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.
With the property market on ice during lockdown, 373,000 home sales are on hold. That’s £82 billion worth of property which isn’t being bought or sold, according to Zoopla. All the uncertainty surrounding coronavirus makes it hard to know when the market will go back to normal. But some experts have predicted that UK house prices could fall by as much as 10% this year.
HSBC has seen its profits fall by half in the first three months of the year, as it grapples with the economic fallout of coronavirus. The London-based bank said it expects that more of its loans are unlikely to be paid back. However, it said it won’t let any staff go during the outbreak. Santander also reported an 82% fall in profits, for similar reasons.
You won’t see or hear any betting or gambling ads for the rest of lockdown, thanks to new rules designed to protect people at risk of problem gambling. TV and radio ads will be replaced by safe messages from addiction charities. However, they'll still be allowed to advertise on social media and other channels.
The offshore oil and gas industry in the UK is facing an uncertain future, with 30,000 jobs potentially at risk (paywall). Demand for oil has collapsed and there’s nowhere to store the surplus, so prices have tanked. In a report due to be published today, the trade group Oil and Gas UK says the government must act now to save jobs and protect the country’s energy supply.
","url":"https://multiply.ghost.io/property-market-on-hold/","uuid":"b2e55991-4a89-4457-9e28-eac757c486a9","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5ea7ec208dbb7a0038454462"}},{"node":{"id":"Ghost__Post__5ea697fcb4b5540039b68098","title":"Pick for Britain?","slug":"pick-for-britain","featured":false,"feature_image":"https://images.unsplash.com/photo-1537811465496-6c38a51d2d81?ixlib=rb-1.2.1&q=80&fm=jpg&crop=entropy&cs=tinysrgb&w=2000&fit=max&ixid=eyJhcHBfaWQiOjExNzczfQ","excerpt":"Furloughed workers are being called to step in and pick fruit as farms face summer with fields full of produce and no one to harvest it.","custom_excerpt":"Furloughed workers are being called to step in and pick fruit as farms face summer with fields full of produce and no one to harvest it.","created_at_pretty":"27 April, 2020","published_at_pretty":"27 April, 2020","updated_at_pretty":"27 April, 2020","created_at":"2020-04-27T08:29:48.000+00:00","published_at":"2020-04-27T08:31:36.000+00:00","updated_at":"2020-04-27T08:31:36.000+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 round-up of the money news and how it affects you.\n\nCrunch time\nFurloughed workers are being called to step in and pick fruit\n[https://www.bbc.co.uk/news/business-52435332] as farms face summer with fields\nfull of produce and no one to harvest it. Only a third of the usual\n70,000-strong seasonal labour force is available this year. The rest are in\nEurope, unable to fly over. Furloughed staff are allowed to work elsewhere\nduring lockdown as long as it’s okay with their main employer.\n\nBack to normal in 2023\nThe UK economy will suffer a deep, short recession this year\n[https://www.thetimes.co.uk/edition/news/economy-will-not-recover-until-2023-experts-predict-vd33kq2ch] \n(paywall) and then start growing again. But it’ll take until 2023 for the\neconomy to return to the size it was in 2019. The report by major economic\nforecasting group EY Item Club predicts that growth could fall by 6.8% this\nyear, and consumer spending could drop by as much as 7.5%.\n\nTourism economies hit worst\nThe economic impact of coronavirus will be worst in the UK’s beauty spots\n[https://www.theguardian.com/society/2020/apr/27/uk-tourism-hotspots-could-face-worst-of-post-lockdown-job-losses] \nincluding the Lake District, Cornwall, and Yorkshire. A study has found that\npeople living in areas that rely on tourism are at a higher risk of losing their\njobs.\n\nShops plan to reopen\nShops are preparing to roll up the shutters for the first time in over a month.\nThe British Retail Consortium (BRC) has proposed new rules\n[https://www.telegraph.co.uk/business/2020/04/26/new-rules-proposed-limit-customers-shops-keep-staff-safe-return/] \n(paywall) to keep shoppers and staff safe. They’re similar to the measures we’re\nfamiliar with in supermarkets: markers on the floor, extra screens, and a limit\non the number of people allowed in. Homebase was open for business from\nSaturday, and John Lewis has said some of its stores will be open by mid May.","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.
Furloughed workers are being called to step in and pick fruit as farms face summer with fields full of produce and no one to harvest it. Only a third of the usual 70,000-strong seasonal labour force is available this year. The rest are in Europe, unable to fly over. Furloughed staff are allowed to work elsewhere during lockdown as long as it’s okay with their main employer.
The UK economy will suffer a deep, short recession this year (paywall) and then start growing again. But it’ll take until 2023 for the economy to return to the size it was in 2019. The report by major economic forecasting group EY Item Club predicts that growth could fall by 6.8% this year, and consumer spending could drop by as much as 7.5%.
The economic impact of coronavirus will be worst in the UK’s beauty spots including the Lake District, Cornwall, and Yorkshire. A study has found that people living in areas that rely on tourism are at a higher risk of losing their jobs.
Shops are preparing to roll up the shutters for the first time in over a month. The British Retail Consortium (BRC) has proposed new rules (paywall) to keep shoppers and staff safe. They’re similar to the measures we’re familiar with in supermarkets: markers on the floor, extra screens, and a limit on the number of people allowed in. Homebase was open for business from Saturday, and John Lewis has said some of its stores will be open by mid May.
","url":"https://multiply.ghost.io/pick-for-britain/","uuid":"a08d9887-b1af-49f4-b151-ba1433c7b66e","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5ea697fcb4b5540039b68098"}},{"node":{"id":"Ghost__Post__5ea2a86f52a471003840c5e3","title":"How low will confidence go?","slug":"how-low-will-confidence-go","featured":false,"feature_image":"https://images.unsplash.com/photo-1515165359388-5309c518b140?ixlib=rb-1.2.1&q=80&fm=jpg&crop=entropy&cs=tinysrgb&w=2000&fit=max&ixid=eyJhcHBfaWQiOjExNzczfQ","excerpt":"The latest figures show consumer confidence has taken a hit in April, falling to minus 34.","custom_excerpt":"The latest figures show consumer confidence has taken a hit in April, falling to minus 34.","created_at_pretty":"24 April, 2020","published_at_pretty":"24 April, 2020","updated_at_pretty":"24 April, 2020","created_at":"2020-04-24T08:50:55.000+00:00","published_at":"2020-04-24T08:52:19.000+00:00","updated_at":"2020-04-24T08:52:19.000+00:00","meta_title":null,"meta_description":null,"og_description":null,"og_image":null,"og_title":null,"twitter_description":null,"twitter_image":null,"twitter_title":null,"authors":[{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null}],"primary_author":{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null},"primary_tag":null,"tags":[{"name":"#feed","slug":"hash-feed","description":null,"feature_image":null,"meta_description":null,"meta_title":null,"visibility":"internal"},{"name":"multiply-minute","slug":"multiply-minute","description":"The 1-minute read to get the money news you need with expert adviser commentary","feature_image":null,"meta_description":null,"meta_title":null,"visibility":"public"}],"plaintext":"Get straight to the good stuff every day with the Multiply Minute; a\nlightning-quick round-up of the money news and how it affects you.\n\nConsumer confidence is low\nThe latest figures show consumer confidence has taken a hit in April, falling\nto\nminus 34\n[https://www.cityam.com/consumer-confidence-teeters-on-brink-of-record-low-during-coronavirus-lockdown/]\n. The index measures the general economic situation and how we’re all feeling\nabout it, and it’s showing we’re not far off the record low of 2008. However,\nthere are also signs we’re adjusting to life under lockdown; confidence hasn’t\nfallen any further since it was last measured on 6th April.\n\nGuaranteed loans for small businesses?\nSmall and medium sized businesses are struggling to get access to emergency\ncredit promised by the government to help them ride out the pandemic. The\ngovernment is considering making it possible for small firms to get risk-free\nloans of up to £25,000 [https://www.bbc.co.uk/news/business-52408765] that are\n100% backed by the government. The chancellor is expected to announce the\ndetails next week.\n\nNo rent arrears\nCommercial landlords have been banned from demanding rent arrears\n[https://www.theguardian.com/business/2020/apr/23/commercial-property-landlords-banned-from-demanding-rent-arrears]\n. The move is designed to protect shops and other businesses which have been\nforced to close and aren’t taking any income. The ban is in place until 30th\nJune, and should help to make sure our favourite high street haunts are waiting\nfor us when lockdown is lifted.","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 latest figures show consumer confidence has taken a hit in April, falling to minus 34. The index measures the general economic situation and how we’re all feeling about it, and it’s showing we’re not far off the record low of 2008. However, there are also signs we’re adjusting to life under lockdown; confidence hasn’t fallen any further since it was last measured on 6th April.
Small and medium sized businesses are struggling to get access to emergency credit promised by the government to help them ride out the pandemic. The government is considering making it possible for small firms to get risk-free loans of up to £25,000 that are 100% backed by the government. The chancellor is expected to announce the details next week.
Commercial landlords have been banned from demanding rent arrears. The move is designed to protect shops and other businesses which have been forced to close and aren’t taking any income. The ban is in place until 30th June, and should help to make sure our favourite high street haunts are waiting for us when lockdown is lifted.
","url":"https://multiply.ghost.io/how-low-will-confidence-go/","uuid":"e30c67f1-4b25-44d7-bd10-0924e365274d","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5ea2a86f52a471003840c5e3"}},{"node":{"id":"Ghost__Post__5ea152f37cad6e00380c1952","title":"Mortgages back on the market","slug":"mortgages-back-on-the-market","featured":false,"feature_image":"https://images.unsplash.com/photo-1464316325666-63beaf639dbb?ixlib=rb-1.2.1&q=80&fm=jpg&crop=entropy&cs=tinysrgb&w=2000&fit=max&ixid=eyJhcHBfaWQiOjExNzczfQ","excerpt":"Big lenders like Nationwide, Halifax, and Santander have lifted mortgage restrictions, making it easier for first-time buyers to get approved.","custom_excerpt":"Big lenders like Nationwide, Halifax, and Santander have lifted mortgage restrictions, making it easier for first-time buyers to get approved.","created_at_pretty":"23 April, 2020","published_at_pretty":"23 April, 2020","updated_at_pretty":"23 April, 2020","created_at":"2020-04-23T08:33:55.000+00:00","published_at":"2020-04-23T08:58:34.000+00:00","updated_at":"2020-04-23T09:32:52.000+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 deals return\nBig lenders like Nationwide, Halifax, and Santander have lifted mortgage\nrestrictions [https://www.bbc.co.uk/news/business-52390860], making it easier\nfor first-time buyers to get approved. Since the start of lockdown, only buyers\nwith very large deposits have been able to get a mortgage. But now lenders are\nadapting to the new normal, opening their doors again to people with a 15% or\n20% deposit.\n\nRyanair rejects distancing rules\nThe airline has threatened not to take off\n[https://www.cityam.com/ryanair-will-not-resume-flights-if-middle-seat-must-be-left-empty-says-michael-oleary/] \nafter lockdown is lifted. Why? It won’t fly if it’s forced to leave middle seats\nempty, and branded the social distancing rule “entirely ineffective”. Ryanair\nboss Michael O’Leary declared “either the government pays for the middle seat or\nwe won’t fly”.\n\nWe’re buying less ice cream\nConsumer giant Unilever has released its sales data\n[https://www.telegraph.co.uk/business/2020/04/23/unilever-predicts-lasting-change-consumer-behaviour/] \n(paywall) from the first few months of 2020. As you might expect, it’s seen\nshoppers spend more on pandemic essentials like soap and groceries. But the\nbiggest loser? Ice cream. Sales of the cold stuff saw the sharpest decline, with\ncustomers reluctant to stock up ahead of an uncertain summer.\n\nJust Eat snapped up\nA mainstay for millions during these socially distanced times, online food\ndelivery platform Just Eat will be acquired by European firm Takeaway.com. The\nCompetition and Markets Authority (CMA) has given a green light to the tasty\n£6.2 billion deal\n[https://www.cityam.com/cma-clears-6-2bn-just-eat-takeaway-merger/]. It’s\nsatisfied the merger won’t cause any problems or price hikes for customers.","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.
Big lenders like Nationwide, Halifax, and Santander have lifted mortgage restrictions, making it easier for first-time buyers to get approved. Since the start of lockdown, only buyers with very large deposits have been able to get a mortgage. But now lenders are adapting to the new normal, opening their doors again to people with a 15% or 20% deposit.
The airline has threatened not to take off after lockdown is lifted. Why? It won’t fly if it’s forced to leave middle seats empty, and branded the social distancing rule “entirely ineffective”. Ryanair boss Michael O’Leary declared “either the government pays for the middle seat or we won’t fly”.
Consumer giant Unilever has released its sales data (paywall) from the first few months of 2020. As you might expect, it’s seen shoppers spend more on pandemic essentials like soap and groceries. But the biggest loser? Ice cream. Sales of the cold stuff saw the sharpest decline, with customers reluctant to stock up ahead of an uncertain summer.
A mainstay for millions during these socially distanced times, online food delivery platform Just Eat will be acquired by European firm Takeaway.com. The Competition and Markets Authority (CMA) has given a green light to the tasty £6.2 billion deal. It’s satisfied the merger won’t cause any problems or price hikes for customers.
","url":"https://multiply.ghost.io/mortgages-back-on-the-market/","uuid":"33631e5a-4a8f-4bd9-bf24-b2ad4882b960","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5ea152f37cad6e00380c1952"}},{"node":{"id":"Ghost__Post__5ea00c77f35b29003821727e","title":"Airlines breaking the law","slug":"airlines-breaking-the-law","featured":false,"feature_image":"https://images.unsplash.com/photo-1529990131237-cfa5ce9517b6?ixlib=rb-1.2.1&q=80&fm=jpg&crop=entropy&cs=tinysrgb&w=2000&fit=max&ixid=eyJhcHBfaWQiOjExNzczfQ","excerpt":"Airlines and holiday companies are breaking the law by withholding refunds for cancelled flights.","custom_excerpt":"Airlines and holiday companies are breaking the law by withholding refunds for cancelled flights.","created_at_pretty":"22 April, 2020","published_at_pretty":"22 April, 2020","updated_at_pretty":"22 April, 2020","created_at":"2020-04-22T09:20:55.000+00:00","published_at":"2020-04-22T09:24:08.000+00:00","updated_at":"2020-04-22T09:24:08.000+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\nRefund rip-off\nAirlines and holiday companies are breaking the law by withholding refunds for\ncancelled flights\n[https://www.theguardian.com/business/2020/apr/22/big-uk-airlines-and-travel-firms-denying-refunds-which-coronavirus]\n. By law, companies must pay out within 14 days. But consumer group Which? has\nfound that they’re being slow to pay, or offering vouchers or credit notes\ninstead. The travel industry has estimated it owes passengers up to £7 billion\nfor cancelled trips.\n\nCheaper fuel and clothes\nInflation fell 0.2% last month\n[https://www.cityam.com/fuel-knocks-uk-inflation-rate-down-to-1-5-per-cent-in-march/] \nthanks to cheaper prices at the pumps and in clothes shops. The Consumer Price\nIndex (CPI), which measures the rate of inflation, fell to 1.5% in March.\nAnalysts say a dip in inflation was inevitable as coronavirus took its toll on\noil prices and consumer spending - and the decline is likely to continue.\n\nVirtual valuations\nHomeowners looking to switch their mortgage deal had been stumped by social\ndistancing, as lenders couldn’t get out to value properties. However, some banks\nhave now started offering virtual valuations\n[https://www.telegraph.co.uk/personal-banking/mortgages/homeowners-access-better-mortgage-offers-banks-turn-virtual/] \n(paywall) to estimate the value of the property, allowing them to offer\nremortgage deals to more people.\n\nDo-over for students?\nThe National Union of Students (NUS) says students should be allowed to repeat\nthe academic year at no cost\n[https://www.theguardian.com/education/2020/apr/22/students-should-get-a-years-refund-due-to-covid-19-crisis]\n. They’ve faced huge disruption to teaching and exams since lockdown started.\nThe NUS is also calling for a £60 million hardship fund, after a survey found\nthat 85% of members are struggling financially after losing part time jobs.","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.
Airlines and holiday companies are breaking the law by withholding refunds for cancelled flights. By law, companies must pay out within 14 days. But consumer group Which? has found that they’re being slow to pay, or offering vouchers or credit notes instead. The travel industry has estimated it owes passengers up to £7 billion for cancelled trips.
Inflation fell 0.2% last month thanks to cheaper prices at the pumps and in clothes shops. The Consumer Price Index (CPI), which measures the rate of inflation, fell to 1.5% in March. Analysts say a dip in inflation was inevitable as coronavirus took its toll on oil prices and consumer spending - and the decline is likely to continue.
Homeowners looking to switch their mortgage deal had been stumped by social distancing, as lenders couldn’t get out to value properties. However, some banks have now started offering virtual valuations (paywall) to estimate the value of the property, allowing them to offer remortgage deals to more people.
The National Union of Students (NUS) says students should be allowed to repeat the academic year at no cost. They’ve faced huge disruption to teaching and exams since lockdown started. The NUS is also calling for a £60 million hardship fund, after a survey found that 85% of members are struggling financially after losing part time jobs.
","url":"https://multiply.ghost.io/airlines-breaking-the-law/","uuid":"150f942b-38bd-48ec-bb14-8b4bb4488473","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5ea00c77f35b29003821727e"}},{"node":{"id":"Ghost__Post__5e9ebdd9d2c7dc0038558cd4","title":"Getting paid to buy oil?","slug":"getting-paid-to-buy-oil","featured":false,"feature_image":"https://images.unsplash.com/photo-1562237548-fd6c68ae356a?ixlib=rb-1.2.1&q=80&fm=jpg&crop=entropy&cs=tinysrgb&w=2000&fit=max&ixid=eyJhcHBfaWQiOjExNzczfQ","excerpt":"For the first time ever the price of oil in the US dipped below $0 yesterday.","custom_excerpt":"For the first time ever the price of oil in the US dipped below $0 yesterday.","created_at_pretty":"21 April, 2020","published_at_pretty":"21 April, 2020","updated_at_pretty":"21 April, 2020","created_at":"2020-04-21T09:33:13.000+00:00","published_at":"2020-04-21T09:43:00.000+00:00","updated_at":"2020-04-21T09:43:00.000+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 goes negative\nFor the first time ever the price of oil in the US dipped below $0 yesterday\n[https://news.sky.com/story/us-oil-price-plunges-below-zero-for-first-time-in-history-11976165]\n. How? Oil is traded on its future price, and with vanishing demand and nowhere\nto store it, traders were willing to pay people to take it off their hands. Oil\ndoes still have value (and we’ll still have to pay to fill up our cars) because\nthe price of Brent crude - the international benchmark - is still at around $25.\n\nGovernment borrows big\nThe government might need to borrow £300 billion\n[https://www.cityam.com/coronavirus-uk-government-borrowing-could-top-300bn-says-think-tank/] \nthis year to cover the cost of its coronavirus measures. The figure comes from\nthinktank the Centre for Policy Studies (CPS) and includes all recently\nannounced spending. The government will need to borrow to pay for support such\nas the job retention scheme, and to cover its own lost income as it’s expecting\nto collect £130 billion less in tax.\n\nWe're feeling less secure\nDespite the government’s efforts, people’s perceived job security has plunged\nto\nits lowest level\n[https://www.theguardian.com/business/2020/apr/20/coronavirus-rishi-sunak-furlough-support-scheme-fails-reassure-britons-uk] \nsince the nationwide survey began in 2009. The household finance index, another\nmeasure which looks at people’s overall perceptions of wellbeing, fell from 42.5\nin March to 34.9 in April.\n\nEmployment (was) up\nIn bittersweet news, the employment rate had hit an all-time high\n[https://www.bbc.co.uk/news/business-52364811] just before everyone was sent\nhome. According to the Office for National Statistics, 76.6% of people aged 16\nto 64 were in paid work in the three months leading up to February. That’s a\nrecord high.","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.
For the first time ever the price of oil in the US dipped below $0 yesterday. How? Oil is traded on its future price, and with vanishing demand and nowhere to store it, traders were willing to pay people to take it off their hands. Oil does still have value (and we’ll still have to pay to fill up our cars) because the price of Brent crude - the international benchmark - is still at around $25.
The government might need to borrow £300 billion this year to cover the cost of its coronavirus measures. The figure comes from thinktank the Centre for Policy Studies (CPS) and includes all recently announced spending. The government will need to borrow to pay for support such as the job retention scheme, and to cover its own lost income as it’s expecting to collect £130 billion less in tax.
Despite the government’s efforts, people’s perceived job security has plunged to its lowest level since the nationwide survey began in 2009. The household finance index, another measure which looks at people’s overall perceptions of wellbeing, fell from 42.5 in March to 34.9 in April.
In bittersweet news, the employment rate had hit an all-time high just before everyone was sent home. According to the Office for National Statistics, 76.6% of people aged 16 to 64 were in paid work in the three months leading up to February. That’s a record high.
","url":"https://multiply.ghost.io/getting-paid-to-buy-oil/","uuid":"feb35410-0e1e-451f-a3a7-9bab6bf19947","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5e9ebdd9d2c7dc0038558cd4"}},{"node":{"id":"Ghost__Post__5e9d6ee92e498b0037ed4dd6","title":"April payday saved","slug":"april-payday-saved","featured":false,"feature_image":"https://images.unsplash.com/photo-1529417305485-480f579e7578?ixlib=rb-1.2.1&q=80&fm=jpg&crop=entropy&cs=tinysrgb&w=2000&fit=max&ixid=eyJhcHBfaWQiOjExNzczfQ","excerpt":"As April payday approaches, bosses across the country will today be logging onto the just-launched job retention scheme.","custom_excerpt":"As April payday approaches, bosses across the country will today be logging onto the just-launched job retention scheme.","created_at_pretty":"20 April, 2020","published_at_pretty":"20 April, 2020","updated_at_pretty":"20 April, 2020","created_at":"2020-04-20T09:44:09.000+00:00","published_at":"2020-04-20T09:46:57.000+00:00","updated_at":"2020-04-20T09:46:57.000+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\nFurlough scheme goes live\nAs April payday approaches, bosses across the country will today be logging onto\nthe just-launched job retention scheme\n[https://www.bbc.co.uk/news/business-52346685]. Their mission? To apply for\ngrants to cover up to 80% of the wages of their furloughed employees. The\ngovernment has said the system can process 450,000 applications an hour and\npromised that businesses will get the money within six working days of applying.\n\n£1.3 billion for startups\nThe government has unveiled a new rescue package\n[https://www.bbc.co.uk/news/business-52348409] worth £1.3 billion. It’s designed\nto help young companies that aren’t eligible for the existing loan scheme\nbecause they don’t turn a profit yet. Startups must have raised £250,000\nprivately in the last five years to be eligible for the cash, and they’ll have\nto match money the government puts in with further private investment.\n\n520,000 home sales abandoned\nProperty transactions in the UK will slump by 38% in 2020\n[https://www.theguardian.com/business/2020/apr/20/coronavirus-outbreak-will-halt-520000-uk-house-sales-in-2020]\n, with over half a million would-be sellers having to postpone their plans.\nProperty firm Knight Frank has warned that the freeze on moving house will have\na ripple effect on the rest of the industry, including estate agents, removals\ncompanies, and retailers.\n\nStamp duty holiday?\nAmid the property slump, there are growing calls to have a stamp duty holiday\n[https://www.cityam.com/coronavirus-knight-frank-and-rightmove-call-for-stamp-duty-holiday-to-reignite-market/] \nafter the lockdown has lifted to jumpstart the market. Rightmove, Knight Frank,\nand the Royal Institute of Chartered Surveyors have all backed a break from the\ntax, which would save most buyers a big chunk of money.","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 April payday approaches, bosses across the country will today be logging onto the just-launched job retention scheme. Their mission? To apply for grants to cover up to 80% of the wages of their furloughed employees. The government has said the system can process 450,000 applications an hour and promised that businesses will get the money within six working days of applying.
The government has unveiled a new rescue package worth £1.3 billion. It’s designed to help young companies that aren’t eligible for the existing loan scheme because they don’t turn a profit yet. Startups must have raised £250,000 privately in the last five years to be eligible for the cash, and they’ll have to match money the government puts in with further private investment.
Property transactions in the UK will slump by 38% in 2020, with over half a million would-be sellers having to postpone their plans. Property firm Knight Frank has warned that the freeze on moving house will have a ripple effect on the rest of the industry, including estate agents, removals companies, and retailers.
Amid the property slump, there are growing calls to have a stamp duty holiday after the lockdown has lifted to jumpstart the market. Rightmove, Knight Frank, and the Royal Institute of Chartered Surveyors have all backed a break from the tax, which would save most buyers a big chunk of money.
","url":"https://multiply.ghost.io/april-payday-saved/","uuid":"06cf8dfd-7f2f-4d7c-8bc2-6ab90662a76c","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5e9d6ee92e498b0037ed4dd6"}},{"node":{"id":"Ghost__Post__5e996ab92093d20038584d13","title":"China’s first downturn","slug":"chinas-first-downturn","featured":false,"feature_image":"https://multiply.ghost.io/content/images/2020/04/benjamin-patin-vvTsaoFbBbo-unsplash.jpg","excerpt":"China has experienced its first quarterly economic downturn since it started recording the data in 1992.","custom_excerpt":"China has experienced its first quarterly economic downturn since it started recording the data in 1992.","created_at_pretty":"17 April, 2020","published_at_pretty":"17 April, 2020","updated_at_pretty":"17 April, 2020","created_at":"2020-04-17T08:37:13.000+00:00","published_at":"2020-04-17T08:50:44.000+00:00","updated_at":"2020-04-17T08:50:44.000+00:00","meta_title":null,"meta_description":null,"og_description":null,"og_image":null,"og_title":null,"twitter_description":null,"twitter_image":null,"twitter_title":null,"authors":[{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null}],"primary_author":{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null},"primary_tag":null,"tags":[{"name":"#feed","slug":"hash-feed","description":null,"feature_image":null,"meta_description":null,"meta_title":null,"visibility":"internal"},{"name":"multiply-minute","slug":"multiply-minute","description":"The 1-minute read to get the money news you need with expert adviser commentary","feature_image":null,"meta_description":null,"meta_title":null,"visibility":"public"}],"plaintext":"Get straight to the good stuff every day with the Multiply Minute; a\nlightning-quick round-up of the money news and how it affects you.\n\nChina’s economy shrinks\nChina has experienced its first quarterly economic downturn since it started\nrecording the data in 1992. The first three months of the year saw its GDP fall\nby 6.8% [https://www.bbc.co.uk/news/business-52319936] after the country ground\nto a halt under lockdown. China has the second-biggest economy in the world and,\nbecause it makes and buys so much stuff, its economic fortunes have a huge\nimpact on the rest of the world.\n\nUS to open up\nOn the other side of the world, the US is tentatively planning to reopen parts\nof its economy\n[https://www.cityam.com/ftse-100-jumps-despite-dire-china-data-on-hopes-of-us-reopening/]\n. Yesterday, President Trump announced that individual states would be in charge\nof deciding when to lift measures. Stock markets in the UK and the rest of\nEurope have surged today at the news, in spite of the data from China.\n\nTake a break\nPeople struggling to keep up with payday loans, car finance, and pawn shop\nborrowing will be able to take a holiday from making repayments\n[https://www.bbc.co.uk/news/business-52321723]. The Financial Conduct Authority\n(FCA) will spend the next week consulting with firms, and the measures should\ncome into effect by the end of April.\n\nPensions warning\nOver-55s risk damaging their future financial security by using their pension\nfreedoms to access their retirement savings. Many are turning to savings to\ncover living costs during the downturn. But the Association of British Insurers\n(ABI)warned against making snap decisions\n[https://news.sky.com/story/coronavirus-accessing-pension-pots-now-could-damage-your-future-over-55s-warned-11974338] \nto withdraw pension savings, as values of investments are likely to have fallen\nrecently.","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.
China has experienced its first quarterly economic downturn since it started recording the data in 1992. The first three months of the year saw its GDP fall by 6.8% after the country ground to a halt under lockdown. China has the second-biggest economy in the world and, because it makes and buys so much stuff, its economic fortunes have a huge impact on the rest of the world.
On the other side of the world, the US is tentatively planning to reopen parts of its economy. Yesterday, President Trump announced that individual states would be in charge of deciding when to lift measures. Stock markets in the UK and the rest of Europe have surged today at the news, in spite of the data from China.
People struggling to keep up with payday loans, car finance, and pawn shop borrowing will be able to take a holiday from making repayments. The Financial Conduct Authority (FCA) will spend the next week consulting with firms, and the measures should come into effect by the end of April.
Over-55s risk damaging their future financial security by using their pension freedoms to access their retirement savings. Many are turning to savings to cover living costs during the downturn. But the Association of British Insurers (ABI)warned against making snap decisions to withdraw pension savings, as values of investments are likely to have fallen recently.
","url":"https://multiply.ghost.io/chinas-first-downturn/","uuid":"0360d30a-b82a-43f8-a378-6b51c0ec52e6","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5e996ab92093d20038584d13"}},{"node":{"id":"Ghost__Post__5e982a6e78ae7c004425623f","title":"Less shopping, more furlough","slug":"less-shopping-more-furlough","featured":false,"feature_image":"https://images.unsplash.com/photo-1584728047226-a858b28c29e3?ixlib=rb-1.2.1&q=80&fm=jpg&crop=entropy&cs=tinysrgb&w=2000&fit=max&ixid=eyJhcHBfaWQiOjExNzczfQ","excerpt":"Retail sales suffered a 27% fall in the last two weeks of March, after non-essential stores were forced to close under lockdown. ","custom_excerpt":"Retail sales suffered a 27% fall in the last two weeks of March, after non-essential stores were forced to close under lockdown. ","created_at_pretty":"16 April, 2020","published_at_pretty":"16 April, 2020","updated_at_pretty":"16 April, 2020","created_at":"2020-04-16T09:50:38.000+00:00","published_at":"2020-04-16T09:52:32.000+00:00","updated_at":"2020-04-16T09:52:32.000+00:00","meta_title":null,"meta_description":null,"og_description":null,"og_image":null,"og_title":null,"twitter_description":null,"twitter_image":null,"twitter_title":null,"authors":[{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null}],"primary_author":{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null},"primary_tag":null,"tags":[{"name":"#feed","slug":"hash-feed","description":null,"feature_image":null,"meta_description":null,"meta_title":null,"visibility":"internal"},{"name":"multiply-minute","slug":"multiply-minute","description":"The 1-minute read to get the money news you need with expert adviser commentary","feature_image":null,"meta_description":null,"meta_title":null,"visibility":"public"}],"plaintext":"Get straight to the good stuff every day with the Multiply Minute; a\nlightning-quick round-up of the money news and how it affects you.\n\nWe're shopping less\nRetail has reported a gloomy set of figures for last month. Sales suffered a\n27%\nfall\n[https://www.cityam.com/uk-retail-sales-suffer-worst-fall-in-25-years-due-to-lockdown/] \nin the last two weeks of March, after non-essential stores were forced to close\nunder lockdown. High street retailers Warehouse and Oasis have gone into\nadministration this week, and with the government expected to extend lockdown,\nthere could be more to come.\n\nMore furlough\nGood news for anyone who was between jobs when the epidemic hit: an extra\n200,000 people will now be eligible for the job retention scheme\n[https://www.telegraph.co.uk/money/consumer-affairs/200000-extra-workers-will-eligible-furlough-government-plugs/] \n(paywall). Anyone who was made redundant after the 28th February, or who started\na new job and had been paid by the 19th March, can now be furloughed with 80% of\ntheir wages paid by the government.\n\nBrexit extension?\nThe head of the International Monetary Fund has called for an extension to\ntrade\ntalks [https://www.bbc.co.uk/news/business-52304821] between the UK and EU amid\nthe economic uncertainty caused by coronavirus. Yesterday, the government\nannounced three rounds of remote negotiation with the EU. But unless a deal is\nagreed, the UK and EU will trade on World Trade Organization terms from the\nbeginning of next year.\n\nRecord breaking walk\nCaptain Tom Moore has become a fundraising icon after collecting £12 million in\ndonations for NHS charities\n[https://inews.co.uk/news/captain-tom-moore-just-giving-nhs-fundraiser-record-charity-2539792]\n. The 99 year old decided to walk 100 lengths of his garden and initially hoped\nto raise £1,000. Website JustGiving said he’s now become the biggest individual\nfundraiser ever.\n\nNowhere to store oil\nThe world couldrun out of storage for oil\n[https://www.thetimes.co.uk/edition/business/global-oil-storage-close-to-being-overwhelmed-cfhxl7mpk] \n(paywall) in the next few weeks. Why? We’re all using less of it under lockdown.\nSaudi Arabia, Russia, and other big oil producers agreed at the weekend to cut\noutput by 10% - but there’s still a massive surplus.","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.
Retail has reported a gloomy set of figures for last month. Sales suffered a 27% fall in the last two weeks of March, after non-essential stores were forced to close under lockdown. High street retailers Warehouse and Oasis have gone into administration this week, and with the government expected to extend lockdown, there could be more to come.
Good news for anyone who was between jobs when the epidemic hit: an extra 200,000 people will now be eligible for the job retention scheme (paywall). Anyone who was made redundant after the 28th February, or who started a new job and had been paid by the 19th March, can now be furloughed with 80% of their wages paid by the government.
The head of the International Monetary Fund has called for an extension to trade talks between the UK and EU amid the economic uncertainty caused by coronavirus. Yesterday, the government announced three rounds of remote negotiation with the EU. But unless a deal is agreed, the UK and EU will trade on World Trade Organization terms from the beginning of next year.
Captain Tom Moore has become a fundraising icon after collecting £12 million in donations for NHS charities. The 99 year old decided to walk 100 lengths of his garden and initially hoped to raise £1,000. Website JustGiving said he’s now become the biggest individual fundraiser ever.
The world couldrun out of storage for oil (paywall) in the next few weeks. Why? We’re all using less of it under lockdown. Saudi Arabia, Russia, and other big oil producers agreed at the weekend to cut output by 10% - but there’s still a massive surplus.
","url":"https://multiply.ghost.io/less-shopping-more-furlough/","uuid":"0d2100fc-174e-4b62-8d38-59c42daf44b3","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5e982a6e78ae7c004425623f"}},{"node":{"id":"Ghost__Post__5e96db1dcc2c7b003834f36e","title":"\"Tough times\" ahead","slug":"tough-times-ahead","featured":false,"feature_image":"https://images.unsplash.com/photo-1423666523292-b458da343f6a?ixlib=rb-1.2.1&q=80&fm=jpg&crop=entropy&cs=tinysrgb&w=2000&fit=max&ixid=eyJhcHBfaWQiOjExNzczfQ","excerpt":"A three month lockdown could see the UK economy shrink 35% by June according to the government spending watchdog.","custom_excerpt":"A three month lockdown could see the UK economy shrink 35% by June according to the government spending watchdog.","created_at_pretty":"15 April, 2020","published_at_pretty":"15 April, 2020","updated_at_pretty":"15 April, 2020","created_at":"2020-04-15T09:59:57.000+00:00","published_at":"2020-04-15T10:06:11.000+00:00","updated_at":"2020-04-15T10:06:11.000+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\nGDP drop\nA three month lockdown could see the UK economy shrink 35% by June\n[https://www.bbc.co.uk/news/business-52279871] according to the government\nspending watchdog. Chancellor Rishi Sunak talked of \"tough times\" after the\nOffice of Budget Responsibility (OBR) forecasted the deepest slump for a\ncentury. But the data also predicts we'll bounce back and see the economy grow\nagain by September. The downturn means unemployment rates could spike at 10% in\nsummer, with 3.4 million out of work.\n\nCash crisis\nOnly 2% of businesses\n[https://www.cityam.com/businesses-still-struggling-to-access-coronavirus-loan-scheme-says-bcc/] \nhave successfully accessed the government’s coronavirus business interruption\nloan scheme (CBILS) according to the British Chamber of Commerce (BCC). The BCC\nalso reported that two thirds of companies have furloughed staff under the job\nretention scheme, which is due to open for submissions next week. Why the\nconcern? Over half the companies have less than three months' cash in reserve,\nleaving them reliant on the government's help to stay afloat.\n\nWhopper shocker\nBurger King has been banned from advertising\n[https://www.bbc.co.uk/news/business-52280017] its ‘plant based’ burger as a\nvegan-friendly option. The Rebel Whopper has no meat ingredients but is cooked\nalongside meat products and isn’t actually suitable for vegans or vegetarians.","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.
A three month lockdown could see the UK economy shrink 35% by June according to the government spending watchdog. Chancellor Rishi Sunak talked of \"tough times\" after the Office of Budget Responsibility (OBR) forecasted the deepest slump for a century. But the data also predicts we'll bounce back and see the economy grow again by September. The downturn means unemployment rates could spike at 10% in summer, with 3.4 million out of work.
Only 2% of businesses have successfully accessed the government’s coronavirus business interruption loan scheme (CBILS) according to the British Chamber of Commerce (BCC). The BCC also reported that two thirds of companies have furloughed staff under the job retention scheme, which is due to open for submissions next week. Why the concern? Over half the companies have less than three months' cash in reserve, leaving them reliant on the government's help to stay afloat.
Burger King has been banned from advertising its ‘plant based’ burger as a vegan-friendly option. The Rebel Whopper has no meat ingredients but is cooked alongside meat products and isn’t actually suitable for vegans or vegetarians.
","url":"https://multiply.ghost.io/tough-times-ahead/","uuid":"2c0275df-be9b-4c54-abd1-807bef2729e3","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5e96db1dcc2c7b003834f36e"}},{"node":{"id":"Ghost__Post__5e9588bb517e9a0038c4e18b","title":"Good times for China","slug":"good-times-for-china","featured":false,"feature_image":"https://images.unsplash.com/photo-1567789884554-0b844b597180?ixlib=rb-1.2.1&q=80&fm=jpg&crop=entropy&cs=tinysrgb&w=2000&fit=max&ixid=eyJhcHBfaWQiOjExNzczfQ","excerpt":"China has reported better than expected trading figures for March as its factories come back online and shipments pick up.","custom_excerpt":"China has reported better than expected trading figures for March as its factories come back online and shipments pick up.","created_at_pretty":"14 April, 2020","published_at_pretty":"14 April, 2020","updated_at_pretty":"14 April, 2020","created_at":"2020-04-14T09:56:11.000+00:00","published_at":"2020-04-14T09:59:30.000+00:00","updated_at":"2020-04-14T09:59:30.000+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\nChina news buoys markets\nChina has reported better than expected trading figures for March as its\nfactories come back online and shipments pick up. The news has given a boost to\nstock markets\n[https://www.cityam.com/ftse-100-rises-on-chinese-trade-data-and-coronavirus-hopes/] \nacross Asia and Europe, including the FTSE 100, although share prices remain\nvolatile.\n\nScrap the triple lock?\nThe government should scrap the state pension “triple lock”\n[https://www.theguardian.com/business/2020/apr/14/scrap-triple-lock-uk-pensions-coronavirus-crisis] \npolicy which has seen pension payments rise faster than wages. The proposal from\nthe Social Market Foundation (SMF) think tank would help pay down the\nanticipated government deficit from dealing with coronavirus. It argues the\ncosts of managing the epidemic should be shared equally across generations.\n\nSoftbank falters\nThe world’s biggest investor in technology has reported its first loss in 15\nyears. Softbank has said it expects to lose $16.7bn (£13.3bn)\n[https://www.bbc.co.uk/news/business-52276514] on startups it has invested in.\nMany of its startups, such as Uber and WeWork, are struggling under lockdown\nmeasures which have called a halt to normal life.\n\n50 million wasted pints\nWhen the lockdown lifts (whenever that may be) many of us are planning to head\nstraight to the pub. But it's not just the punters who'll be wasted. 50 million\npints of beer could have turned bad by then\n[https://inews.co.uk/inews-lifestyle/food-and-drink/coronavirus-pints-beer-go-to-waste-lockdown-extended-summer-2537559]\n, according to the Campaign for Real Ale (CAMRA). It’s calling for more help for\npubs, like rent freezes and alcohol duty relief so that - once it’s safe -\neveryone’s local can open its doors again.","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.
China has reported better than expected trading figures for March as its factories come back online and shipments pick up. The news has given a boost to stock markets across Asia and Europe, including the FTSE 100, although share prices remain volatile.
The government should scrap the state pension “triple lock” policy which has seen pension payments rise faster than wages. The proposal from the Social Market Foundation (SMF) think tank would help pay down the anticipated government deficit from dealing with coronavirus. It argues the costs of managing the epidemic should be shared equally across generations.
The world’s biggest investor in technology has reported its first loss in 15 years. Softbank has said it expects to lose $16.7bn (£13.3bn) on startups it has invested in. Many of its startups, such as Uber and WeWork, are struggling under lockdown measures which have called a halt to normal life.
When the lockdown lifts (whenever that may be) many of us are planning to head straight to the pub. But it's not just the punters who'll be wasted. 50 million pints of beer could have turned bad by then, according to the Campaign for Real Ale (CAMRA). It’s calling for more help for pubs, like rent freezes and alcohol duty relief so that - once it’s safe - everyone’s local can open its doors again.
","url":"https://multiply.ghost.io/good-times-for-china/","uuid":"9068a16a-286d-459b-848d-b42dae44c5ad","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5e9588bb517e9a0038c4e18b"}},{"node":{"id":"Ghost__Post__5e8eeb781a086c004445f4d1","title":"Dividends scrapped","slug":"dividends-scrapped","featured":false,"feature_image":"https://images.unsplash.com/photo-1462899006636-339e08d1844e?ixlib=rb-1.2.1&q=80&fm=jpg&crop=entropy&cs=tinysrgb&w=2000&fit=max&ixid=eyJhcHBfaWQiOjExNzczfQ","excerpt":"45% of UK companies have decided not to pay dividends to their shareholders, scrapping £28.2 billion in payouts.","custom_excerpt":"45% of UK companies have decided not to pay dividends to their shareholders, scrapping £28.2 billion in payouts.","created_at_pretty":"09 April, 2020","published_at_pretty":"09 April, 2020","updated_at_pretty":"09 April, 2020","created_at":"2020-04-09T09:31:36.000+00:00","published_at":"2020-04-09T09:43:25.000+00:00","updated_at":"2020-04-09T09:43:25.000+00:00","meta_title":null,"meta_description":null,"og_description":null,"og_image":null,"og_title":null,"twitter_description":null,"twitter_image":null,"twitter_title":null,"authors":[{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null}],"primary_author":{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null},"primary_tag":null,"tags":[{"name":"#feed","slug":"hash-feed","description":null,"feature_image":null,"meta_description":null,"meta_title":null,"visibility":"internal"},{"name":"multiply-minute","slug":"multiply-minute","description":"The 1-minute read to get the money news you need with expert adviser commentary","feature_image":null,"meta_description":null,"meta_title":null,"visibility":"public"}],"plaintext":"Get straight to the good stuff every day with the Multiply Minute; a\nlightning-quick round-up of the money news and how it affects you.\n\nCompanies scrap dividends\n45% of UK companies have decided not to pay dividends to their shareholders, \nscrapping £28.2 billion in payouts\n[https://www.cityam.com/nearly-half-of-uk-companies-have-scrapped-dividend-payments/]\n. Why? Companies cancel dividends in order to hold onto cash, as a protective\nmove in case their profits fall.\n\nNew funds for the vulnerable\nThe government will provide £750 million extra funding\n[https://inews.co.uk/news/health/coronavirus-latest-government-announces-750m-to-support-charities-helping-people-through-covid-19-crisis-2533555] \nfor charities who are helping vulnerable people through the coronavirus\nepidemic. Charities have suffered a sharp drop in donations from the public in\nrecent weeks. Around half of the cash will go to frontline charities providing\nkey services, such as hospices, St John’s Ambulance, and children’s charities.\n\nTrade to fall\nGlobal trade volumes of goods could fall by up to a third this year\n[https://www.thetimes.co.uk/edition/business/fears-rise-for-global-economy-as-trade-volumes-face-painful-collapse-q06sdp2wz] \n(paywall) according to the World Trade Organisation (WTO). With countries across\nthe world on lockdown, we’re on course to see the lowest trading levels for\ndecades. However, WTO boss Roberto Azevêdo said we can look forward to a “rapid,\nvigorous rebound” if we keep markets open and work together.\n\nDown on the farm\nRecord numbers of people have applied for work on the UK’s fruit and veg farms.\nJob site Totaljobs said it’s seen an 83% increase in applications for\nagricultural roles [https://www.bbc.co.uk/news/business-52215606] in the past\nmonth. The influx will help to make up the shortfall for farms which usually\nrely on overseas workers who now can’t travel.","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.
45% of UK companies have decided not to pay dividends to their shareholders, scrapping £28.2 billion in payouts. Why? Companies cancel dividends in order to hold onto cash, as a protective move in case their profits fall.
The government will provide £750 million extra funding for charities who are helping vulnerable people through the coronavirus epidemic. Charities have suffered a sharp drop in donations from the public in recent weeks. Around half of the cash will go to frontline charities providing key services, such as hospices, St John’s Ambulance, and children’s charities.
Global trade volumes of goods could fall by up to a third this year (paywall) according to the World Trade Organisation (WTO). With countries across the world on lockdown, we’re on course to see the lowest trading levels for decades. However, WTO boss Roberto Azevêdo said we can look forward to a “rapid, vigorous rebound” if we keep markets open and work together.
Record numbers of people have applied for work on the UK’s fruit and veg farms. Job site Totaljobs said it’s seen an 83% increase in applications for agricultural roles in the past month. The influx will help to make up the shortfall for farms which usually rely on overseas workers who now can’t travel.
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