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 housing market continued its buoyant rise in January, and this time the trend is country-wide. Last year saw growth in many areas of the country, but London and the south east have seen prices fall until now. Despite the strong start, some experts say this is a response to pent-up demand from last year’s uncertainty, making it hard to predict what will happen next.
Products containing cannabidiol (CBD) could be pulled from the shelves by March next year if they’re not approved by the regulator. It’s not psychoactive (so you can’t get high from it) but some people use it for conditions such as pain and insomnia. Trials have shown some products are a rip off, containing almost no CBD at all, and others contain potentially hazardous ingredients.
Marks and Spencer has appointed Alex Dimitriu as its new menswear director to help turn the department around after last year’s skinny jeans shambles, which saw a big over-order of men’s slim-fit jeans in small sizes. The error saw the department store’s revenue fall 3.7 in the third quarter of last year.
Would you take investment recommendations from an influencer? Stars of Love Island have been criticised for sponsored social media posts promoting online foreign exchange (FX) traders (paywall). They make tempting claims of helping you “quit their jobs and make money from home” through investing in currencies. But FX trading is very risky and isn’t recommended for anyone who isn’t a professional.
","url":"https://multiply.ghost.io/house-prices-bounce-everywhere/","uuid":"0c5e33bb-76d3-444a-809a-a05ad51c07c6","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5e452ba0f9528e003813cd43"}},{"node":{"id":"Ghost__Post__5e43dc5cf9528e003813cd1f","title":"Zero growth in Q4","slug":"untitled-8","featured":false,"feature_image":"https://images.unsplash.com/photo-1512295478274-8c81adbb61e7?ixlib=rb-1.2.1&q=80&fm=jpg&crop=entropy&cs=tinysrgb&w=2000&fit=max&ixid=eyJhcHBfaWQiOjExNzczfQ","excerpt":"The economy didn’t grow at all in the last few months of 2019, according to yesterday’s official report from the Office for National Statistics (ONS). ","custom_excerpt":"The economy didn’t grow at all in the last few months of 2019, according to yesterday’s official report from the Office for National Statistics (ONS). ","created_at_pretty":"12 February, 2020","published_at_pretty":"12 February, 2020","updated_at_pretty":"12 February, 2020","created_at":"2020-02-12T11:07:08.000+00:00","published_at":"2020-02-12T11:09:55.000+00:00","updated_at":"2020-02-12T11:09:55.000+00:00","meta_title":null,"meta_description":null,"og_description":null,"og_image":null,"og_title":null,"twitter_description":null,"twitter_image":null,"twitter_title":null,"authors":[{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null}],"primary_author":{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null},"primary_tag":null,"tags":[{"name":"#feed","slug":"hash-feed","description":null,"feature_image":null,"meta_description":null,"meta_title":null,"visibility":"internal"},{"name":"multiply-minute","slug":"multiply-minute","description":"The 1-minute read to get the money news you need with expert adviser commentary","feature_image":null,"meta_description":null,"meta_title":null,"visibility":"public"}],"plaintext":"Get straight to the good stuff every day with the Multiply Minute; a\nlightning-quick round-up of the money news and how it affects you.\n\nEconomy flatlined pre-election\nThe economy didn’t grow at all\n[https://uk.reuters.com/article/uk-britain-economy-gdp/uk-economy-flat-lined-in-fourth-quarter-before-post-election-bounce-idUKKBN20510I] \nin the last few months of 2019, according to yesterday’s official report from\nthe Office for National Statistics (ONS). It’s the weakest quarterly growth\nsince 2012. December’s general election provided a bit of a boost, leading to a\nlast-minute recovery by the end of the year.\n\nSpendy January\nIn brighter news, consumer spending grew by 3.9% in January\n[https://www.cityam.com/consumer-spending-bounces-in-january-but-high-street-woes-continue/] \naccording to data from Barclaycard. The spending spree followed a thriftier than\nusual Christmas period, and was largely driven by petrol prices and sales of\ntakeaways and cinema tickets.\n\nPension tax relief\nChancellor Sajid Javid is considering a change to pension tax relief rules in\nnext month’s budget, which could leave high earners worse off\n[https://www.telegraph.co.uk/money/consumer-affairs/half-million-face-double-taxation-radical-pension-tax-plan/] \n(paywall). Currently, tax relief is paid back into your pension at the same rate\nyou paid income tax. However, the changes could see everyone get 20% tax relief\ninstead, regardless of how much income tax they pay.\n\nMore complaints over high-cost loans\nThe Financial Ombudsman Service (FOS) says it dealt with a whopping 4,535\ncomplaints about high-cost loans\n[https://www.theguardian.com/money/2020/feb/12/complaints-over-new-high-cost-loans-more-than-triple] \nin the last three months of 2019. That’s over three times higher than the same\nperiod in 2018. The most common complaint? Lenders not doing checks properly,\nleaving borrowers with extra interest and charges that they can’t pay.\n\nN26 shutting up shop\nThe challenger bank has announced it’s closing all UK current accounts\n[https://www.bbc.co.uk/news/business-51463632] on 15th April. The German startup\nblames its departure on the “timing and framework” of the Brexit withdrawal\nagreement. Any customers who still have money in an N26 account on 15th April\nwill see it transferred into a holding account.","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 economy didn’t grow at all in the last few months of 2019, according to yesterday’s official report from the Office for National Statistics (ONS). It’s the weakest quarterly growth since 2012. December’s general election provided a bit of a boost, leading to a last-minute recovery by the end of the year.
In brighter news, consumer spending grew by 3.9% in January according to data from Barclaycard. The spending spree followed a thriftier than usual Christmas period, and was largely driven by petrol prices and sales of takeaways and cinema tickets.
Chancellor Sajid Javid is considering a change to pension tax relief rules in next month’s budget, which could leave high earners worse off (paywall). Currently, tax relief is paid back into your pension at the same rate you paid income tax. However, the changes could see everyone get 20% tax relief instead, regardless of how much income tax they pay.
The Financial Ombudsman Service (FOS) says it dealt with a whopping 4,535 complaints about high-cost loans in the last three months of 2019. That’s over three times higher than the same period in 2018. The most common complaint? Lenders not doing checks properly, leaving borrowers with extra interest and charges that they can’t pay.
The challenger bank has announced it’s closing all UK current accounts on 15th April. The German startup blames its departure on the “timing and framework” of the Brexit withdrawal agreement. Any customers who still have money in an N26 account on 15th April will see it transferred into a holding account.
","url":"https://multiply.ghost.io/untitled-8/","uuid":"4c1dec89-949a-4425-990c-131d20b9ced8","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5e43dc5cf9528e003813cd1f"}},{"node":{"id":"Ghost__Post__5e428ad45b310d0038b301af","title":"HS2: delayed, but running","slug":"hs2-delayed-but-running","featured":false,"feature_image":"https://images.unsplash.com/photo-1505659903052-f379347d056f?ixlib=rb-1.2.1&q=80&fm=jpg&crop=entropy&cs=tinysrgb&w=2000&fit=max&ixid=eyJhcHBfaWQiOjExNzczfQ","excerpt":"The government is set to give HS2 the green light today, approving plans for a high-speed line between London, Birmingham, Manchester, and Leeds.","custom_excerpt":"The government is set to give HS2 the green light today, approving plans for a high-speed line between London, Birmingham, Manchester, and Leeds.","created_at_pretty":"11 February, 2020","published_at_pretty":"11 February, 2020","updated_at_pretty":"11 February, 2020","created_at":"2020-02-11T11:07:00.000+00:00","published_at":"2020-02-11T11:13:49.000+00:00","updated_at":"2020-02-11T11:13:49.000+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\nGo-ahead for HS2\nThe government is set to give HS2 the green light\n[https://www.bbc.co.uk/news/business-51443421] today, approving plans for a\nhigh-speed line between London, Birmingham, Manchester, and Leeds. The\ncontroversial project, which is due to be finished by 2040, is over budget and\nbehind schedule. The project’s supporters say speedier travel times will help to\ncreate jobs and rebalance the UK's economy.\n\nValue-for-money uni courses?\nNew government plans for an Ofsted-style ranking system\n[https://www.theguardian.com/education/2020/feb/11/alarm-at-ofsted-style-plan-to-rank-universities-by-graduate-earnings] \ncould help would-be undergrads to choose where and what to study. But courses\nare expected to be judged by how much graduates earn, with courses that produce\nlow-earning grads labelled as “low quality”. Experts have warned that the plans\nwould punish arts and humanities subjects, as well as universities outside\nLondon whose graduates stay on and work locally.\n\nProperty surveyors independent?\nThe property regulator is planning a shake-up of the industry\n[https://www.thetimes.co.uk/edition/business/audit-style-crackdown-on-surveyors-3rrgndql2] \n(paywall) including stricter rules for valuers. Its concern? Possible conflicts\nof interest at big firms such as Savills, JLL, Knight Frank, and Cushman &\nWakefield. The scrutiny comes as surveyors face accusations that they might be\nslapping optimistically high price labels on retail properties.\n\nLondon’s Chinatown suffers\nAs the coronavirus outbreak takes hold, businesses in London are taking a hit.\nFootfall to shops and restaurants in the capital’s Chinatown is down by as much\nas 50%\n[https://inews.co.uk/inews-lifestyle/food-and-drink/coronavirus-chinatown-london-chinese-restaurants-affected-1411911] \nas fearful customers stay away and fewer tourists are travelling from China.","html":"Get straight to the good stuff every day with the Multiply Minute; a lightning-quick round-up of the money news and how it affects you.
The government is set to give HS2 the green light today, approving plans for a high-speed line between London, Birmingham, Manchester, and Leeds. The controversial project, which is due to be finished by 2040, is over budget and behind schedule. The project’s supporters say speedier travel times will help to create jobs and rebalance the UK's economy.
New government plans for an Ofsted-style ranking system could help would-be undergrads to choose where and what to study. But courses are expected to be judged by how much graduates earn, with courses that produce low-earning grads labelled as “low quality”. Experts have warned that the plans would punish arts and humanities subjects, as well as universities outside London whose graduates stay on and work locally.
The property regulator is planning a shake-up of the industry (paywall) including stricter rules for valuers. Its concern? Possible conflicts of interest at big firms such as Savills, JLL, Knight Frank, and Cushman & Wakefield. The scrutiny comes as surveyors face accusations that they might be slapping optimistically high price labels on retail properties.
As the coronavirus outbreak takes hold, businesses in London are taking a hit. Footfall to shops and restaurants in the capital’s Chinatown is down by as much as 50% as fearful customers stay away and fewer tourists are travelling from China.
","url":"https://multiply.ghost.io/hs2-delayed-but-running/","uuid":"3b093dd1-24af-4dcf-9e16-fd791b9f6d92","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5e428ad45b310d0038b301af"}},{"node":{"id":"Ghost__Post__5e4131135b310d0038b30198","title":"Freeport plans underway","slug":"freeport-plans-underway","featured":false,"feature_image":"https://images.unsplash.com/photo-1527314392553-2c7bded21b23?ixlib=rb-1.2.1&q=80&fm=jpg&crop=entropy&cs=tinysrgb&w=2000&fit=max&ixid=eyJhcHBfaWQiOjExNzczfQ","excerpt":"The government has launched a consultation on creating up to10 tax-free zones for importing and exporting goods by 2021.","custom_excerpt":"The government has launched a consultation on creating up to10 tax-free zones for importing and exporting goods by 2021.","created_at_pretty":"10 February, 2020","published_at_pretty":"10 February, 2020","updated_at_pretty":"10 February, 2020","created_at":"2020-02-10T10:31:47.000+00:00","published_at":"2020-02-10T10:38:24.000+00:00","updated_at":"2020-02-10T11:47:44.000+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\nComing to a town near you?\nThe government has launched a consultation on creating up to 10 tax-free zones\n[https://www.theguardian.com/politics/2020/feb/09/uk-launches-freeports-consultation-with-aim-to-open-first-next-year] \nfor importing and exporting goods by 2021. The government claims the freeports\nwould fuel growth but critics say the zones could encourage money laundering and\nother crimes. After a 10-week consultation, areas across the UK will be able to\nbid to become a freeport.\n\nThe greatest threat to capitalism\nIt’s not Brexit, but productivity, according to leading economist Sir Charlie\nBean. The slowdown in productivity has hit headlines recently, and Sir Charlie\nargues that it’s the UK’s biggest problem\n[https://www.cityam.com/sir-charlie-bean-forget-brexit-the-uk-productivity-crisis-is-a-threat-to-capitalism/]\n. He warns that without increased productivity, we’ll struggle to raise living\nstandards or cope with issues such as ageing population and climate change, and\nsays “that does just challenge the legitimacy of capitalism.”\n\nTravel insurance for all\nIf you have a pre-existing health condition, you’ll know the challenge of\nfinding affordable insurance when you go on holiday. But that’s all set to\nchange in summer: if mainstream providers are unable to offer cover, they must\nrefer would-be customers to a company that is able to help. The rule change\n[https://www.telegraph.co.uk/insurance/travel/millions-health-issues-set-cheap-travel-insurance-breakthrough/] \n(paywall) comes from the Financial Conduct Authority (FCA) which estimates that\npeople could save 40% on their premiums.\n\nFootie and chill?\nThe Premier League is planning to launch a Netflix-style streaming service\n[https://www.cityam.com/premier-league-plots-launch-of-netflix-style-streaming-service/] \nso that people all over the world can tune in and watch the game. Such a service\nis unlikely to be available in this country to start with, but offering it to\noverseas fans could prove a lucrative source of income for UK football.\n\nRecord-breaking roadtrip\nLast November, an electric Nissan Leaf broke records\n[https://www.thetimes.co.uk/edition/business/record-british-road-trip-in-a-driverless-car-j6vn9bh7k] \n(paywall) by travelling 230 miles from Bedfordshire to Sunderland on open public\nroads. How? Well, it drove itself the entire way. Nissan has just released the\nnews and it’s the longest autonomous trip so far that we know of - although\nother missions may be underway in secret.","html":"Get straight to the good stuff every day with the Multiply Minute; a lightning-quick round-up of the money news and how it affects you.
The government has launched a consultation on creating up to 10 tax-free zones for importing and exporting goods by 2021. The government claims the freeports would fuel growth but critics say the zones could encourage money laundering and other crimes. After a 10-week consultation, areas across the UK will be able to bid to become a freeport.
It’s not Brexit, but productivity, according to leading economist Sir Charlie Bean. The slowdown in productivity has hit headlines recently, and Sir Charlie argues that it’s the UK’s biggest problem. He warns that without increased productivity, we’ll struggle to raise living standards or cope with issues such as ageing population and climate change, and says “that does just challenge the legitimacy of capitalism.”
If you have a pre-existing health condition, you’ll know the challenge of finding affordable insurance when you go on holiday. But that’s all set to change in summer: if mainstream providers are unable to offer cover, they must refer would-be customers to a company that is able to help. The rule change (paywall) comes from the Financial Conduct Authority (FCA) which estimates that people could save 40% on their premiums.
The Premier League is planning to launch a Netflix-style streaming service so that people all over the world can tune in and watch the game. Such a service is unlikely to be available in this country to start with, but offering it to overseas fans could prove a lucrative source of income for UK football.
Last November, an electric Nissan Leaf broke records (paywall) by travelling 230 miles from Bedfordshire to Sunderland on open public roads. How? Well, it drove itself the entire way. Nissan has just released the news and it’s the longest autonomous trip so far that we know of - although other missions may be underway in secret.
","url":"https://multiply.ghost.io/freeport-plans-underway/","uuid":"d158c628-3b82-44d2-9635-7092a8d18784","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5e4131135b310d0038b30198"}},{"node":{"id":"Ghost__Post__5e3d490e9b4f2b0038a7bbc1","title":"30% discounts for first-time buyers","slug":"30-discounts-for-first-time-buyers","featured":false,"feature_image":"https://images.unsplash.com/photo-1529256705114-cf4cc24743b0?ixlib=rb-1.2.1&q=80&fm=jpg&crop=entropy&cs=tinysrgb&w=2000&fit=max&ixid=eyJhcHBfaWQiOjExNzczfQ","excerpt":"A new scheme is being unveiled today to give a 30% discount on the price of a new home to key workers, such as nurses, police, and the military.","custom_excerpt":"A new scheme is being unveiled today to give a 30% discount on the price of a new home to key workers, such as nurses, police, and the military.","created_at_pretty":"07 February, 2020","published_at_pretty":"07 February, 2020","updated_at_pretty":"07 February, 2020","created_at":"2020-02-07T11:25:02.000+00:00","published_at":"2020-02-07T11:28:06.000+00:00","updated_at":"2020-02-07T11:28:06.000+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\nWant 30% off a new home?\nChoose your job carefully. A new scheme is being unveiled today to give a 30%\ndiscount on the price of a new home\n[https://www.theguardian.com/uk-news/2020/feb/07/key-workers-to-be-given-30-discount-in-new-housing-scheme] \nto key workers, such as nurses, police, and the military. It’s hoped that the\n“First Homes” scheme will save eligible buyers around £100,000 on their first\nproperty. Consultations start today, but we know that a proportion of new builds\nwill be made available for the discount, with funding from the developers.\n\nCheaper bills\nEnergy bills will fall by £17 [https://www.bbc.co.uk/news/business-51411510] for\nmillions of households this year, thanks to new price caps that will come into\nforce in April. Ofgem, the energy watchdog, says 11 million households will be\nbetter off under the lower cap. Water bills are also set to fall\n[https://www.bbc.co.uk/news/business-51391761] by around £17 at the same time.\n\nOlder first-time buyers\nThe average age to buy your first home is going up\n[https://www.telegraph.co.uk/personal-banking/mortgages/britains-oldest-first-time-buyer-high-house-prices-have-pushed/] \n(paywall), with people now being forced to wait until they’re 33 to get on the\nproperty ladder. In London, the average first-time buyer is 37.\n\nPaying for cash\nA quarter of all ATMs now charge a fee\n[https://www.theguardian.com/money/2020/feb/07/quarter-uk-cash-machines-charging-fees] \nfor withdrawals. Consumer group Which? estimates that more than 8,700 free cash\nmachines have closed in the past two years and over 1,200 bank branches, and\nrural communities are the worst affected. The result? Last year, we paid a total\nof £104 million to access our own cash.\n\nCredit Suisse spying scandal\nTidjane Thiam has resigned from his post\n[https://www.bbc.co.uk/news/business-51411640] as chief executive of Credit\nSuisse, after a dramatic case of espionage involving two of the bank’s former\nhigh flyers. It was revealed in September that Thiam’s predecessor had hired\nprivate detectives to track two former colleagues. The bank boss, who has held\nthe top job for five years, said he didn’t know about the surveillance, but his\nresignation was accepted unanimously by the board.","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.
Choose your job carefully. A new scheme is being unveiled today to give a 30% discount on the price of a new home to key workers, such as nurses, police, and the military. It’s hoped that the “First Homes” scheme will save eligible buyers around £100,000 on their first property. Consultations start today, but we know that a proportion of new builds will be made available for the discount, with funding from the developers.
Energy bills will fall by £17 for millions of households this year, thanks to new price caps that will come into force in April. Ofgem, the energy watchdog, says 11 million households will be better off under the lower cap. Water bills are also set to fall by around £17 at the same time.
The average age to buy your first home is going up (paywall), with people now being forced to wait until they’re 33 to get on the property ladder. In London, the average first-time buyer is 37.
A quarter of all ATMs now charge a fee for withdrawals. Consumer group Which? estimates that more than 8,700 free cash machines have closed in the past two years and over 1,200 bank branches, and rural communities are the worst affected. The result? Last year, we paid a total of £104 million to access our own cash.
Tidjane Thiam has resigned from his post as chief executive of Credit Suisse, after a dramatic case of espionage involving two of the bank’s former high flyers. It was revealed in September that Thiam’s predecessor had hired private detectives to track two former colleagues. The bank boss, who has held the top job for five years, said he didn’t know about the surveillance, but his resignation was accepted unanimously by the board.
","url":"https://multiply.ghost.io/30-discounts-for-first-time-buyers/","uuid":"cb50f174-f33b-42cc-af98-e692bf55ed60","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5e3d490e9b4f2b0038a7bbc1"}},{"node":{"id":"Ghost__Post__5e3bf155173bc00038a09026","title":"Home-building boom","slug":"home-building-boom","featured":false,"feature_image":"https://images.unsplash.com/photo-1510265236892-329bfd7de7a1?ixlib=rb-1.2.1&q=80&fm=jpg&crop=entropy&cs=tinysrgb&w=2000&fit=max&ixid=eyJhcHBfaWQiOjExNzczfQ","excerpt":"161,022 new homes were registered in 2019 - that’s the highest since 2007.","custom_excerpt":"161,022 new homes were registered in 2019 - that’s the highest since 2007.","created_at_pretty":"06 February, 2020","published_at_pretty":"06 February, 2020","updated_at_pretty":"06 February, 2020","created_at":"2020-02-06T10:58:29.000+00:00","published_at":"2020-02-06T11:01:13.000+00:00","updated_at":"2020-02-06T11:01:13.000+00:00","meta_title":null,"meta_description":null,"og_description":null,"og_image":null,"og_title":null,"twitter_description":null,"twitter_image":null,"twitter_title":null,"authors":[{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null}],"primary_author":{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null},"primary_tag":null,"tags":[{"name":"#feed","slug":"hash-feed","description":null,"feature_image":null,"meta_description":null,"meta_title":null,"visibility":"internal"},{"name":"multiply-minute","slug":"multiply-minute","description":"The 1-minute read to get the money news you need with expert adviser commentary","feature_image":null,"meta_description":null,"meta_title":null,"visibility":"public"}],"plaintext":"Get straight to the good stuff every day with the Multiply Minute; a\nlightning-quick round-up of the money news and how it affects you.\n\nWe’re building more homes\n161,022 new homes were registered in 2019 - that’s the highest since 2007\n[https://www.theguardian.com/business/2020/feb/06/number-of-new-uk-homes-registered-to-be-built-hits-13-year-high]\n. Not all of them are bricks and mortar just yet; from a developer registering a\nnew home, it usually takes nine to 15 months to finish building work. The\nhome-building boom was biggest in London, where 21,726 new builds were\nregistered - an uplift of 37%.\n\nFirst-time buyer favourites revealed\nAspiring homeowners are keenest on Barking and Dagenham\n[https://www.telegraph.co.uk/property/buy/britains-popular-areas-first-time-buyers-changing/] \n(paywall) according to search data from Zoopla. First-time buyers are looking to\nspend around £300,000 in the east London boroughs, which have seen a spike in\npopularity thanks to more affordable prices. Last year’s favourite was\nWolverhampton, but it's now fallen to fifth place amid prices rises of almost\n5%.\n\nGSK break-up\nGlaxoSmithKline has published plans to break up with itself, and it’s going to\ncost £2.4 billion\n[https://www.thetimes.co.uk/edition/business/break-up-of-glaxosmithkline-will-cost-2-4bn-pvzc09kcs] \n(paywall). It's one of the world’s biggest drugs companies, and it wants to\nstart a spin-off to focus on a joint consumer venture with Pfizer. Why? The\ndemerger is set to give the business more money for new research.\n\nHarrods spender loses appeal\nRemember the woman who hit headlines for spending £16 million in Harrods? She’s\njust lost her legal challenge against the UK’s first Unexplained Wealth Order\n[https://www.cityam.com/woman-who-spent-16m-in-harrods-loses-appeal-against-first-mcmafia-wealth-order/] \n(UWO). It’s the first outing of the new “McMafia” laws which are designed to\nmake it easier for UK authorities to crack down on dodgy money coming into and\nout of the country.","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.
161,022 new homes were registered in 2019 - that’s the highest since 2007. Not all of them are bricks and mortar just yet; from a developer registering a new home, it usually takes nine to 15 months to finish building work. The home-building boom was biggest in London, where 21,726 new builds were registered - an uplift of 37%.
Aspiring homeowners are keenest on Barking and Dagenham (paywall) according to search data from Zoopla. First-time buyers are looking to spend around £300,000 in the east London boroughs, which have seen a spike in popularity thanks to more affordable prices. Last year’s favourite was Wolverhampton, but it's now fallen to fifth place amid prices rises of almost 5%.
GlaxoSmithKline has published plans to break up with itself, and it’s going to cost £2.4 billion (paywall). It's one of the world’s biggest drugs companies, and it wants to start a spin-off to focus on a joint consumer venture with Pfizer. Why? The demerger is set to give the business more money for new research.
Remember the woman who hit headlines for spending £16 million in Harrods? She’s just lost her legal challenge against the UK’s first Unexplained Wealth Order (UWO). It’s the first outing of the new “McMafia” laws which are designed to make it easier for UK authorities to crack down on dodgy money coming into and out of the country.
","url":"https://multiply.ghost.io/home-building-boom/","uuid":"0c14c5cf-c4a1-4a7a-a08c-47ec20c7667c","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5e3bf155173bc00038a09026"}},{"node":{"id":"Ghost__Post__5e3a8d0f173bc00038a08fef","title":"No more pension tax relief?","slug":"no-more-pension-tax-relief","featured":false,"feature_image":"https://images.unsplash.com/photo-1513159446162-54eb8bdaa79b?ixlib=rb-1.2.1&q=80&fm=jpg&crop=entropy&cs=tinysrgb&w=2000&fit=max&ixid=eyJhcHBfaWQiOjExNzczfQ","excerpt":"Hargreaves Lansdown has called for the pensions tax relief system to be scrapped and suggested an alternative which it says would be simpler and fairer. ","custom_excerpt":"Hargreaves Lansdown has called for the pensions tax relief system to be scrapped and suggested an alternative which it says would be simpler and fairer. ","created_at_pretty":"05 February, 2020","published_at_pretty":"05 February, 2020","updated_at_pretty":"05 February, 2020","created_at":"2020-02-05T09:38:23.000+00:00","published_at":"2020-02-05T10:15:25.000+00:00","updated_at":"2020-02-05T10:15:25.000+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\nPension tax relief “broken”?\nHargreaves Lansdown has called for the pensions tax relief system to be scrapped\n[https://www.telegraph.co.uk/money/consumer-affairs/scrap-tax-relief-pensions-says-britains-biggest-stockbroker/] \n(paywall) and suggested an alternative which it says would be simpler and\nfairer. Currently, pension savers receive tax relief meaning their contributions\nare topped up by the Government. Hargreaves’ suggestion? Increase employer\ncontribution via auto-enrolment, from 3% to 5%, meaning savers would get an\nextra £1 for every £1 they save.\n\nGoodbye IKEA Coventry\nIKEA has announced its first ever closure of a big UK outlet\n[https://www.bbc.co.uk/news/business-51369413]. Coventry's flat pack palace is\nspread over seven floors and has struggled to attract customers since it opened\nin 2007. Shoppers will now have to go to Birmingham, Nottingham, or Milton\nKeynes to get their meatballs, and the company says it’s going to try and find\nother IKEA jobs for the 352 people who worked there.\n\nIntestacy shake up\nIf you die without a will, your assets are divvied up according to the rules of\nintestacy. Those rules are changing tomorrow: a spouse or civil partner will be \nentitled to the first £270,000\n[https://www.ft.com/content/e4d7cfbb-a41b-4d14-8aee-2863e2222f85] (paywall) of\ntheir deceased partner’s estate - £20,000 more than under the current system.\nThe rest goes to any children. However, the rules will still mean unmarried\npartners and close friends are unable to inherit.\n\nTesla thwarts short-sellers\nShares in the electric carmaker surged another 14% yesterday, leaving hedge\nfunds that bet against it scrambling to avoid financial disaster\n[https://www.thetimes.co.uk/edition/business/short-sellers-face-wipeout-as-tesla-shares-rocket-up-k7c0z90gm] \n(paywall). Tesla shares have doubled in price since the start of 2020, and\nthey’re also the most shorted in the US. But short-sellers only profit from\nfalling share prices, and Tesla’s just won’t stop rising.","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.
Hargreaves Lansdown has called for the pensions tax relief system to be scrapped (paywall) and suggested an alternative which it says would be simpler and fairer. Currently, pension savers receive tax relief meaning their contributions are topped up by the Government. Hargreaves’ suggestion? Increase employer contribution via auto-enrolment, from 3% to 5%, meaning savers would get an extra £1 for every £1 they save.
IKEA has announced its first ever closure of a big UK outlet. Coventry's flat pack palace is spread over seven floors and has struggled to attract customers since it opened in 2007. Shoppers will now have to go to Birmingham, Nottingham, or Milton Keynes to get their meatballs, and the company says it’s going to try and find other IKEA jobs for the 352 people who worked there.
If you die without a will, your assets are divvied up according to the rules of intestacy. Those rules are changing tomorrow: a spouse or civil partner will be entitled to the first £270,000 (paywall) of their deceased partner’s estate - £20,000 more than under the current system. The rest goes to any children. However, the rules will still mean unmarried partners and close friends are unable to inherit.
Shares in the electric carmaker surged another 14% yesterday, leaving hedge funds that bet against it scrambling to avoid financial disaster (paywall). Tesla shares have doubled in price since the start of 2020, and they’re also the most shorted in the US. But short-sellers only profit from falling share prices, and Tesla’s just won’t stop rising.
","url":"https://multiply.ghost.io/no-more-pension-tax-relief/","uuid":"237db87b-e975-4036-8b5d-80a9a250ee8f","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5e3a8d0f173bc00038a08fef"}},{"node":{"id":"Ghost__Post__5e394a68173bc00038a08fd2","title":"Sterling scared of hard Brexit?","slug":"sterling-scared-of-hard-brexit","featured":false,"feature_image":"https://images.unsplash.com/photo-1527908147823-068bba50c255?ixlib=rb-1.2.1&q=80&fm=jpg&crop=entropy&cs=tinysrgb&w=2000&fit=max&ixid=eyJhcHBfaWQiOjExNzczfQ","excerpt":"The pound was down against the dollar yesterday, thanks to a speech by Boris Johnson that kicked off trade negotiations between the UK and the EU.","custom_excerpt":"The pound was down against the dollar yesterday, thanks to a speech by Boris Johnson that kicked off trade negotiations between the UK and the EU.","created_at_pretty":"04 February, 2020","published_at_pretty":"04 February, 2020","updated_at_pretty":"04 February, 2020","created_at":"2020-02-04T10:41:44.000+00:00","published_at":"2020-02-04T10:47:09.000+00:00","updated_at":"2020-02-04T10:47:09.000+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\nSterling sinks\nThe pound was down against the dollar yesterday, thanks to a speech by Boris\nJohnson\n[https://www.cityam.com/pound-sinks-as-boris-johnson-warns-of-hard-brexit/] that\nkicked off trade negotiations between the UK and the EU. He doesn’t want the UK\nto be aligned with European rules, and will instead seek a looser, tariff-free\ntrade agreement.\n\nElectric cars only\nThe ban on the sale of petrol and diesel cars will be brought forward by five\nyears to 2035. Its poster boy? Sir David Attenborough. The national treasure has \npublicly backed the move\n[https://news.sky.com/story/pm-drafts-in-a-national-treasure-to-promote-petrol-and-diesel-car-ban-11925821]\n, which signals the start of a climate-focused year leading up to COP26, a\nUnited Nations summit on the issue which will be held in Glasgow in November.\n\nAlphabet shares slide\nAlphabet has seen its share price fall\n[https://www.thetimes.co.uk/edition/business/alphabet-shares-slide-after-weakest-revenue-growth-in-four-years-qq2q72539] \n(paywall) after revealing slower growth than it expected for the end of last\nyear. But don’t feel too sorry for Google’s parent company. Last month it became\nthe fifth public company ever to reach a valuation of more than $1 trillion.\n\nWhere’s the talent at?\nBusinesses are struggling to recruit skilled workers and it's holding them back\nfrom growing as fast as they could. According to a new report by the British\nChamber of Commerce (BCC), 72% of companies said they had difficulties\n[https://www.cityam.com/skills-shortages-continue-to-hit-growth-as-uk-employers-struggle-to-find-the-right-talent/] \nfinding the right people in 2019. If you’re looking for work, quick FYI:\nconstruction and hospitality are the two sectors with the biggest skills gaps.\n\nCanteen thief trader suspended\nParas Shah, a senior trader at Citigroup, has been suspended by the bank\n[https://metro.co.uk/2020/02/04/citigroup-trader-paras-shah-suspended-stealing-food-staff-canteen-12177868/] \nafter allegedly stealing food from the staff canteen. He recently got promoted\nand was probably on a six-figure salary, so it’s sure to leave a bitter taste.","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 pound was down against the dollar yesterday, thanks to a speech by Boris Johnson that kicked off trade negotiations between the UK and the EU. He doesn’t want the UK to be aligned with European rules, and will instead seek a looser, tariff-free trade agreement.
The ban on the sale of petrol and diesel cars will be brought forward by five years to 2035. Its poster boy? Sir David Attenborough. The national treasure has publicly backed the move, which signals the start of a climate-focused year leading up to COP26, a United Nations summit on the issue which will be held in Glasgow in November.
Alphabet has seen its share price fall (paywall) after revealing slower growth than it expected for the end of last year. But don’t feel too sorry for Google’s parent company. Last month it became the fifth public company ever to reach a valuation of more than $1 trillion.
Businesses are struggling to recruit skilled workers and it's holding them back from growing as fast as they could. According to a new report by the British Chamber of Commerce (BCC), 72% of companies said they had difficulties finding the right people in 2019. If you’re looking for work, quick FYI: construction and hospitality are the two sectors with the biggest skills gaps.
Paras Shah, a senior trader at Citigroup, has been suspended by the bank after allegedly stealing food from the staff canteen. He recently got promoted and was probably on a six-figure salary, so it’s sure to leave a bitter taste.
","url":"https://multiply.ghost.io/sterling-scared-of-hard-brexit/","uuid":"47d0e3b7-fd30-4866-9057-a5b7b801511f","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5e394a68173bc00038a08fd2"}},{"node":{"id":"Ghost__Post__5e382c9cf9b41a00387a8819","title":"Nissan to abandon Europe?","slug":"nissan-to-abandon-europe","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":"The car maker has said it might pull out of Europe and expand its UK operations if there’s a hard Brexit","custom_excerpt":"The car maker has said it might pull out of Europe and expand its UK operations if there’s a hard Brexit","created_at_pretty":"03 February, 2020","published_at_pretty":"03 February, 2020","updated_at_pretty":"03 February, 2020","created_at":"2020-02-03T14:22:20.000+00:00","published_at":"2020-02-03T14:27:04.000+00:00","updated_at":"2020-02-03T14:27:04.000+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\nNissan’s plans to stay?\nThe car maker has said it might pull out of Europe and expand its UK operations\n[https://www.ft.com/content/c4f0d1e2-4442-11ea-a43a-c4b328d9061c] (paywall) if\nthere’s a hard Brexit. In a leaked contingency plan drawn up last year, Nissan\nlays out a strategy to keep building its cars in Sunderland and gain a\ncompetitive edge by avoiding high import tariffs that other brands would have to\npay.\n\nThe cost of coronavirus\nThe Chinese central bank will lower interest rates and pump an extra 150 billion\nyuan (£16 billion) into the financial system, to try and reduce the economic\nimpacts of the coronavirus outbreak\n[https://www.bbc.co.uk/news/business-51352535]. Stock markets in China have\ntaken a sharp plunge amid investor fears over the rapidly spreading virus, but\nfinancial regulators predict that the effects on the economy, which was already\nslowing thanks to a trade war with the US, will be \"short term\".\n\nIt’s National Apprenticeship Week\nBusiness leaders are calling for an overhaul of the system to try and boost\nparticipation in apprenticeship schemes. Fewer people are enrolling onto\napprenticeships\n[https://www.theguardian.com/education/2020/feb/03/uk-firms-demand-shake-up-of-inflexible-apprenticeship-system]\n: 125,800 between August and October 2019, which was 4.7% less than the year\nbefore. Business groups want more funding for small firms, which provide 90% of\napprenticeships, to help them take on and train more people.\n\nSick of your job?\nYou’re not alone. 8.6 million people pulled a sickie last year\n[https://www.bbc.co.uk/news/business-51347503] because they find work “too\npainful”. Research also found that Monday is the most common day to skive off.\nOn the flip side, 12 million people went to work even though they were genuinely\nunwell. Why? People said they can’t afford to take the time off and don’t want\nthe judgement from colleagues.","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 car maker has said it might pull out of Europe and expand its UK operations (paywall) if there’s a hard Brexit. In a leaked contingency plan drawn up last year, Nissan lays out a strategy to keep building its cars in Sunderland and gain a competitive edge by avoiding high import tariffs that other brands would have to pay.
The Chinese central bank will lower interest rates and pump an extra 150 billion yuan (£16 billion) into the financial system, to try and reduce the economic impacts of the coronavirus outbreak. Stock markets in China have taken a sharp plunge amid investor fears over the rapidly spreading virus, but financial regulators predict that the effects on the economy, which was already slowing thanks to a trade war with the US, will be \"short term\".
Business leaders are calling for an overhaul of the system to try and boost participation in apprenticeship schemes. Fewer people are enrolling onto apprenticeships: 125,800 between August and October 2019, which was 4.7% less than the year before. Business groups want more funding for small firms, which provide 90% of apprenticeships, to help them take on and train more people.
You’re not alone. 8.6 million people pulled a sickie last year because they find work “too painful”. Research also found that Monday is the most common day to skive off. On the flip side, 12 million people went to work even though they were genuinely unwell. Why? People said they can’t afford to take the time off and don’t want the judgement from colleagues.
","url":"https://multiply.ghost.io/nissan-to-abandon-europe/","uuid":"1478ef6a-3c6a-4645-be62-9945b72c5d1f","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5e382c9cf9b41a00387a8819"}},{"node":{"id":"Ghost__Post__5e3402bc1d0a780038af7ee4","title":"Brexit: the final countdown","slug":"brexit-the-final-countdown","featured":false,"feature_image":"https://images.unsplash.com/photo-1550171424-04b7fc96d508?ixlib=rb-1.2.1&q=80&fm=jpg&crop=entropy&cs=tinysrgb&w=2000&fit=max&ixid=eyJhcHBfaWQiOjExNzczfQ","excerpt":"After 47 years of membership, and almost four of arguing about it, our departure date from the European Union is here.","custom_excerpt":"After 47 years of membership, and almost four of arguing about it, our departure date from the European Union is here.","created_at_pretty":"31 January, 2020","published_at_pretty":"31 January, 2020","updated_at_pretty":"31 January, 2020","created_at":"2020-01-31T10:34:36.000+00:00","published_at":"2020-01-31T10:37:54.000+00:00","updated_at":"2020-01-31T10:37:54.000+00:00","meta_title":null,"meta_description":null,"og_description":null,"og_image":null,"og_title":null,"twitter_description":null,"twitter_image":null,"twitter_title":null,"authors":[{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null}],"primary_author":{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null},"primary_tag":null,"tags":[{"name":"#feed","slug":"hash-feed","description":null,"feature_image":null,"meta_description":null,"meta_title":null,"visibility":"internal"},{"name":"multiply-minute","slug":"multiply-minute","description":"The 1-minute read to get the money news you need with expert adviser commentary","feature_image":null,"meta_description":null,"meta_title":null,"visibility":"public"}],"plaintext":"Get straight to the good stuff every day with the Multiply Minute; a\nlightning-quick round-up of the money news and how it affects you.\n\nIt’s Brexit day\nAfter 47 years of membership, and almost four of arguing about it, our departure\ndate from the European Union is here. The UK will officially leave the EU at\n11pm tonight [https://www.bbc.co.uk/news/uk-politics-51315772]. What will be\ndifferent when we wake up tomorrow? Well, not much. Most EU laws will stay in\nplace until December, when we’re hoping to have our own trade agreement in place\nwith the bloc.\n\nWhat it means for you\nBrexit affects our personal finances\n[https://www.telegraph.co.uk/money/consumer-affairs/brexit-done-february-means-travel-plans-investments-savings/] \n(paywall) although many of the impacts won’t be felt yet. Sterling has rallied\nsince December’s general election, but its future hinges on the deal that’s\nnegotiated this year with the EU. The property market has also seen a bounce\nsince our Brexit date was settled, but there’s uncertainty about what it’ll do\nnext.\n\nNo change to interest rate\nIn Mark Carney’s last interest rate meeting as Governor, the Bank of England has\ndecided to hold the base rate at 0.75%\n[https://www.bbc.co.uk/news/business-51309256]. There had been speculation of a\nrate cut to help the floundering economy, but recent data suggest that growth is\nrecovering. A low base rate means lower returns for savers but cheaper payments\nfor borrowers.\n\nSajid’s got skills\nThe Chancellor is expected to focus on his ambition to “level up” skills across\nthe country in his March budget\n[https://www.theguardian.com/politics/2020/jan/30/sajid-javid-to-focus-on-skills-in-budget-to-hold-on-to-ex-labour-seats]\n, and we’ll get further details on the £3 billion ‘skills fund’ promised in the\nConservative manifesto. He’s expected to announce extra funding for further\neducation colleges, apprenticeships, and in-work training.\n\nPG tips traves-tea?\nBlack tea is under threat as slowing sales mean Unilever is considering selling\n[https://www.bbc.co.uk/news/business-51309566] beloved brands PG tips and\nLiptons. The traditional builders brew is facing increasing competition from\nrising demand for herbal teas and cold infusions, which are now worth almost 10%\nof the tea market.","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.
After 47 years of membership, and almost four of arguing about it, our departure date from the European Union is here. The UK will officially leave the EU at 11pm tonight. What will be different when we wake up tomorrow? Well, not much. Most EU laws will stay in place until December, when we’re hoping to have our own trade agreement in place with the bloc.
Brexit affects our personal finances (paywall) although many of the impacts won’t be felt yet. Sterling has rallied since December’s general election, but its future hinges on the deal that’s negotiated this year with the EU. The property market has also seen a bounce since our Brexit date was settled, but there’s uncertainty about what it’ll do next.
In Mark Carney’s last interest rate meeting as Governor, the Bank of England has decided to hold the base rate at 0.75%. There had been speculation of a rate cut to help the floundering economy, but recent data suggest that growth is recovering. A low base rate means lower returns for savers but cheaper payments for borrowers.
The Chancellor is expected to focus on his ambition to “level up” skills across the country in his March budget, and we’ll get further details on the £3 billion ‘skills fund’ promised in the Conservative manifesto. He’s expected to announce extra funding for further education colleges, apprenticeships, and in-work training.
Black tea is under threat as slowing sales mean Unilever is considering selling beloved brands PG tips and Liptons. The traditional builders brew is facing increasing competition from rising demand for herbal teas and cold infusions, which are now worth almost 10% of the tea market.
","url":"https://multiply.ghost.io/brexit-the-final-countdown/","uuid":"167b07dc-633f-4b4c-8959-c49ba61f1ce9","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5e3402bc1d0a780038af7ee4"}},{"node":{"id":"Ghost__Post__5e330b061d0a780038af7ecd","title":"UK car output slows","slug":"uk-car-output-slows","featured":false,"feature_image":"https://images.unsplash.com/photo-1567789884554-0b844b597180?ixlib=rb-1.2.1&q=80&fm=jpg&crop=entropy&cs=tinysrgb&w=2000&fit=max&ixid=eyJhcHBfaWQiOjExNzczfQ","excerpt":"UK production lines slowed in 2019, with the lowest output in almost a decade.","custom_excerpt":"UK production lines slowed in 2019, with the lowest output in almost a decade.","created_at_pretty":"30 January, 2020","published_at_pretty":"30 January, 2020","updated_at_pretty":"30 January, 2020","created_at":"2020-01-30T16:57:42.000+00:00","published_at":"2020-01-30T16:59:37.000+00:00","updated_at":"2020-01-30T16:59:37.000+00:00","meta_title":null,"meta_description":null,"og_description":null,"og_image":null,"og_title":null,"twitter_description":null,"twitter_image":null,"twitter_title":null,"authors":[{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null}],"primary_author":{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null},"primary_tag":null,"tags":[{"name":"#feed","slug":"hash-feed","description":null,"feature_image":null,"meta_description":null,"meta_title":null,"visibility":"internal"},{"name":"multiply-minute","slug":"multiply-minute","description":"The 1-minute read to get the money news you need with expert adviser commentary","feature_image":null,"meta_description":null,"meta_title":null,"visibility":"public"}],"plaintext":"Get straight to the good stuff every day with the Multiply Minute; a\nlightning-quick round-up of the money news and how it affects you.\n\nWe’re making fewer cars\nUK production lines slowed in 2019, with the lowest output in almost a decade\n[https://www.bbc.co.uk/news/business-51300835]. Factories produced 1.3 million\ncars last year, marking the third consecutive year of decline. With 4 in 5 cars\nbuilt for export, the vast majority of which are sent to the EU, trade bosses\nare calling the numbers “a grave concern” and stressing the importance of\nbarrier-free trade with the continent after Brexit.\n\nElectric van switch-on\nDelivery company UPS has made a huge order of electric vans\n[https://www.thetimes.co.uk/edition/business/electric-van-start-up-arrival-hums-into-life-with-order-for-20-000-vehicles-njn6x2f2b] \n(paywall) from London and Banbury-based startup Arrival. The order for 20,000\nzero-emission vans is worth $800 million and offers a ray of light for the motor\nindustry. With a value of $3.3 billion, Arrival is the UK’s first automotive\nunicorn (a tech business worth over $1 billion).\n\nWonga compensation washout\nPeople who were mis-sold loans by the maligned payday lender Wonga will get\nonly\n4.3% of the compensation they’re owed\n[https://www.bbc.co.uk/news/business-51303908]. 380,000 people made eligible\nclaims against the business, worth a total of £460 million, but the loans\nweren’t covered by the Financial Services Compensation Scheme. However, all\nrefunded loans will be wiped from borrowers’ credit records.\n\nBBC cuts back\nThe BBC is on an £80 million saving spree to try and secure its future. Its news\noperation will let 450 people go\n[https://www.theguardian.com/media/2020/jan/29/bbc-announces-450-jobs-will-go-in-newsroom-shake-up] \nand shift focus to its online output over television and radio news. The\npossible decriminalisation of skipping the licence fee adds even greater\nuncertainty to the broadcaster’s financial security.","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 production lines slowed in 2019, with the lowest output in almost a decade. Factories produced 1.3 million cars last year, marking the third consecutive year of decline. With 4 in 5 cars built for export, the vast majority of which are sent to the EU, trade bosses are calling the numbers “a grave concern” and stressing the importance of barrier-free trade with the continent after Brexit.
Delivery company UPS has made a huge order of electric vans (paywall) from London and Banbury-based startup Arrival. The order for 20,000 zero-emission vans is worth $800 million and offers a ray of light for the motor industry. With a value of $3.3 billion, Arrival is the UK’s first automotive unicorn (a tech business worth over $1 billion).
People who were mis-sold loans by the maligned payday lender Wonga will get only 4.3% of the compensation they’re owed. 380,000 people made eligible claims against the business, worth a total of £460 million, but the loans weren’t covered by the Financial Services Compensation Scheme. However, all refunded loans will be wiped from borrowers’ credit records.
The BBC is on an £80 million saving spree to try and secure its future. Its news operation will let 450 people go and shift focus to its online output over television and radio news. The possible decriminalisation of skipping the licence fee adds even greater uncertainty to the broadcaster’s financial security.
","url":"https://multiply.ghost.io/uk-car-output-slows/","uuid":"3b7d5c91-d4c9-4791-addc-a8564a2fd258","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5e330b061d0a780038af7ecd"}},{"node":{"id":"Ghost__Post__5e316ab4e8e979003862139d","title":"Huawei: here we go","slug":"huawei-here-we-go","featured":false,"feature_image":"https://images.unsplash.com/photo-1532356884227-66d7c0e9e4c2?ixlib=rb-1.2.1&q=80&fm=jpg&crop=entropy&cs=tinysrgb&w=2000&fit=max&ixid=eyJhcHBfaWQiOjExNzczfQ","excerpt":"Boris Johnson has given the go-ahead for Huawei to help build our new 5G network, amid criticism from US officials and resistance from some UK MPs.","custom_excerpt":"Boris Johnson has given the go-ahead for Huawei to help build our new 5G network, amid criticism from US officials and resistance from some UK MPs.","created_at_pretty":"29 January, 2020","published_at_pretty":"29 January, 2020","updated_at_pretty":"29 January, 2020","created_at":"2020-01-29T11:21:24.000+00:00","published_at":"2020-01-29T11:25:14.000+00:00","updated_at":"2020-01-29T11:25:14.000+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\nGreen light for Huawei\nBoris Johnson has given the go-ahead\n[https://www.bbc.co.uk/news/technology-51283059] for Huawei to help build our\nnew 5G network, amid criticism from US officials and resistance from some UK\nMPs. The US has banned the Chinese tech company from taking government contracts\nover security concerns and had urged us to do the same. But the UK will press\nahead, with conditions in place to limit Huawei’s involvement: it can only build\n35% of the tech and will be barred from sensitive locations.\n\nMigrant pay threshold too high?\nThe UK should reduce the salary requirement to £25,600\n[https://www.ft.com/content/68fb2576-41b4-11ea-bdb5-169ba7be433d] (paywall) for\npeople wanting to come here to work after Brexit, according to a new report from\nthe Migration Advisory Committee (MAC). People moving to the UK from outside\nEurope currently need to have a job offer with a £30,000 salary, but previously\nthere’s been no minimum requirement for EU citizens.\n\nAirbus corruption case settled\nThe plane manufacturer has come to a £3 billion settlement\n[https://www.cityam.com/airbus-offers-to-settle-bribery-allegations/] with UK,\nUS and French authorities over allegations of bribery and corruption. The\ninvestigation began in 2016 after Airbus reported itself for bribery and\ncorruption among plane salespeople.\n\n‘Flash crash’ trader grounded\nWhere’s the safest place for the trader who caused a trillion-dollar Wall Street\ncrash from his bedroom in 2010? The answer: his bedroom\n[https://www.theguardian.com/business/2020/jan/28/navinder-sarao-flash-crash-trader-sentencing]\n. Navinder Sarao has been sentenced to a year’s home incarceration, avoiding\njail time for illegally manipulating stock markets. His lawyers had called for\nleniency, citing his remorse over the incident and a diagnosis of Asperger’s\nsyndrome.","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.
Boris Johnson has given the go-ahead for Huawei to help build our new 5G network, amid criticism from US officials and resistance from some UK MPs. The US has banned the Chinese tech company from taking government contracts over security concerns and had urged us to do the same. But the UK will press ahead, with conditions in place to limit Huawei’s involvement: it can only build 35% of the tech and will be barred from sensitive locations.
The UK should reduce the salary requirement to £25,600 (paywall) for people wanting to come here to work after Brexit, according to a new report from the Migration Advisory Committee (MAC). People moving to the UK from outside Europe currently need to have a job offer with a £30,000 salary, but previously there’s been no minimum requirement for EU citizens.
The plane manufacturer has come to a £3 billion settlement with UK, US and French authorities over allegations of bribery and corruption. The investigation began in 2016 after Airbus reported itself for bribery and corruption among plane salespeople.
Where’s the safest place for the trader who caused a trillion-dollar Wall Street crash from his bedroom in 2010? The answer: his bedroom. Navinder Sarao has been sentenced to a year’s home incarceration, avoiding jail time for illegally manipulating stock markets. His lawyers had called for leniency, citing his remorse over the incident and a diagnosis of Asperger’s syndrome.
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