooking most meals, metre readings are off the charts.
Last year, over 200,000 people swapped their final salary pension schemes for a more flexible - but riskier - final contribution fund. The Financial Conduct Authority has warned that many of them were badly advised. Lots of savers have seen their pension pots lose value* in the current downturn, just months after giving up the security of a final salary scheme.
Over 1 million renters are at risk of losing their income, and should be protected with a rent freeze. That's according to thinktank the New Economics Foundation (NEF), which says many people have been made redundant or seen their hours cut rather than being furloughed, and will struggle to pay their rent. It’s calling on the government to suspend all private rents for three months.
","url":"https://multiply.ghost.io/its-bounce-back-time/","uuid":"f5321a53-e078-43d8-a382-78c2f4e85ef2","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5eafd565aa25bb0039ed331e"}},{"node":{"id":"Ghost__Post__5eabe6926b61f6003871c81a","title":"Plans for lifting lockdown?","slug":"plans-for-lifting-lockdown","featured":false,"feature_image":"https://images.unsplash.com/photo-1474899351970-ee05f7dd1334?ixlib=rb-1.2.1&q=80&fm=jpg&crop=entropy&cs=tinysrgb&w=2000&fit=max&ixid=eyJhcHBfaWQiOjExNzczfQ","excerpt":"Prime Minister Boris Johnson is back at work and has promised to provide a “menu of options” next week for how we can begin to lift the lockdown.","custom_excerpt":"Prime Minister Boris Johnson is back at work and has promised to provide a “menu of options” next week for how we can begin to lift the lockdown.","created_at_pretty":"01 May, 2020","published_at_pretty":"01 May, 2020","updated_at_pretty":"01 May, 2020","created_at":"2020-05-01T09:06:26.000+00:00","published_at":"2020-05-01T09:21:24.000+00:00","updated_at":"2020-05-01T09:30:30.000+00:00","meta_title":null,"meta_description":null,"og_description":null,"og_image":null,"og_title":null,"twitter_description":null,"twitter_image":null,"twitter_title":null,"authors":[{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null}],"primary_author":{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null},"primary_tag":null,"tags":[{"name":"#feed","slug":"hash-feed","description":null,"feature_image":null,"meta_description":null,"meta_title":null,"visibility":"internal"},{"name":"multiply-minute","slug":"multiply-minute","description":"The 1-minute read to get the money news you need with expert adviser commentary","feature_image":null,"meta_description":null,"meta_title":null,"visibility":"public"}],"plaintext":"Get straight to the good stuff every day with the Multiply Minute; a\nlightning-quick round-up of the money news and how it affects you.\n\nPlan for reopening economy\nPrime Minister Boris Johnson is back at work and has promised to provide a “menu\nof options” next week for how we can begin to lift the lockdown\n[https://news.sky.com/story/coronavirus-pm-says-plans-to-ease-lockdown-will-be-revealed-next-week-11981492]\n. Plans for looser restrictions will prioritise boosting the economy, reopening\nworkplaces, and getting children back to school.\n\nHouse price uncertainty\nThe outlook for the housing market is “highly uncertain” according to\nNationwide. UK house prices were still rising until recently with annualised \ngrowth of 3.7% last month\n[https://www.cityam.com/uk-house-prices-outlook-highly-uncertain-as-coronavirus-kills-growth-says-nationwide/]\n, but coronavirus has now put a stop to that. The outlook for the rest of the\nyear is hard to predict; it all depends on how well the rest of the economy\nholds up.\n\nRBS profits halve\nLike all the other major banks, RBS has reported a big drop in profits\n[https://www.telegraph.co.uk/business/2020/05/01/rbs-profits-fall-pandemic-hit/] \n(paywall) as it sets aside extra cash to cover an expected jump in bad loans.\nThe bank, which is part-owned by taxpayers, said its profits fell 49% in the\nfirst quarter. To save some cash, it’s binning its digital banking spin-off, Bó,\nwhich launched last November.\n\nBig beer giveaway\nA brewery in Northumberland has started giving away casks of beer for free\n[https://www.bbc.co.uk/news/uk-england-tyne-52488571] after it was left with a\nsurplus on its hands. The Alnwick Brewery Company is asking punters to turn up\nwith their own containers to take away the brew, which would go bad within a\nmonth otherwise. Its only other request? Make a donation to support the NHS.\n\nQuestions about coronavirus and your money?\nPut them to Multiply's resident financial advisers in a live Q&A next Tuesday\nlunchtime. Sign up here [https://multiplyai.typeform.com/to/sQn9qb].","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.
Prime Minister Boris Johnson is back at work and has promised to provide a “menu of options” next week for how we can begin to lift the lockdown. Plans for looser restrictions will prioritise boosting the economy, reopening workplaces, and getting children back to school.
The outlook for the housing market is “highly uncertain” according to Nationwide. UK house prices were still rising until recently with annualised growth of 3.7% last month, but coronavirus has now put a stop to that. The outlook for the rest of the year is hard to predict; it all depends on how well the rest of the economy holds up.
Like all the other major banks, RBS has reported a big drop in profits (paywall) as it sets aside extra cash to cover an expected jump in bad loans. The bank, which is part-owned by taxpayers, said its profits fell 49% in the first quarter. To save some cash, it’s binning its digital banking spin-off, Bó, which launched last November.
A brewery in Northumberland has started giving away casks of beer for free after it was left with a surplus on its hands. The Alnwick Brewery Company is asking punters to turn up with their own containers to take away the brew, which would go bad within a month otherwise. Its only other request? Make a donation to support the NHS.
Put them to Multiply's resident financial advisers in a live Q&A next Tuesday lunchtime. Sign up here.
","url":"https://multiply.ghost.io/plans-for-lifting-lockdown/","uuid":"c81f5082-4e97-406d-a9b3-6b19f6f6ccda","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5eabe6926b61f6003871c81a"}},{"node":{"id":"Ghost__Post__5eaa9b6c00f20c0039e05410","title":"US economy nosedives","slug":"us-economy-nosedives","featured":false,"feature_image":"https://images.unsplash.com/photo-1501466044931-62695aada8e9?ixlib=rb-1.2.1&q=80&fm=jpg&crop=entropy&cs=tinysrgb&w=2000&fit=max&ixid=eyJhcHBfaWQiOjExNzczfQ","excerpt":"Between January and March, US GDP suffered its fastest drop since 2008","custom_excerpt":"Between January and March, US GDP suffered its fastest drop since 2008","created_at_pretty":"30 April, 2020","published_at_pretty":"30 April, 2020","updated_at_pretty":"30 April, 2020","created_at":"2020-04-30T09:33:32.000+00:00","published_at":"2020-04-30T09:38:22.000+00:00","updated_at":"2020-04-30T09:38:22.000+00:00","meta_title":null,"meta_description":null,"og_description":null,"og_image":null,"og_title":null,"twitter_description":null,"twitter_image":null,"twitter_title":null,"authors":[{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null}],"primary_author":{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null},"primary_tag":null,"tags":[{"name":"#feed","slug":"hash-feed","description":null,"feature_image":null,"meta_description":null,"meta_title":null,"visibility":"internal"},{"name":"multiply-minute","slug":"multiply-minute","description":"The 1-minute read to get the money news you need with expert adviser commentary","feature_image":null,"meta_description":null,"meta_title":null,"visibility":"public"}],"plaintext":"Get straight to the good stuff every day with the Multiply Minute; a\nlightning-quick round-up of the money news and how it affects you.\n\nUS economy nosedives\nBetween January and March, US GDP suffered its fastest drop since 2008. Output \nshrank by 4.8% in the first quarter\n[https://www.cityam.com/us-economy-shrinks-at-fastest-pace-since-financial-crisis/]\n: more than most economists had expected. The US economy relies heavily on\npeople spending money, but in March they put their wallets away as lockdown\nstarted and people lost their jobs.\n\nKeep calm and queue on\nSainsbury’s boss Mike Coupe warned that customers are likely to be queueing\nuntil September [https://www.bbc.co.uk/news/business-52483353] as part of social\ndistancing measures. The supermarket’s full-year results were released today,\nshowing its sales growth peaked at 48% in mid March when stockpiling mania was\nat its height.\n\nFancy a staycation?\nExperts are predicting a staycation boom\n[https://www.telegraph.co.uk/business/2020/04/30/britain-set-staycation-boom/] \n(paywall) once lockdown measures are eased. With Brits counting the pennies and\nwary of the risks of travelling abroad, holiday lets and campsites in the UK\ncould have a field day. An influx of cooped up holidaymakers keen to stretch\ntheir legs would give a vital boost to rural areas and seaside towns.\n\nShell shock\nThe oil company has cut its dividend to shareholders\n[https://www.theguardian.com/business/2020/apr/30/shell-cuts-dividend-for-first-time-since-1945-amid-oil-price-collapse] \nfor the first time since the second world war. The global collapse in oil prices\nhas caused Shell’s profits to take a 46% hit in the first quarter. Reducing\ndividend payouts is a rare move to help shore up the company’s financial\nresilience for the choppy waters ahead.","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.
Between January and March, US GDP suffered its fastest drop since 2008. Output shrank by 4.8% in the first quarter: more than most economists had expected. The US economy relies heavily on people spending money, but in March they put their wallets away as lockdown started and people lost their jobs.
Sainsbury’s boss Mike Coupe warned that customers are likely to be queueing until September as part of social distancing measures. The supermarket’s full-year results were released today, showing its sales growth peaked at 48% in mid March when stockpiling mania was at its height.
Experts are predicting a staycation boom (paywall) once lockdown measures are eased. With Brits counting the pennies and wary of the risks of travelling abroad, holiday lets and campsites in the UK could have a field day. An influx of cooped up holidaymakers keen to stretch their legs would give a vital boost to rural areas and seaside towns.
The oil company has cut its dividend to shareholders for the first time since the second world war. The global collapse in oil prices has caused Shell’s profits to take a 46% hit in the first quarter. Reducing dividend payouts is a rare move to help shore up the company’s financial resilience for the choppy waters ahead.
","url":"https://multiply.ghost.io/us-economy-nosedives/","uuid":"edc805cb-ca83-4d0c-84b3-a8355d87749c","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5eaa9b6c00f20c0039e05410"}},{"node":{"id":"Ghost__Post__5ea93d1900f20c0039e053db","title":"Furlough for longer?","slug":"untitled-14","featured":false,"feature_image":"https://images.unsplash.com/photo-1524508762098-fd966ffb6ef9?ixlib=rb-1.2.1&q=80&fm=jpg&crop=entropy&cs=tinysrgb&w=2000&fit=max&ixid=eyJhcHBfaWQiOjExNzczfQ","excerpt":"Employers are calling on the government to extend the job retention scheme into autumn. ","custom_excerpt":"Employers are calling on the government to extend the job retention scheme into autumn. ","created_at_pretty":"29 April, 2020","published_at_pretty":"29 April, 2020","updated_at_pretty":"29 April, 2020","created_at":"2020-04-29T08:38:49.000+00:00","published_at":"2020-04-29T08:41:08.000+00:00","updated_at":"2020-04-29T08:41:08.000+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\nExtend the furlough?\nEmployers are calling on the government to extend the job retention\n[https://www.theguardian.com/business/2020/apr/29/extend-coronavirus-wage-subsidies-or-risk-delayed-redundancies-firms-warn] \nscheme into autumn. The scheme has protected 4 million jobs in its first week\nsince going live, but firms say many people could face redundancy if the wage\nsubsidies end in June as planned. They also want more flexibility to allow some\nstaff to work reduced hours instead of stopping completely.\n\nBA to cut staff\n12,000 BA staff will face redundancy after the airline’s parent company IAG\nannounced it planned to reduce its workforce\n[https://www.bbc.co.uk/news/business-52462660] by a quarter. All airlines have\nbeen struggling since lockdown measures started, with many grounding their\nfleets and putting staff on furlough. IAG also warned it would take several\nyears for air ticket sales to recover to 2019 levels.\n\nThe end of cash?\nCoronavirus spells bad news for cash, as people switch to digital payments. Cash\nwithdrawals are down 60% [https://www.bbc.co.uk/news/business-52455706] since\nthe start of the outbreak. Why? We’re using cards and contactless in an effort\nto be hygienic, and doing more shopping online. The trend is set to continue:\n76% of people told a survey by ATM chain Link they expect to use less cash in\nthe next six months.\n\nThe Big Shop\nOur habits have taken a trip back in time\n[https://inews.co.uk/news/consumer/coronavirus-shopping-trends-weekly-big-shop-breakfast-covid-19-comeback-2553285]\n, according to retailers. Tesco have said more people are doing a weekly Big\nShop in an effort to reduce contact with others, just as we used to 15 years\nago. It seems we’re also enjoying a proper breakfast. John Lewis has sold out of\negg cups, and seen a 24% uptick in sales of coffee pots and grinders.","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.
Employers are calling on the government to extend the job retention scheme into autumn. The scheme has protected 4 million jobs in its first week since going live, but firms say many people could face redundancy if the wage subsidies end in June as planned. They also want more flexibility to allow some staff to work reduced hours instead of stopping completely.
12,000 BA staff will face redundancy after the airline’s parent company IAG announced it planned to reduce its workforce by a quarter. All airlines have been struggling since lockdown measures started, with many grounding their fleets and putting staff on furlough. IAG also warned it would take several years for air ticket sales to recover to 2019 levels.
Coronavirus spells bad news for cash, as people switch to digital payments. Cash withdrawals are down 60% since the start of the outbreak. Why? We’re using cards and contactless in an effort to be hygienic, and doing more shopping online. The trend is set to continue: 76% of people told a survey by ATM chain Link they expect to use less cash in the next six months.
Our habits have taken a trip back in time, according to retailers. Tesco have said more people are doing a weekly Big Shop in an effort to reduce contact with others, just as we used to 15 years ago. It seems we’re also enjoying a proper breakfast. John Lewis has sold out of egg cups, and seen a 24% uptick in sales of coffee pots and grinders.
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