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, which pays businesses a grant to cover 80% of workers' wages, might cost more than expected. Analysis by think tank the Resolution Foundation found that up to 11 million people could be “furloughed”. That would cost the treasury £30 to £40 billion over three months - roughly what we spend in a year on funding the police.
Tesco saw its sales surge by almost a third (paywall) during the early days of the coronavirus outbreak, as shoppers rushed to stock up. The supermarket said it’s taken on 45,000 extra staff in recent weeks to cope with demand and cover staff who are off sick.
Just 2,000 companies have managed to get their hands on a loan through the government’s coronavirus business interruption loan scheme (CBILS). So far, banks have received 52,710 phone enquiries and 256,483 online enquiries from businesses needing loans. Why the hold up? Companies say they’re having to jump through too many hoops - so the scheme was overhauled on Thursday to try and make it easier. Time will tell if it works.
Lenders are offering interest freezes and payment holidays to try and help customers who are finding their car finance unaffordable. They want to try and avoid people needing to hand back their cars. Nine out of 10 new cars are paid for using finance, so the car market relies on customers being able to make repayments.
","url":"https://multiply.ghost.io/40-billion-furlough-bill/","uuid":"9666943a-bc74-4834-b064-1b23fc838a7d","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5e8d9e3a962d25003855213b"}},{"node":{"id":"Ghost__Post__5e8c3bc6962d2500385520c7","title":"Prime Minister in ICU","slug":"prime-minister-in-icu","featured":false,"feature_image":"https://multiply.ghost.io/content/images/2020/04/boris-johnson.jpg","excerpt":"The value of the pound plummeted in response to the news that Boris Johnson was moved to an intensive care unit yesterday evening.","custom_excerpt":"The value of the pound plummeted in response to the news that Boris Johnson was moved to an intensive care unit yesterday evening.","created_at_pretty":"07 April, 2020","published_at_pretty":"07 April, 2020","updated_at_pretty":"07 April, 2020","created_at":"2020-04-07T08:37:26.000+00:00","published_at":"2020-04-07T08:39:45.000+00:00","updated_at":"2020-04-07T08:39:45.000+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\nPound reacts to PM's condition\nThe value of the pound plummeted in response to the news that Boris Johnson was \nmoved to an intensive care unit\n[https://www.cityam.com/pound-plunges-after-boris-johnson-admitted-to-intensive-care/] \nyesterday evening with worsening coronavirus symptoms. Foreign secretary Dominic\nRaab is deputising “where necessary”.\n\n£1 petrol\nPrices at the pumps are falling steeply after wholesale oil prices slumped last\nmonth. At the same time, people are driving less under lockdown so we’re using\n75% less petrol and 71% less diesel than usual. In some places, fuel prices\nalready dipped below £1 per litre [https://www.bbc.co.uk/news/business-52188448]\n, for the first time since 2016.\n\n5G ramps up security\nMobile networks are spending on extra security\n[https://inews.co.uk/news/5g-coronavirus-conspiracy-theory-mobile-phone-networks-security-attacks-masts-02-ee-three-2531262] \nto protect their workers from a spate of attacks from anti-5G conspiracy\ntheorists. Phone masts in Belfast, Birmingham, and Merseyside were set on fire\nover the weekend after false claims spread online that coronavirus is linked to\nthe new 5G networks.","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 value of the pound plummeted in response to the news that Boris Johnson was moved to an intensive care unit yesterday evening with worsening coronavirus symptoms. Foreign secretary Dominic Raab is deputising “where necessary”.
Prices at the pumps are falling steeply after wholesale oil prices slumped last month. At the same time, people are driving less under lockdown so we’re using 75% less petrol and 71% less diesel than usual. In some places, fuel prices already dipped below £1 per litre, for the first time since 2016.
Mobile networks are spending on extra security to protect their workers from a spate of attacks from anti-5G conspiracy theorists. Phone masts in Belfast, Birmingham, and Merseyside were set on fire over the weekend after false claims spread online that coronavirus is linked to the new 5G networks.
","url":"https://multiply.ghost.io/prime-minister-in-icu/","uuid":"c820984f-e0f3-41fe-964f-18e404ae6f7d","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5e8c3bc6962d2500385520c7"}},{"node":{"id":"Ghost__Post__5e8af857962d2500385520af","title":"Under 25s most affected","slug":"under-25s-most-affected","featured":false,"feature_image":"https://images.unsplash.com/photo-1557952138-db779780cd54?ixlib=rb-1.2.1&q=80&fm=jpg&crop=entropy&cs=tinysrgb&w=2000&fit=max&ixid=eyJhcHBfaWQiOjExNzczfQ","excerpt":"The financial fallout of coronavirus will have the biggest impact on the under 25s, women, and people on low incomes. ","custom_excerpt":"The financial fallout of coronavirus will have the biggest impact on the under 25s, women, and people on low incomes. ","created_at_pretty":"06 April, 2020","published_at_pretty":"06 April, 2020","updated_at_pretty":"06 April, 2020","created_at":"2020-04-06T09:37:27.000+00:00","published_at":"2020-04-06T09:39:21.000+00:00","updated_at":"2020-04-06T09:39:21.000+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\nYoung people hit worst\nThe financial fallout of coronavirus will have the biggest impact\n[https://www.bbc.co.uk/news/business-52176666] on the under 25s, women, and\npeople on low incomes. New research from the think tank the Institute for Fiscal\nStudies (IFS) shows that they’re more likely to work in hard pressed sectors\nsuch as hospitality and retail. IFS boss Paul Johnson also said it will also be\na tough jobs market for young grads coming out of school and university this\nyear.\n\nHousing market deep freeze\nThe property market will be put on ice for much of 2020\n[https://www.theguardian.com/business/2020/apr/06/house-prices-will-not-fall-far-despite-lockdown-says-study] \nas house sales plummet from 1,175,000 last year to just 734,000 this year. The\nprediction by property firm Knight Frank also suggests prices will take a 3% hit\nin 2020, assuming that the economy shrinks by 4%. The forecast then sees\nproperty prices recover and grow by 5% next year.\n\nDo you even lift?\nOnline transactions are up 170% in an online shopping boom\n[https://www.cityam.com/playstations-and-yoga-mats-online-shopping-surges-amid-uk-lockdown/] \nthat’s seen Brits spend 20% more than usual. Our top priorities? Fitness and\nfun. Free weight sales are up 270% and we’re buying five times more video games\nconsoles than last year.\n\nHorses do their bit for NHS\nA simulated version of the Grand National attracted 5 million TV viewers\n[https://inews.co.uk/sport/horse-racing/virtual-grand-national-attracts-5-million-viewers-nhs-coronavirus-fight-2529940] \nover the weekend, after the real event was cancelled. The coverage used an\nalgorithmic model that runs every year. 18-1 shot Potters Corner crossed the\nvirtual line first, with favourite Tiger Roll coming in fourth. Bookies donated\nall the £2.6 million profits to the NHS.","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 financial fallout of coronavirus will have the biggest impact on the under 25s, women, and people on low incomes. New research from the think tank the Institute for Fiscal Studies (IFS) shows that they’re more likely to work in hard pressed sectors such as hospitality and retail. IFS boss Paul Johnson also said it will also be a tough jobs market for young grads coming out of school and university this year.
The property market will be put on ice for much of 2020 as house sales plummet from 1,175,000 last year to just 734,000 this year. The prediction by property firm Knight Frank also suggests prices will take a 3% hit in 2020, assuming that the economy shrinks by 4%. The forecast then sees property prices recover and grow by 5% next year.
Online transactions are up 170% in an online shopping boom that’s seen Brits spend 20% more than usual. Our top priorities? Fitness and fun. Free weight sales are up 270% and we’re buying five times more video games consoles than last year.
A simulated version of the Grand National attracted 5 million TV viewers over the weekend, after the real event was cancelled. The coverage used an algorithmic model that runs every year. 18-1 shot Potters Corner crossed the virtual line first, with favourite Tiger Roll coming in fourth. Bookies donated all the £2.6 million profits to the NHS.
","url":"https://multiply.ghost.io/under-25s-most-affected/","uuid":"91f9acaf-162e-4ad3-9e34-9cde2ecbfc87","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5e8af857962d2500385520af"}},{"node":{"id":"Ghost__Post__5e8708195efef4003764fb84","title":"Worst month ever for retail","slug":"worst-month-ever-for-retail","featured":false,"feature_image":"https://images.unsplash.com/photo-1481437156560-3205f6a55735?ixlib=rb-1.2.1&q=80&fm=jpg&crop=entropy&cs=tinysrgb&w=2000&fit=max&ixid=eyJhcHBfaWQiOjExNzczfQ","excerpt":"UK retail sales had their worst month on record in March, as shoppers ditched fashion and lifestyle goods in favour of buying up the essentials.","custom_excerpt":"UK retail sales had their worst month on record in March, as shoppers ditched fashion and lifestyle goods in favour of buying up the essentials.","created_at_pretty":"03 April, 2020","published_at_pretty":"03 April, 2020","updated_at_pretty":"03 April, 2020","created_at":"2020-04-03T09:55:37.000+00:00","published_at":"2020-04-03T09:58:19.000+00:00","updated_at":"2020-04-03T09:58:19.000+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\nShopping goes out of style\nUK retail sales had their worst month on record\n[https://www.cityam.com/uk-retail-sales-coronavirus-triggers-worst-month-on-record/] \nin March, as shoppers ditched fashion and lifestyle goods in favour of buying up\nthe essentials. Bricks and mortar stores suffered under lockdown with a dip of\n34.1%, and online trade failed to make up the difference. By contrast, March was\nthe best month on record\n[https://news.sky.com/story/coronavirus-1-9bn-grocery-stockpiling-spree-ahead-of-lockdown-11966036] \nfor UK supermarkets.\n\nEmpty buses\nThe government has stepped in to cover costs for bus services that are\nstruggling to make ends meet. Bus companies saw passenger numbers drop following\nthe official advice to stay at home, and cut services as a result. The £167\nmillion government bailout [https://www.bbc.co.uk/news/business-52122342] will\nkeep essential routes running so that key workers can get to work.\n\nOil price rebounds\nThe price of oil has bounced\n[https://www.theguardian.com/business/2020/apr/02/oil-price-rebounds-on-hopes-saudi-arabia-and-russia-will-reach-deal] \nat the news of a possible truce between Russia and Saudi Arabia. The two\ncountries are huge oil producers and have been locked in a price war that\ntriggered the fastest oil market collapse in decades. Prices are now around $30\na barrel, back up from an 18-year low of $23 a barrel earlier this week.\n\nGaming and streaming boom\nWorking from home under lockdown has left the average person with 15% more\nleisure time on their hands. What do we do with it? Gaming and streaming, of\ncourse. Game sales were up 63%\n[https://www.telegraph.co.uk/business/2020/04/03/lockdown-leisure-binge-fuels-gaming-streaming-boom/] \n(paywall) in the week to 22nd March, and streaming also enjoyed a 20% boost last\nmonth.","html":"Get straight to the good stuff every day with the Multiply Minute; a lightning-quick round-up of the money news and how it affects you.
UK retail sales had their worst month on record in March, as shoppers ditched fashion and lifestyle goods in favour of buying up the essentials. Bricks and mortar stores suffered under lockdown with a dip of 34.1%, and online trade failed to make up the difference. By contrast, March was the best month on record for UK supermarkets.
The government has stepped in to cover costs for bus services that are struggling to make ends meet. Bus companies saw passenger numbers drop following the official advice to stay at home, and cut services as a result. The £167 million government bailout will keep essential routes running so that key workers can get to work.
The price of oil has bounced at the news of a possible truce between Russia and Saudi Arabia. The two countries are huge oil producers and have been locked in a price war that triggered the fastest oil market collapse in decades. Prices are now around $30 a barrel, back up from an 18-year low of $23 a barrel earlier this week.
Working from home under lockdown has left the average person with 15% more leisure time on their hands. What do we do with it? Gaming and streaming, of course. Game sales were up 63% (paywall) in the week to 22nd March, and streaming also enjoyed a 20% boost last month.
","url":"https://multiply.ghost.io/worst-month-ever-for-retail/","uuid":"6ec53b07-1b86-4ae7-973b-6ad221b1086b","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5e8708195efef4003764fb84"}},{"node":{"id":"Ghost__Post__5e85b124584e9e0038dae489","title":"1 million turn to benefits","slug":"1-million-turn-to-benefits","featured":false,"feature_image":"https://multiply.ghost.io/content/images/2020/04/universal-credit.jpg","excerpt":"Almost a million people have successfully claimed for universal credit in the past fortnight. ","custom_excerpt":"Almost a million people have successfully claimed for universal credit in the past fortnight. ","created_at_pretty":"02 April, 2020","published_at_pretty":"02 April, 2020","updated_at_pretty":"02 April, 2020","created_at":"2020-04-02T09:32:20.000+00:00","published_at":"2020-04-02T09:38:03.000+00:00","updated_at":"2020-04-02T09:38:03.000+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\nUniversal credit claims\nAlmost a million people have successfully claimed for universal credit\n[https://www.bbc.co.uk/news/uk-politics-52129128] in the past fortnight. That’s\nalmost ten times more than the Department for Work and Pensions expect during a\nnormal two-week period. It said the system is still functioning despite the\nsurge in demand and its staff are working “flat out” to get people the support\nthey need.\n\nCredit card freeze\nPeople struggling with debt repayments will get a break from the bank. The\nFinancial Conduct Authority (FCA) is asking banks to freeze payments on loans\nand credit cards [https://www.bbc.co.uk/news/business-52132329] for up to three\nmonths. It also wants people to be able to use the first £500 of an existing\narranged overdraft without paying interest. The new measures should come into\nforce by Thursday 9 April.\n\nHousing market halt\nNationwide has said it will be hard to gauge house price activity over the next\nfew months, as lockdown measures prevent people buying or selling property.\nPrices rose 3% in the month before coronavirus hit, but the future of the market \nnow looks uncertain\n[https://www.cityam.com/coronavirus-uk-house-prices-growth-grinding-to-a-halt/].\nNationwide is one of the major lenders withdrawing its mortgages from the\nmarket.\n\nCompanies running out of cash\nUK businesses are at risk of going under; six in ten\n[https://www.theguardian.com/world/2020/apr/02/coronavirus-six-in-10-british-firms-have-no-more-than-three-months-of-cash-left] \nsay they have less than three months of cash left. The British Chambers of\nCommerce (BCC) warned that firms have suffered a sharp drop in income since\nlockdown started. Chancellor Rishi Sunak is set to overhaul the government’s\nemergency loan scheme\n[https://www.cityam.com/treasury-set-to-overhaul-coronavirus-loan-scheme-to-avoid-insolvencies/] \nto try and speed up bank’s lending decisions. The changes should mean that\nbusinesses can get access to cash faster.\n\nBA grounded\nBritish Airways is expected to announce that it’s suspending 36,000 employees\n[https://www.bbc.co.uk/news/business-52130021], who will be furloughed on the\ngovernment’s job retention scheme. No staff are expected to be made redundant.\nThe airline has grounded most of its fleet in the wake of travel restrictions\nand has been negotiating with the Unite union for over a week to agree the deal.","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.
Almost a million people have successfully claimed for universal credit in the past fortnight. That’s almost ten times more than the Department for Work and Pensions expect during a normal two-week period. It said the system is still functioning despite the surge in demand and its staff are working “flat out” to get people the support they need.
People struggling with debt repayments will get a break from the bank. The Financial Conduct Authority (FCA) is asking banks to freeze payments on loans and credit cards for up to three months. It also wants people to be able to use the first £500 of an existing arranged overdraft without paying interest. The new measures should come into force by Thursday 9 April.
Nationwide has said it will be hard to gauge house price activity over the next few months, as lockdown measures prevent people buying or selling property. Prices rose 3% in the month before coronavirus hit, but the future of the market now looks uncertain. Nationwide is one of the major lenders withdrawing its mortgages from the market.
UK businesses are at risk of going under; six in ten say they have less than three months of cash left. The British Chambers of Commerce (BCC) warned that firms have suffered a sharp drop in income since lockdown started. Chancellor Rishi Sunak is set to overhaul the government’s emergency loan scheme to try and speed up bank’s lending decisions. The changes should mean that businesses can get access to cash faster.
British Airways is expected to announce that it’s suspending 36,000 employees, who will be furloughed on the government’s job retention scheme. No staff are expected to be made redundant. The airline has grounded most of its fleet in the wake of travel restrictions and has been negotiating with the Unite union for over a week to agree the deal.
","url":"https://multiply.ghost.io/1-million-turn-to-benefits/","uuid":"074adc40-d3c3-408f-8599-9324e8530110","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5e85b124584e9e0038dae489"}},{"node":{"id":"Ghost__Post__5e8479368151ef0038cfa400","title":"Nationwide withdraws mortgages","slug":"nationwide-withdraws-mortgages","featured":false,"feature_image":"https://images.unsplash.com/photo-1560518883-ce09059eeffa?ixlib=rb-1.2.1&q=80&fm=jpg&crop=entropy&cs=tinysrgb&w=2000&fit=max&ixid=eyJhcHBfaWQiOjExNzczfQ","excerpt":"Nationwide has said it will temporarily limit their mortgage offering to customers with over 25% deposit, after government advice told people not to move house. ","custom_excerpt":"Nationwide has said it will temporarily limit their mortgage offering to customers with over 25% deposit, after government advice told people not to move house. ","created_at_pretty":"01 April, 2020","published_at_pretty":"01 April, 2020","updated_at_pretty":"01 April, 2020","created_at":"2020-04-01T11:21:26.000+00:00","published_at":"2020-04-01T11:27:14.000+00:00","updated_at":"2020-04-01T11:27:14.000+00:00","meta_title":null,"meta_description":null,"og_description":null,"og_image":null,"og_title":null,"twitter_description":null,"twitter_image":null,"twitter_title":null,"authors":[{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null}],"primary_author":{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null},"primary_tag":null,"tags":[{"name":"#feed","slug":"hash-feed","description":null,"feature_image":null,"meta_description":null,"meta_title":null,"visibility":"internal"},{"name":"multiply-minute","slug":"multiply-minute","description":"The 1-minute read to get the money news you need with expert adviser commentary","feature_image":null,"meta_description":null,"meta_title":null,"visibility":"public"}],"plaintext":"Get straight to the good stuff every day with the Multiply Minute; a\nlightning-quick round-up of the money news and how it affects you.\n\nNo new mortgages\nNationwide has said it will temporarily limit their mortgage offering\n[https://www.cityam.com/nationwide-pulls-sales-of-mortgages-for-small-deposit-holders/] \nto customers with over 25% deposit, after government advice told people not to\nmove house. That includes fixed and tracker rate mortgages for first-time\nbuyers, new home purchases, and remortgage deals. The UK’s second largest\nmortgage lender will instead focus on supporting its existing customers, and\nprocessing ongoing applications to get them over the line.\n\nFlight refund stress\nCustomers are struggling to claim refunds\n[https://www.bbc.co.uk/news/business-52105526] for cancelled flights, with\nairlines instead attempting to fob people off with vouchers or rebooked flights.\nIf your flight has been cancelled, you’re entitled to a full refund within seven\ndays. But EasyJet, which has grounded its entire fleet, has faced fury for only\noffering refunds over the phone and not online.\n\nHigh risk of pension scams\nPension savers could be more vulnerable to dodgy deals\n[https://www.telegraph.co.uk/pensions-retirement/news/pension-savers-face-high-risk-scams-coronavirus-crisis-regulator/] \n(paywall) as market volatility drives them to look for new homes for their\nsavings. The Pensions Regulator (TPR) might pause all final salary transfer\nactivity for three months to try and protect savers from scams. Former pensions\nminister Baroness Ros Altmann was among those calling for a pause, saying\npension valuations could be dangerously inaccurate at the moment.\n\n11 million furloughed\nOne in three workers are currently unable to do their jobs, according to new\nresearch by Bank of America. With shops, offices, factories, and building sites\nacross the country closed, over 11 million people are no longer working\n[https://www.telegraph.co.uk/business/2020/03/31/11-million-stop-working-coronavirus-puts-economy-hold/] \n(paywall). Most are thought to have been “furloughed” on the government’s job\nretention scheme.\n\nNo bankers’ bonuses?\nBanks have scrapped dividend payments to shareholders\n[https://www.bbc.co.uk/news/business-52114410], and have been urged by the Bank\nof England not to pay bonuses to their senior staff either. Banks including\nBarclays, Santander, and NatWest were due to pay out billions in dividends, but\nhave decided to hang onto the money in case they need to use it for measures to\nsupport the economy.","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.
Nationwide has said it will temporarily limit their mortgage offering to customers with over 25% deposit, after government advice told people not to move house. That includes fixed and tracker rate mortgages for first-time buyers, new home purchases, and remortgage deals. The UK’s second largest mortgage lender will instead focus on supporting its existing customers, and processing ongoing applications to get them over the line.
Customers are struggling to claim refunds for cancelled flights, with airlines instead attempting to fob people off with vouchers or rebooked flights. If your flight has been cancelled, you’re entitled to a full refund within seven days. But EasyJet, which has grounded its entire fleet, has faced fury for only offering refunds over the phone and not online.
Pension savers could be more vulnerable to dodgy deals (paywall) as market volatility drives them to look for new homes for their savings. The Pensions Regulator (TPR) might pause all final salary transfer activity for three months to try and protect savers from scams. Former pensions minister Baroness Ros Altmann was among those calling for a pause, saying pension valuations could be dangerously inaccurate at the moment.
One in three workers are currently unable to do their jobs, according to new research by Bank of America. With shops, offices, factories, and building sites across the country closed, over 11 million people are no longer working (paywall). Most are thought to have been “furloughed” on the government’s job retention scheme.
Banks have scrapped dividend payments to shareholders, and have been urged by the Bank of England not to pay bonuses to their senior staff either. Banks including Barclays, Santander, and NatWest were due to pay out billions in dividends, but have decided to hang onto the money in case they need to use it for measures to support the economy.
","url":"https://multiply.ghost.io/nationwide-withdraws-mortgages/","uuid":"d517b272-619d-406f-b664-4c632d5e8ad7","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5e8479368151ef0038cfa400"}},{"node":{"id":"Ghost__Post__5e830e513f48b10038318b30","title":"Coronavirus hits the high street","slug":"coronavirus-hits-the-high-street","featured":false,"feature_image":"https://images.unsplash.com/photo-1510238890104-d15a38f787b6?ixlib=rb-1.2.1&q=80&fm=jpg&crop=entropy&cs=tinysrgb&w=2000&fit=max&ixid=eyJhcHBfaWQiOjExNzczfQ","excerpt":"Carluccios and rent-to-own firm Brighthouse both entered administration yesterday, putting over 4,500 jobs at risk.","custom_excerpt":"Carluccios and rent-to-own firm Brighthouse both entered administration yesterday, putting over 4,500 jobs at risk.","created_at_pretty":"31 March, 2020","published_at_pretty":"31 March, 2020","updated_at_pretty":"31 March, 2020","created_at":"2020-03-31T09:33:05.000+00:00","published_at":"2020-03-31T09:39:33.000+00:00","updated_at":"2020-03-31T09:39:33.000+00:00","meta_title":null,"meta_description":null,"og_description":null,"og_image":null,"og_title":null,"twitter_description":null,"twitter_image":null,"twitter_title":null,"authors":[{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null}],"primary_author":{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null},"primary_tag":null,"tags":[{"name":"#feed","slug":"hash-feed","description":null,"feature_image":null,"meta_description":null,"meta_title":null,"visibility":"internal"},{"name":"multiply-minute","slug":"multiply-minute","description":"The 1-minute read to get the money news you need with expert adviser commentary","feature_image":null,"meta_description":null,"meta_title":null,"visibility":"public"}],"plaintext":"Get straight to the good stuff every day with the Multiply Minute; a\nlightning-quick round-up of the money news and how it affects you.\n\nCarluccios and Brighthouse collapse\nCarluccios and rent-to-own firm Brighthouse both entered administration\nyesterday [https://www.bbc.co.uk/news/business-52093585], putting over 4,500\njobs at risk. The restaurant chain was already struggling before the pandemic\nhit, but the lockdown has pushed it over the edge. Staff will be paid via the\ngovernment job retention scheme while administrators work out what happens next.\n Brighthouse customers should keep making the payments on their household items.\n\nWorld Bank warning\nThe financial shock from coronavirus will restrict China’s economic growth in\n2020 to just 2.3%\n[https://www.cityam.com/world-bank-warns-on-chinese-growth-even-as-factories-bounce-back/] \n- or just 0.1% in a worst-case scenario - according to the World Bank.\nPreviously, it was predicted to grow 6.1%. Even as Chinese factories start up\nagain and manufacturing output starts to increase, they’re being warned they\nhave a long way to go.\n\nUK deficit narrows\nThe UK’s current account deficit - the gap between what comes in from trade and\ninvestment, and what goes out - narrowed to just £5.6 billion in the last\nquarter of 2019.\n[https://uk.reuters.com/article/us-britain-gdp/uk-current-account-gap-narrows-thanks-mostly-to-gold-swings-idUKKBN21I0RJ] \nAt 1% of GDP, the deficit was the lowest it’s been since 2011, making the UK\neconomy less vulnerable. The current account deficit is separate to the budget\ndeficit, which is set to increase following the government’s promises to borrow\nto support businesses and families during the coronavirus crisis.\n\nThe big shop\nMarch was the biggest month on record\n[https://news.sky.com/story/coronavirus-1-9bn-grocery-stockpiling-spree-ahead-of-lockdown-11966036] \nfor supermarkets in the UK. Shoppers spent an extra £1.9 billion on groceries in\nthe run up to lockdown. Households made 79 million additional trips to the shops\nand spent £63 extra on average over the four weeks to 22nd March.","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.
Carluccios and rent-to-own firm Brighthouse both entered administration yesterday, putting over 4,500 jobs at risk. The restaurant chain was already struggling before the pandemic hit, but the lockdown has pushed it over the edge. Staff will be paid via the government job retention scheme while administrators work out what happens next. Brighthouse customers should keep making the payments on their household items.
The financial shock from coronavirus will restrict China’s economic growth in 2020 to just 2.3% - or just 0.1% in a worst-case scenario - according to the World Bank. Previously, it was predicted to grow 6.1%. Even as Chinese factories start up again and manufacturing output starts to increase, they’re being warned they have a long way to go.
The UK’s current account deficit - the gap between what comes in from trade and investment, and what goes out - narrowed to just £5.6 billion in the last quarter of 2019. At 1% of GDP, the deficit was the lowest it’s been since 2011, making the UK economy less vulnerable. The current account deficit is separate to the budget deficit, which is set to increase following the government’s promises to borrow to support businesses and families during the coronavirus crisis.
March was the biggest month on record for supermarkets in the UK. Shoppers spent an extra £1.9 billion on groceries in the run up to lockdown. Households made 79 million additional trips to the shops and spent £63 extra on average over the four weeks to 22nd March.
","url":"https://multiply.ghost.io/coronavirus-hits-the-high-street/","uuid":"a4aa891c-9398-4cbf-afd3-ed31f346dc5f","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5e830e513f48b10038318b30"}},{"node":{"id":"Ghost__Post__5e81bcf2454a7000386cbc14","title":"Oil price collapses","slug":"oil-price-collapses","featured":false,"feature_image":"https://images.unsplash.com/photo-1516199423456-1f1e91b06f25?ixlib=rb-1.2.1&q=80&fm=jpg&crop=entropy&cs=tinysrgb&w=2000&fit=max&ixid=eyJhcHBfaWQiOjExNzczfQ","excerpt":"The price of oil has dropped to its lowest in 18 years.","custom_excerpt":"The price of oil has dropped to its lowest in 18 years.","created_at_pretty":"30 March, 2020","published_at_pretty":"30 March, 2020","updated_at_pretty":"30 March, 2020","created_at":"2020-03-30T09:33:38.000+00:00","published_at":"2020-03-30T09:35:50.000+00:00","updated_at":"2020-03-30T09:35:50.000+00:00","meta_title":null,"meta_description":null,"og_description":null,"og_image":null,"og_title":null,"twitter_description":null,"twitter_image":null,"twitter_title":null,"authors":[{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null}],"primary_author":{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null},"primary_tag":null,"tags":[{"name":"#feed","slug":"hash-feed","description":null,"feature_image":null,"meta_description":null,"meta_title":null,"visibility":"internal"},{"name":"multiply-minute","slug":"multiply-minute","description":"The 1-minute read to get the money news you need with expert adviser commentary","feature_image":null,"meta_description":null,"meta_title":null,"visibility":"public"}],"plaintext":"Get straight to the good stuff every day with the Multiply Minute; a\nlightning-quick round-up of the money news and how it affects you.\n\nCheap oil, anyone?\nThe price of oil has dropped to its lowest in 18 years\n[https://www.bbc.co.uk/news/business-52089127]. Why? We don’t need as much of it\nat the moment, as industries are shut down and transport is stripped back to\nessential journeys. With less demand for oil, there’s also a growing concern\nthat producers could run out places to store surplus oil while they wait for\nthings to pick up again.\n\nEasyjet grounded\nIn a neat demonstration of the reason the oil price is being hammered, Easyjet\nhas announced it’s suspending all commercial flights\n[https://www.cityam.com/easyjet-grounds-all-airplanes-over-coronavirus/]. In a\nbid to cut costs and survive the pandemic, the airline has grounded its fleet\nand put its cabin crew on the government’s job retention scheme which pays 80%\nof their wages. However, it has said it will continue running rescue flights to\nbring back Brits who are stranded abroad.\n\nNHS staff return\n20,000 former NHS staff have come out of retirement\n[https://www.independent.co.uk/news/uk/politics/coronavirus-latest-retired-nhs-workers-staff-return-boris-johnson-a9433001.html] \nto help bolster health services in the fight against the coronavirus outbreak.\nThat’s on top of the 750,000 members of the public who’ve volunteered to help\nout.\n\nPlastic-free construction?\nThe construction industry generates 50,000 tonnes of plastic waste per year,\nmaking it the second-worst offender in the UK after packaging. One builder has\nlaunched a campaign to get construction to go plastic-free by 2040\n[https://www.theguardian.com/environment/2020/mar/30/builder-uk-construction-industry-plastic-waste]\n. His strategy? Petition large pension fund providers, which provide finance to\nthe building trade, to adopt his plastic-free charter.","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 price of oil has dropped to its lowest in 18 years. Why? We don’t need as much of it at the moment, as industries are shut down and transport is stripped back to essential journeys. With less demand for oil, there’s also a growing concern that producers could run out places to store surplus oil while they wait for things to pick up again.
In a neat demonstration of the reason the oil price is being hammered, Easyjet has announced it’s suspending all commercial flights. In a bid to cut costs and survive the pandemic, the airline has grounded its fleet and put its cabin crew on the government’s job retention scheme which pays 80% of their wages. However, it has said it will continue running rescue flights to bring back Brits who are stranded abroad.
20,000 former NHS staff have come out of retirement to help bolster health services in the fight against the coronavirus outbreak. That’s on top of the 750,000 members of the public who’ve volunteered to help out.
The construction industry generates 50,000 tonnes of plastic waste per year, making it the second-worst offender in the UK after packaging. One builder has launched a campaign to get construction to go plastic-free by 2040. His strategy? Petition large pension fund providers, which provide finance to the building trade, to adopt his plastic-free charter.
","url":"https://multiply.ghost.io/oil-price-collapses/","uuid":"3158f11e-cd34-4615-a13d-f1e9a9e11880","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5e81bcf2454a7000386cbc14"}},{"node":{"id":"Ghost__Post__5e7dd9cb351d5c00442efe4f","title":"Government to pay self-employed","slug":"government-to-pay-self-employed","featured":false,"feature_image":"https://images.unsplash.com/photo-1441471349424-351990746ff4?ixlib=rb-1.2.1&q=80&fm=jpg&crop=entropy&cs=tinysrgb&w=2000&fit=max&ixid=eyJhcHBfaWQiOjExNzczfQ","excerpt":"Yesterday Chancellor Rishi Sunak announced that self-employed people can get a grant worth 80% of their profits, up to £2,500 a month.","custom_excerpt":"Yesterday Chancellor Rishi Sunak announced that self-employed people can get a grant worth 80% of their profits, up to £2,500 a month.","created_at_pretty":"27 March, 2020","published_at_pretty":"27 March, 2020","updated_at_pretty":"27 March, 2020","created_at":"2020-03-27T10:47:39.000+00:00","published_at":"2020-03-27T10:50:02.000+00:00","updated_at":"2020-03-27T10:50:02.000+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\nHelp for the self-employed\nYesterday Chancellor Rishi Sunak announced that self-employed people can get a \ngrant worth 80% of their profits [https://www.bbc.co.uk/news/business-52052123],\nup to £2,500 a month. It's open to anyone who earns over half of their income\nfrom self-employment, has profits of up to £50,000 a year, and filed a return\nfor the 2018-19 tax year. Those eligible will be contacted by HMRC, and the\ngrant will be paid from the start of June.\n\n“Don’t move house”\nThe government has paralysed the housing market with an instruction to wannabe\nhome buyers and sellers that they should put their plans on hold\n[https://news.sky.com/story/coronavirus-britons-told-not-to-move-house-in-another-blow-to-uk-property-market-11964301]\n. Technically, you are allowed to sell your home but you can’t let anyone view\nit. The order has caused confusion; some banks are suspending all new mortgage\napplications while others have extended offers to give people more time to\ncomplete.\n\nG20 pledges\nBoris Johnson has pledged £210 million\n[https://www.cityam.com/uk-becomes-biggest-donor-to-coronavirus-vaccine/] to\nhelp find a vaccine for coronavirus, making the UK the single biggest donor to\nthe research effort. In a 20-way video conference between the leaders of the\nworld’s richest countries, the Prime Minister also promised millions for testing\nand treatments.\n\nMore term-time holidays\nMore parents than ever are taking their children out of lessons for cheaper\nterm-time family holidays, instead of going during school breaks. Parents get\nslapped with a £60 fine if their kids skip school. Data shows 333,400 fines\nwere\nissued last year\n[https://www.thetimes.co.uk/edition/news/fines-failing-to-stop-term-time-holidays-d2zmswnlj] \n(paywall) up from just 25,000 a decade ago.","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.
Yesterday Chancellor Rishi Sunak announced that self-employed people can get a grant worth 80% of their profits, up to £2,500 a month. It's open to anyone who earns over half of their income from self-employment, has profits of up to £50,000 a year, and filed a return for the 2018-19 tax year. Those eligible will be contacted by HMRC, and the grant will be paid from the start of June.
The government has paralysed the housing market with an instruction to wannabe home buyers and sellers that they should put their plans on hold. Technically, you are allowed to sell your home but you can’t let anyone view it. The order has caused confusion; some banks are suspending all new mortgage applications while others have extended offers to give people more time to complete.
Boris Johnson has pledged £210 million to help find a vaccine for coronavirus, making the UK the single biggest donor to the research effort. In a 20-way video conference between the leaders of the world’s richest countries, the Prime Minister also promised millions for testing and treatments.
More parents than ever are taking their children out of lessons for cheaper term-time family holidays, instead of going during school breaks. Parents get slapped with a £60 fine if their kids skip school. Data shows 333,400 fines were issued last year (paywall) up from just 25,000 a decade ago.
","url":"https://multiply.ghost.io/government-to-pay-self-employed/","uuid":"b43e890c-53aa-457d-8065-20fe4252ecd3","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5e7dd9cb351d5c00442efe4f"}},{"node":{"id":"Ghost__Post__5e7c9446316a050044fd2410","title":"Universal Credit systems swamped","slug":"untitled-12","featured":false,"feature_image":"https://images.unsplash.com/photo-1486312338219-ce68d2c6f44d?ixlib=rb-1.2.1&q=80&fm=jpg&crop=entropy&cs=tinysrgb&w=2000&fit=max&ixid=eyJhcHBfaWQiOjExNzczfQ","excerpt":"The Department for Work and Pensions (DWP) says almost 500,000 people have applied for Universal Credit in the last nine days.","custom_excerpt":"The Department for Work and Pensions (DWP) says almost 500,000 people have applied for Universal Credit in the last nine days.","created_at_pretty":"26 March, 2020","published_at_pretty":"26 March, 2020","updated_at_pretty":"26 March, 2020","created_at":"2020-03-26T11:38:46.000+00:00","published_at":"2020-03-26T12:56:04.000+00:00","updated_at":"2020-03-26T12:56:04.000+00:00","meta_title":null,"meta_description":null,"og_description":null,"og_image":null,"og_title":null,"twitter_description":null,"twitter_image":null,"twitter_title":null,"authors":[{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null}],"primary_author":{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null},"primary_tag":null,"tags":[{"name":"#feed","slug":"hash-feed","description":null,"feature_image":null,"meta_description":null,"meta_title":null,"visibility":"internal"},{"name":"multiply-minute","slug":"multiply-minute","description":"The 1-minute read to get the money news you need with expert adviser commentary","feature_image":null,"meta_description":null,"meta_title":null,"visibility":"public"}],"plaintext":"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\nClaims through the roof\nThe Department for Work and Pensions (DWP) says almost 500,000 people have\napplied\n[https://www.theguardian.com/world/2020/mar/25/almost-500000-people-in-uk-apply-for-universal-credit-in-nine-days] \nfor Universal Credit in the last nine days. Many are facing long online queues\nto access the system, and the civil service has deployed thousands of staff to\nhelp handle the surge in claims.\n\nBanks under fire\nBanks are in trouble with MPs and companies over their handling of the\ncoronavirus business interruption loan (CBIL) scheme\n[https://www.bbc.co.uk/news/business-52043896]. They’re insisting that business\nowners put up personal money and assets as collateral, meaning the bank could go\nafter those things if the business goes under. CBIL was meant to protect\ncompanies by making it lower risk for both banks and businesses, but some are\nconcerned that the banks’ requirements will put businesses off from using it.\n\nFewer homebuyers\nDemand for property is down 40%\n[https://www.cityam.com/uk-house-prices-set-to-fall-as-coronavirus-sends-purchases-plunging/] \nas people put their plans on hold, according to Zoopla. It predicts a 60% fall\nin property sales between April and June. The UK-wide lockdown has also led to\ncancelled valuations and viewings. The impact of the slowdown on house prices\nremains to be seen.\n\nMortgage holiday warning\nLenders have warned that the mortgage holiday scheme risks pushing people\nfurther into debt\n[https://www.ft.com/content/3a6b82b0-6e77-11ea-89df-41bea055720b] (paywall).\nThey’re also worried that unclear advice could lead some customers to simply\ncancel their Direct Debit, rather than getting in touch with the bank. Many\nmortgage providers are encouraging customers to continue making payments if they\npossibly can, even if they're lower.","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 Department for Work and Pensions (DWP) says almost 500,000 people have applied for Universal Credit in the last nine days. Many are facing long online queues to access the system, and the civil service has deployed thousands of staff to help handle the surge in claims.
Banks are in trouble with MPs and companies over their handling of the coronavirus business interruption loan (CBIL) scheme. They’re insisting that business owners put up personal money and assets as collateral, meaning the bank could go after those things if the business goes under. CBIL was meant to protect companies by making it lower risk for both banks and businesses, but some are concerned that the banks’ requirements will put businesses off from using it.
Demand for property is down 40% as people put their plans on hold, according to Zoopla. It predicts a 60% fall in property sales between April and June. The UK-wide lockdown has also led to cancelled valuations and viewings. The impact of the slowdown on house prices remains to be seen.
Lenders have warned that the mortgage holiday scheme risks pushing people further into debt (paywall). They’re also worried that unclear advice could lead some customers to simply cancel their Direct Debit, rather than getting in touch with the bank. Many mortgage providers are encouraging customers to continue making payments if they possibly can, even if they're lower.
","url":"https://multiply.ghost.io/untitled-12/","uuid":"5cf346d5-13ed-43f3-ba82-111236a4e082","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5e7c9446316a050044fd2410"}},{"node":{"id":"Ghost__Post__5e7b3c34be01e4003782a462","title":"Stock markets rally","slug":"stock-markets-rally","featured":false,"feature_image":"https://images.unsplash.com/photo-1526948531399-320e7e40f0ca?ixlib=rb-1.2.1&q=80&fm=jpg&crop=entropy&cs=tinysrgb&w=2000&fit=max&ixid=eyJhcHBfaWQiOjExNzczfQ","excerpt":"Global stock markets have rallied after the US announced $1.8 trillion (£1.5 trillion) in economic relief to help struggling industries.","custom_excerpt":"Global stock markets have rallied after the US announced $1.8 trillion (£1.5 trillion) in economic relief to help struggling industries.","created_at_pretty":"25 March, 2020","published_at_pretty":"25 March, 2020","updated_at_pretty":"25 March, 2020","created_at":"2020-03-25T11:10:44.000+00:00","published_at":"2020-03-25T11:14:39.000+00:00","updated_at":"2020-03-25T11:14:39.000+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\nBiggest package yet\nGlobal stock markets have rallied [https://www.bbc.co.uk/news/business-52030034] \nafter the US announced $1.8 trillion (£1.5 trillion) in economic relief to help\nstruggling industries. What’s in the package? Money for American workers and\nbusinesses to help prevent mass job losses. In response, share prices across the\nworld surged on Tuesday and Wednesday morning, continuing one of the most\nvolatile months ever in the financial markets.\n\nOil prices suppress inflation\nThe Consumer Prices Index (CPI) inflation rate was just 1.7% in February\n[https://www.cityam.com/uk-inflation-rate-falls-to-1-7-per-cent-in-february/],\nslightly lower than in January. The fall was mostly down to low oil prices,\nwhich suffered at the end of February when travel restrictions came in and\nairlines started cancelling flights. Remember the oil price war between Russia\nand Saudi Arabia earlier this month? When the March numbers come out, we’re\nexpecting them to show a further drop in inflation.\n\nEvictions not banned\nLast week the government announced that tenants would be protected from eviction\nduring the coronavirus crisis. But it’s forgotten that promise while drawing up\nlegislation, which instead says that landlords must give three months' notice,\nnot two\n[https://www.telegraph.co.uk/money/consumer-affairs/renters-could-still-face-eviction-government-coronavirus-plans/] \n(paywall). There’s nothing to stop them serving eviction notices to turf out\ntenants who can’t pay.\n\nAmazon rip-offs rife\nOnline shopping platforms are failing to stop profiteers\n[https://www.theguardian.com/business/2020/mar/25/amazon-and-ebay-failing-to-stop-covid-19-profiteers-says-which] \nfrom selling in-demand items at huge markups. Amazon Marketplace and eBay both\nhave hand sanitiser, loo rolls, thermometers, and baby formula for sale at\nextortionate prices. The consumer watchdog the Competition and Markets Authority\n(CMA) has set up a task force to try and crack down on the opportunists cashing\nin on supermarket shortages.","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.
Global stock markets have rallied after the US announced $1.8 trillion (£1.5 trillion) in economic relief to help struggling industries. What’s in the package? Money for American workers and businesses to help prevent mass job losses. In response, share prices across the world surged on Tuesday and Wednesday morning, continuing one of the most volatile months ever in the financial markets.
The Consumer Prices Index (CPI) inflation rate was just 1.7% in February, slightly lower than in January. The fall was mostly down to low oil prices, which suffered at the end of February when travel restrictions came in and airlines started cancelling flights. Remember the oil price war between Russia and Saudi Arabia earlier this month? When the March numbers come out, we’re expecting them to show a further drop in inflation.
Last week the government announced that tenants would be protected from eviction during the coronavirus crisis. But it’s forgotten that promise while drawing up legislation, which instead says that landlords must give three months' notice, not two (paywall). There’s nothing to stop them serving eviction notices to turf out tenants who can’t pay.
Online shopping platforms are failing to stop profiteers from selling in-demand items at huge markups. Amazon Marketplace and eBay both have hand sanitiser, loo rolls, thermometers, and baby formula for sale at extortionate prices. The consumer watchdog the Competition and Markets Authority (CMA) has set up a task force to try and crack down on the opportunists cashing in on supermarket shortages.
","url":"https://multiply.ghost.io/stock-markets-rally/","uuid":"3ee121bb-d740-42ae-b63e-a99ca305d982","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5e7b3c34be01e4003782a462"}},{"node":{"id":"Ghost__Post__5e79e912b3970a00382ae2d2","title":"UK begins Coronavirus lockdown","slug":"uk-begins-coronavirus-lockdown","featured":false,"feature_image":"https://images.unsplash.com/photo-1553381995-2ef452cfd01c?ixlib=rb-1.2.1&q=80&fm=jpg&crop=entropy&cs=tinysrgb&w=2000&fit=max&ixid=eyJhcHBfaWQiOjExNzczfQ","excerpt":"Last night Boris Johnson told the UK public to stay home.","custom_excerpt":"Last night Boris Johnson told the UK public to stay home.","created_at_pretty":"24 March, 2020","published_at_pretty":"24 March, 2020","updated_at_pretty":"24 March, 2020","created_at":"2020-03-24T11:03:46.000+00:00","published_at":"2020-03-24T11:06:41.000+00:00","updated_at":"2020-03-24T11:06:41.000+00:00","meta_title":null,"meta_description":null,"og_description":null,"og_image":null,"og_title":null,"twitter_description":null,"twitter_image":null,"twitter_title":null,"authors":[{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null}],"primary_author":{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null},"primary_tag":null,"tags":[{"name":"#feed","slug":"hash-feed","description":null,"feature_image":null,"meta_description":null,"meta_title":null,"visibility":"internal"},{"name":"multiply-minute","slug":"multiply-minute","description":"The 1-minute read to get the money news you need with expert adviser commentary","feature_image":null,"meta_description":null,"meta_title":null,"visibility":"public"}],"plaintext":"National emergency\nLast night Boris Johnson told the UK public to stay home\n[https://www.bbc.co.uk/news/uk-52014472]. The only acceptable reasons to leave\ninclude: travelling to work if you're a key worker, shopping for essentials,\nfulfilling medical or care needs, or exercising once a day. Police can fine\nthose who don’t comply. Public gatherings of more than two people are banned,\nand shops selling non-essential goods must close immediately.\n\nEconomic life support\nThe US Federal Reserve pledged to “buy a potentially unlimited amount of\ngovernment debt\n[https://www.cityam.com/us-federal-reserve-to-backstop-300bn-of-lending-and-expand-qe/]\n” in their latest response to the coronavirus. Despite the promised stimulus,\nWall Street’s S&P 500 closed down 1.1%. US stocks have now dropped more than 30%\nfrom recent highs in one of the worst corrections in history\n[https://www.cityam.com/us-stocks-drop-despite-massive-coronavirus-stimulus-from-federal-reserve/]\n.\n\nHome time\nAll British travellers have been urged to return to the UK\n[https://news.sky.com/story/coronavirus-all-british-travellers-urged-to-return-to-the-uk-now-11962534] \nby the Foreign and Commonwealth Office. “If you are on holiday abroad the time\nto come home is now while you still can” cautioned Foreign Secretary Dominic\nRaab.\n\nDeliver-you\nAround 2.5 million people have signed up to community groups set up to help\npeople in coronavirus isolation. Within days some of them will be asked to\ndeliver food aid to those in lockdown\n[https://www.theguardian.com/world/2020/mar/24/uk-coronavirus-volunteers-to-be-asked-to-deliver-food-aid-within-days] \nfor the next three months. A makeshift supply chain made up of Councils,\nsupermarkets, members of the armed forces, and community volunteers will bring\nessential supplies to those in need.","html":"Last night Boris Johnson told the UK public to stay home. The only acceptable reasons to leave include: travelling to work if you're a key worker, shopping for essentials, fulfilling medical or care needs, or exercising once a day. Police can fine those who don’t comply. Public gatherings of more than two people are banned, and shops selling non-essential goods must close immediately.
The US Federal Reserve pledged to “buy a potentially unlimited amount of government debt” in their latest response to the coronavirus. Despite the promised stimulus, Wall Street’s S&P 500 closed down 1.1%. US stocks have now dropped more than 30% from recent highs in one of the worst corrections in history.
All British travellers have been urged to return to the UK by the Foreign and Commonwealth Office. “If you are on holiday abroad the time to come home is now while you still can” cautioned Foreign Secretary Dominic Raab.
Around 2.5 million people have signed up to community groups set up to help people in coronavirus isolation. Within days some of them will be asked to deliver food aid to those in lockdown for the next three months. A makeshift supply chain made up of Councils, supermarkets, members of the armed forces, and community volunteers will bring essential supplies to those in need.
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