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Thursday 9th January 2020
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 Office of National Statistics’ verdict on UK productivity growth for Q3 2019 is out and it’s...not amazing. Per-hour output grew by 0.1% from July to September last year, compared to the same period in 2018. At least it’s not negative, as it had been for the year before that. But low productivity is still a long-term threat to economic growth.
The blooming bakery issued an upgraded profit forecast yesterday for the third time since November, after exceptionally strong 2019 sales driven by its new vegan sausage roll. Its investors got a tasty slice of a £35 million shareholder dividend last October and it’s doling out the dough to employees as well: £7 million in bonuses to its 25,000 workers, who’ll get up to £300 extra on payday this month.
...for UK stores. Findings from the British Retail Consortium (BRC) and KPMG Retail Sales Monitor revealed there was a 0.1% drop in total sales for the year in comparison to 2018's 1.2% of growth. This wasn't helped by the Christmas period failing to provide the predicted bounce the High Street needed as customers chose trips out with family and friends over stockpiling Christmas gifts.
Looking for a six-figure career change for 2020? Job site Indeed compiled a list of the top 20 that'll make your bank balance beam. Healthcare dominates the chart with nine of the list in that industry, with orthodontists leading the sector at £99,010 a year. Top overall was a chief financial officer at £112,66 a year on average. Others in the top ten include ophthalmologist and neonatologist. Our respect if you know what either of these are without Google’s help.
","url":"https://multiply.ghost.io/greggs-rolling-in-dough/","uuid":"77305a40-3da1-4819-a8f1-1307d5458b53","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5e170c525abbca003800a785"}},{"node":{"id":"Ghost__Post__5e15d1ef5abbca003800a76a","title":"IMF says tax the rich","slug":"imf-says-tax-the-rich","featured":false,"feature_image":"https://images.unsplash.com/photo-1563198804-b144dfc1661c?ixlib=rb-1.2.1&q=80&fm=jpg&crop=entropy&cs=tinysrgb&w=2000&fit=max&ixid=eyJhcHBfaWQiOjExNzczfQ","excerpt":"Kristalina Georgieva, head of the International Monetary Fund (IMF), has said raising taxes on high earners would reduce inequality and can be done without damaging economic growth. ","custom_excerpt":"Kristalina Georgieva, head of the International Monetary Fund (IMF), has said raising taxes on high earners would reduce inequality and can be done without damaging economic growth. ","created_at_pretty":"08 January, 2020","published_at_pretty":"08 January, 2020","updated_at_pretty":"08 January, 2020","created_at":"2020-01-08T12:58:23.000+00:00","published_at":"2020-01-08T13:37:09.000+00:00","updated_at":"2020-01-08T13:37:19.000+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":"Wednesday 8th January\n\nGet 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\nIMF 180 on tax\nKristalina Georgieva, head of the International Monetary Fund (IMF), has said \nraising taxes on high earners would reduce inequality\n[https://www.theguardian.com/business/2020/jan/07/imf-boss-says-raise-taxes-on-the-rich-to-tackle-inequality] \nand can be done without damaging economic growth. It’s a big change of heart for\nthe IMF, which bails out bankrupt economies and issues policy advice, and has\npreviously advocated for tax cuts for the wealthy.\n\nTravel money chaos\nThe Travelex ransomware saga chugs on with customers left disappointed and out\nof pocket [https://www.bbc.co.uk/news/business-51026383] by the foreign currency\ntrader's debilitating cyber-attack. Thousands of holidaymakers' money is in\nlimbo with little information on when, how or if the problem will be resolved.\nThe criminals behind the hack are demanding $6 million (£4.8 million) from the\ncurrency trader.\n\nPension funds pressure Barclays\nA group of institutional investors with shares in Barclays has called on the\nbank to stop lending to fossil fuel companies. Campaign group Share Action,\nbacked by shareholders, has filed a resolution\n[https://www.theguardian.com/business/2020/jan/08/pension-funds-urge-barclays-to-stop-lending-to-fossil-fuel-firms] \nurging Barclays to phase out their dealings with companies that are failing to\nmeet Paris climate accord targets. We’ll find out what Barclays thinks in May,\nwhen it’s voted on at their annual general meeting. \n\nMore Woodford woes\nThe failure of the Woodford fund had another twist in store for investors\nyesterday as it was revealed the money manager and his business partner \npocketed\na cool £13.8 million in the financial year before the collapse of the fund\n[https://www.independent.co.uk/news/business/news/neil-woodford-fund-manager-dividends-equity-income-collapse-a9274251.html]\n. At least 300,000 people still have money locked into the fund which is due to\nbe wound up on the 18th January.\n\nLawbreaking bosses\nAn estimated 11,000 UK companies paid workers less than minimum wage last year,\nbut only 1,456 of them were caught by HMRC\n[https://www.theguardian.com/society/2020/jan/08/hmrc-firms-paying-below-minimum-wage]\n. It’s feared even more bosses could try and get away with underpaying when the\nminimum wage goes up in April.","html":"Wednesday 8th January
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.
Kristalina Georgieva, head of the International Monetary Fund (IMF), has said raising taxes on high earners would reduce inequality and can be done without damaging economic growth. It’s a big change of heart for the IMF, which bails out bankrupt economies and issues policy advice, and has previously advocated for tax cuts for the wealthy.
The Travelex ransomware saga chugs on with customers left disappointed and out of pocket by the foreign currency trader's debilitating cyber-attack. Thousands of holidaymakers' money is in limbo with little information on when, how or if the problem will be resolved. The criminals behind the hack are demanding $6 million (£4.8 million) from the currency trader.
A group of institutional investors with shares in Barclays has called on the bank to stop lending to fossil fuel companies. Campaign group Share Action, backed by shareholders, has filed a resolution urging Barclays to phase out their dealings with companies that are failing to meet Paris climate accord targets. We’ll find out what Barclays thinks in May, when it’s voted on at their annual general meeting.
The failure of the Woodford fund had another twist in store for investors yesterday as it was revealed the money manager and his business partner pocketed a cool £13.8 million in the financial year before the collapse of the fund. At least 300,000 people still have money locked into the fund which is due to be wound up on the 18th January.
An estimated 11,000 UK companies paid workers less than minimum wage last year, but only 1,456 of them were caught by HMRC. It’s feared even more bosses could try and get away with underpaying when the minimum wage goes up in April.
","url":"https://multiply.ghost.io/imf-says-tax-the-rich/","uuid":"fa798852-0b5b-41a5-9f8b-4c1475e706ab","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5e15d1ef5abbca003800a76a"}},{"node":{"id":"Ghost__Post__5e14626697e0d00038ef2833","title":"Credit card deals disappearing","slug":"credit-card-deals-disappearing","featured":false,"feature_image":"https://images.unsplash.com/photo-1560472355-536de3962603?ixlib=rb-1.2.1&q=80&fm=jpg&crop=entropy&cs=tinysrgb&w=2000&fit=max&ixid=eyJhcHBfaWQiOjExNzczfQ","excerpt":"There are fewer zero-interest credit card balance transfer deals available now than at any other time in the past 13 years.","custom_excerpt":"There are fewer zero-interest credit card balance transfer deals available now than at any other time in the past 13 years.","created_at_pretty":"07 January, 2020","published_at_pretty":"07 January, 2020","updated_at_pretty":"07 January, 2020","created_at":"2020-01-07T10:50:14.000+00:00","published_at":"2020-01-07T10:53:25.000+00:00","updated_at":"2020-01-07T10:53:25.000+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":"Jason David","slug":"jason","bio":null,"profile_image":"https://multiply.ghost.io/content/images/2019/12/AT5_1445-1.jpg","twitter":null,"facebook":null,"website":null}],"primary_author":{"name":"Jason David","slug":"jason","bio":null,"profile_image":"https://multiply.ghost.io/content/images/2019/12/AT5_1445-1.jpg","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":"Tuesday 7th January 2020\n\nGet 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\nPricey credit cards \nThere are fewer zero-interest credit card balance transfer deals available now\nthan at any other time in the past 13 years. There are just 76 0% balance\ntransfer deals available today\n[https://www.telegraph.co.uk/personal-banking/credit-cards/worst-credit-card-deals-13-years-banks-fear-rising-consumer/] \n(paywall) down from 122 at the start of 2017, and many offer very short\ninterest-free periods. The shrinking market for cheap credit comes amid warnings\nthat household debt, including personal loans and credit cards, has grown in the\nlast few years.\n\n\nLabour leadership race \nThe race to choose the next leader of the opposition has kicked off, with six\ncandidates vying to win the membership vote and replace Jeremy Corbyn. Clive\nLewis, Rebecca Long-Bailey, Lisa Nandy, Jess Phillips, Keir Starmer and Emily\nThornberry will bid for the top job. You can check out their stance on key\nissues, from Brexit to climate change, here\n[https://www.theguardian.com/politics/2020/jan/07/labour-leadership-where-do-the-candidates-stand?CMP=Share_iOSApp_Other]\n.\n\n\nTrain delays \nLondon's Crossrail project (already delayed for three years and over budget by\n£2 billion) will now take even longer\n[https://www.bbc.co.uk/news/business-51012591]. Parts of it, the Elizabeth line,\nare already running, but the central section is yet to be completed. The\nprevious estimate was for spring 2021, but this will now slip to the autumn.\n\n\nVoter rewards \nChancellor Sajid Javid has announced that his delayed Budget on 11th March will\n\"spread opportunity to those left behind\". The comments are in reference to the\ngovernment's manifesto pledge to spend more after a decade of austerity\n[https://news.sky.com/story/chancellor-march-budget-will-spread-opportunity-to-those-left-behind-11902600]\n. The focus of the spending spree will be on those areas of the Midlands and the\nNorth that switched to Conservative from Labour, handing his government a large\nparliamentary majority.","html":"Tuesday 7th January 2020
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.
There are fewer zero-interest credit card balance transfer deals available now than at any other time in the past 13 years. There are just 76 0% balance transfer deals available today (paywall) down from 122 at the start of 2017, and many offer very short interest-free periods. The shrinking market for cheap credit comes amid warnings that household debt, including personal loans and credit cards, has grown in the last few years.
The race to choose the next leader of the opposition has kicked off, with six candidates vying to win the membership vote and replace Jeremy Corbyn. Clive Lewis, Rebecca Long-Bailey, Lisa Nandy, Jess Phillips, Keir Starmer and Emily Thornberry will bid for the top job. You can check out their stance on key issues, from Brexit to climate change, here.
London's Crossrail project (already delayed for three years and over budget by £2 billion) will now take even longer. Parts of it, the Elizabeth line, are already running, but the central section is yet to be completed. The previous estimate was for spring 2021, but this will now slip to the autumn.
Chancellor Sajid Javid has announced that his delayed Budget on 11th March will \"spread opportunity to those left behind\". The comments are in reference to the government's manifesto pledge to spend more after a decade of austerity. The focus of the spending spree will be on those areas of the Midlands and the North that switched to Conservative from Labour, handing his government a large parliamentary majority.
","url":"https://multiply.ghost.io/credit-card-deals-disappearing/","uuid":"a7745fd9-1994-4fe8-a857-c47e4f067e9b","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5e14626697e0d00038ef2833"}},{"node":{"id":"Ghost__Post__5e1310616abc3f003828c73b","title":"HS2 hoodwinked government?","slug":"hs2-hoodwinked-government","featured":false,"feature_image":"https://images.unsplash.com/photo-1550307268-098c88b05651?ixlib=rb-1.2.1&q=80&fm=jpg&crop=entropy&cs=tinysrgb&w=2000&fit=max&ixid=eyJhcHBfaWQiOjExNzczfQ","excerpt":"HS2 will connect London to the Midlands but the cost of it could spiral out of control, according to the former deputy chairman of the government's independent review into the infrastructure project.","custom_excerpt":"HS2 will connect London to the Midlands but the cost of it could spiral out of control, according to the former deputy chairman of the government's independent review into the infrastructure project.","created_at_pretty":"06 January, 2020","published_at_pretty":"06 January, 2020","updated_at_pretty":"06 January, 2020","created_at":"2020-01-06T10:48:01.000+00:00","published_at":"2020-01-06T10:50:12.000+00:00","updated_at":"2020-01-06T10:50:12.000+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":"Monday 6th January\n\nGet 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\nRunaway train costs\nHS2 will connect London to the Midlands but the cost of it could spiral out of\ncontrol\n[https://news.sky.com/story/hs2-costs-are-out-of-control-and-could-spiral-to-107bn-lord-warns-11901105]\n, according to the former deputy chairman of the government's independent review\ninto the infrastructure project. Lord Tony Berkeley believes parliament were\n“misled” on the estimated costs, which could now be three times the original\nproposal. A massive £107 billion, not the £34 billion estimated in 2012.\n\nFewer entry-level jobs?\n2020’s graduates and school-leavers might struggle to find work amid a \nstagnating entry-level jobs market\n[https://www.theguardian.com/money/2020/jan/06/uk-employers-fewer-entry-level-jobs-2020-survey]\n. Employers are planning to recruit just 2.7% more first-time jobbers this year\nthan they did in 2019, according to the Institute of Student Employers (ISE).\n\nLet’s all move to Grays\nWant to work in London and live cheaply? The Essex town has been revealed by\nZoopla as the most affordable\n[https://www.theguardian.com/money/2020/jan/06/most-affordable-commuter-towns-five-uk-cities-revealed] \nfor commuters, averaging £15,008 for a mortgage and train season ticket.\nHotspots for other cities? Newport, Wolverhampton, Dunfermline, and Wigan.\n\nCentral banks printing money\nThe world’s top central banks will attempt to kick-start economic growth in 2020\nby printing digital money to use to buy up assets as government bonds. This\nprocess, known as quantitative easing, aims to keep inflation low to make life\ncheaper for consumers, and encourage borrowing by keeping interest rates low.\nEuropean, Japanese and US central banks are expected to buy up $500 billion\nworth of debt\n[https://www.telegraph.co.uk/business/2020/01/06/central-banks-unleash-billions-qe-rebooted/] \n(paywall) this year, but the Bank of England has put plans on hold amid high\nlevels of uncertainty.\n\nMotor industry slowdown\nThe number of new cars registered in the UK last year dropped to its lowest\nlevel since 2013 [https://www.bbc.co.uk/news/business-50985412], as buyers opt\nto hold onto their old vehicles instead of going for new models. The Society of\nMotor Manufacturers and Traders (SMMT) published the findings and claim the\ncause is a mix of low consumer confidence and confusion over clean-air\nlegislation.","html":"Monday 6th January
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.
HS2 will connect London to the Midlands but the cost of it could spiral out of control, according to the former deputy chairman of the government's independent review into the infrastructure project. Lord Tony Berkeley believes parliament were “misled” on the estimated costs, which could now be three times the original proposal. A massive £107 billion, not the £34 billion estimated in 2012.
2020’s graduates and school-leavers might struggle to find work amid a stagnating entry-level jobs market. Employers are planning to recruit just 2.7% more first-time jobbers this year than they did in 2019, according to the Institute of Student Employers (ISE).
Want to work in London and live cheaply? The Essex town has been revealed by Zoopla as the most affordable for commuters, averaging £15,008 for a mortgage and train season ticket. Hotspots for other cities? Newport, Wolverhampton, Dunfermline, and Wigan.
The world’s top central banks will attempt to kick-start economic growth in 2020 by printing digital money to use to buy up assets as government bonds. This process, known as quantitative easing, aims to keep inflation low to make life cheaper for consumers, and encourage borrowing by keeping interest rates low. European, Japanese and US central banks are expected to buy up $500 billion worth of debt (paywall) this year, but the Bank of England has put plans on hold amid high levels of uncertainty.
The number of new cars registered in the UK last year dropped to its lowest level since 2013, as buyers opt to hold onto their old vehicles instead of going for new models. The Society of Motor Manufacturers and Traders (SMMT) published the findings and claim the cause is a mix of low consumer confidence and confusion over clean-air legislation.
","url":"https://multiply.ghost.io/hs2-hoodwinked-government/","uuid":"663fba7c-1034-406e-a607-f6031069217c","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5e1310616abc3f003828c73b"}},{"node":{"id":"Ghost__Post__5e0f29bea519b30038b16839","title":"The great British streaming binge","slug":"the-great-british-streaming-binge","featured":false,"feature_image":"https://images.unsplash.com/photo-1461151304267-38535e780c79?ixlib=rb-1.2.1&q=80&fm=jpg&crop=entropy&cs=tinysrgb&w=2000&fit=max&ixid=eyJhcHBfaWQiOjExNzczfQ","excerpt":"UK culture vultures splurged a record £3 billion on streaming music, films and TV last year.","custom_excerpt":"UK culture vultures splurged a record £3 billion on streaming music, films and TV last year.","created_at_pretty":"03 January, 2020","published_at_pretty":"03 January, 2020","updated_at_pretty":"03 January, 2020","created_at":"2020-01-03T11:47:10.000+00:00","published_at":"2020-01-03T11:51:05.000+00:00","updated_at":"2020-01-03T11:51:05.000+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":"Jason David","slug":"jason","bio":null,"profile_image":"https://multiply.ghost.io/content/images/2019/12/AT5_1445-1.jpg","twitter":null,"facebook":null,"website":null}],"primary_author":{"name":"Jason David","slug":"jason","bio":null,"profile_image":"https://multiply.ghost.io/content/images/2019/12/AT5_1445-1.jpg","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":"Friday 3rd January 2020\n\nGet 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 chill on Netflix\nUK culture vultures splurged a record £3 billion on streaming music, films and\nTV last year\n[https://www.theguardian.com/media/2020/jan/03/uk-spent-a-record-3bn-on-streaming-music-films-and-tv-in-2019]\n. Services like Netflix, Amazon, and Spotify maintained their meteoric rise and\ncontinued the digital sector’s dominance over high street sales of DVDs and CDs.\nTotal spend on entertainment in the UK was a staggering £7.8 billion and\ninternet-based services made up 80% of that.\n\nFake apprenticeships \nAn apprenticeship scheme, which subsidises on-the-job learning with a levy on\nbig businesses, is “descending into farce” according to the director of\neducation think tank EDSK. The levy raised £2.7bn in its first year, but EDSK\nsays half of the apprenticeships it’s funding are fake. It warns that £1.2\nbillion has been inappropriately spent on existing jobs\n[https://www.bbc.co.uk/news/education-50973579] and management training, giving\na leg up to established adult workers instead of young people.\n\n\nBritish Steel in limbo\n£1 million of Government money is being pumped into British Steel each day\n[https://www.theguardian.com/business/2020/jan/02/future-of-british-steel-hangs-on-thread-of-taxpayers-cash?CMP=Share_iOSApp_Other] \nwhile a deal with Chinese firm Jingye is finalised. They reached an agreement\nback in November, but concerns persist over pay, conditions, and workers’ rights\nunder the new owners. The Scunthorpe site employs 3,000 people and supports a\nfurther 20,000 jobs in the area.\n\n\nTravelex cyber attacked\nIf you've visited the foreign-currency seller's website recently you may have\nnoticed it's a bit... not working. The company was forced to shut digital shop\nafter a cyber attack [https://www.bbc.co.uk/news/business-50977582]. Travelex\nhas fallen back on old school over-the-counter services while their team try to\nresolve the problem. In the meantime, they've reassured the public that no\npersonal or customer data has been compromised.","html":"Friday 3rd January 2020
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 culture vultures splurged a record £3 billion on streaming music, films and TV last year. Services like Netflix, Amazon, and Spotify maintained their meteoric rise and continued the digital sector’s dominance over high street sales of DVDs and CDs. Total spend on entertainment in the UK was a staggering £7.8 billion and internet-based services made up 80% of that.
An apprenticeship scheme, which subsidises on-the-job learning with a levy on big businesses, is “descending into farce” according to the director of education think tank EDSK. The levy raised £2.7bn in its first year, but EDSK says half of the apprenticeships it’s funding are fake. It warns that £1.2 billion has been inappropriately spent on existing jobs and management training, giving a leg up to established adult workers instead of young people.
£1 million of Government money is being pumped into British Steel each day while a deal with Chinese firm Jingye is finalised. They reached an agreement back in November, but concerns persist over pay, conditions, and workers’ rights under the new owners. The Scunthorpe site employs 3,000 people and supports a further 20,000 jobs in the area.
If you've visited the foreign-currency seller's website recently you may have noticed it's a bit... not working. The company was forced to shut digital shop after a cyber attack. Travelex has fallen back on old school over-the-counter services while their team try to resolve the problem. In the meantime, they've reassured the public that no personal or customer data has been compromised.
Thursday, 2nd January
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.
There were 353,436 first-time home buyers in 2019, the highest since 2007. Analysis by Yorkshire Building Society points to low mortgage rates making borrowing more accessible, as well as government schemes that lend a helping hand, such as stamp duty relief, equity loans, and help to buy ISAs. But numbers are yet to recover to the highs of 2006, when over 400,000 people stepped onto the property ladder for the first time.
Economic output was low at the tail-end of the decade thanks to the ongoing impacts of long-term uncertainty, according to a poll of 6,500 businesses by the British Chamber of Commerce (BCC). It predicts that GDP growth in the final quarter of 2019 will be just 0.22%.
Thousands of Halifax, Lloyds, and Bank of Scotland customers who fancied doing a bit of New Year life admin were locked out of online and mobile banking yesterday (paywall) due to an IT issue. Telephone banking services were operating as normal throughout, and online banking is now back up and running for everyone.
We all know the trick to New Year’s resolutions is to start with small, achievable steps. This year, people are tackling the 'penny challenge', a saving hack which sees you put 1p away on the 1st January, 2p on the 2nd (today) all the way until the last day of the year (£3.66). If you stick with it, you’ll have £671.61 stashed away to spend in 2021.
","url":"https://multiply.ghost.io/first-time-buyer/","uuid":"3b1690b3-70e5-4bac-9dfb-f4c8f7123aa0","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5e0e028da519b30038b16823"}},{"node":{"id":"Ghost__Post__5e0b3ceea519b30038b16806","title":"Wages on the rise","slug":"wages-on-the-rise","featured":false,"feature_image":"https://images.unsplash.com/photo-1529400971008-f566de0e6dfc?ixlib=rb-1.2.1&q=80&fm=jpg&crop=entropy&cs=tinysrgb&w=2000&fit=max&ixid=eyJhcHBfaWQiOjExNzczfQ","excerpt":"The national living wage is set to jump by 6.2% next year. The increase is more than four times the rate of inflation and means hourly pay for people over the age of 25 will be £8.72 from April.","custom_excerpt":"The national living wage is set to jump by 6.2% next year. The increase is more than four times the rate of inflation and means hourly pay for people over the age of 25 will be £8.72 from April.","created_at_pretty":"31 December, 2019","published_at_pretty":"31 December, 2019","updated_at_pretty":"31 December, 2019","created_at":"2019-12-31T12:19:58.000+00:00","published_at":"2019-12-31T12:24:58.000+00:00","updated_at":"2019-12-31T12:24:58.000+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":"Jason David","slug":"jason","bio":null,"profile_image":"https://multiply.ghost.io/content/images/2019/12/AT5_1445-1.jpg","twitter":null,"facebook":null,"website":null}],"primary_author":{"name":"Jason David","slug":"jason","bio":null,"profile_image":"https://multiply.ghost.io/content/images/2019/12/AT5_1445-1.jpg","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":"Tuesday 31st December 2019\n\nGet 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\nInflation-busting wage increases\nThe national living wage is set to jump by 6.2% next year\n[https://www.bbc.co.uk/news/business-50947097]. The increase is more than four\ntimes the rate of inflation and means hourly pay for people over the age of 25\nwill be £8.72 from April. The government says it is “the biggest cash increase\never” but on the flipside businesses have warned that the steep rise would put\npressure on companies and has called for them to reduce costs elsewhere for\nfirms.\n\n\nSuper-rich homebuyers\nIt has been a turbulent year for the UK housing market but you wouldn’t guess\nthat from its top end. Super-rich house hunters have taken out 185 £5 million\nplus mortgages in the year\n[https://www.theguardian.com/news/2019/dec/31/rise-of-5m-plus-mortgage-low-interest-rates-lure-super-rich] \nto the end of September, the Financial Conduct Authority has revealed. The\nmonumental splurge on expensive luxury properties in London has been fuelled by\nhistorically low interest rates.\n\n\nWhere’s my local cash machine? \nWe’ve all searched for them on Google maps, but they are set to get even rarer.\nTens of thousands of people currently have no local cash machines\n[https://www.bbc.co.uk/news/business-50945463] and the problem is set to get\nworse according to the Association of Convenience Stores (ACS). The cause? Fewer\nbank branches and a steady decline of free-to-use ATMs. The association has\ncalled on the government to intervene to make sure access to cash is protected.\n\n\nSee ya in 2020\nSo long 2019! We hope you’ve had as much fun reading the Minute as we’ve had\nwriting it. We’ll be back on Thursday 2nd January with more financial roundups\nfor you.","html":"Tuesday 31st December 2019
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 national living wage is set to jump by 6.2% next year. The increase is more than four times the rate of inflation and means hourly pay for people over the age of 25 will be £8.72 from April. The government says it is “the biggest cash increase ever” but on the flipside businesses have warned that the steep rise would put pressure on companies and has called for them to reduce costs elsewhere for firms.
It has been a turbulent year for the UK housing market but you wouldn’t guess that from its top end. Super-rich house hunters have taken out 185 £5 million plus mortgages in the year to the end of September, the Financial Conduct Authority has revealed. The monumental splurge on expensive luxury properties in London has been fuelled by historically low interest rates.
We’ve all searched for them on Google maps, but they are set to get even rarer. Tens of thousands of people currently have no local cash machines and the problem is set to get worse according to the Association of Convenience Stores (ACS). The cause? Fewer bank branches and a steady decline of free-to-use ATMs. The association has called on the government to intervene to make sure access to cash is protected.
So long 2019! We hope you’ve had as much fun reading the Minute as we’ve had writing it. We’ll be back on Thursday 2nd January with more financial roundups for you.
","url":"https://multiply.ghost.io/wages-on-the-rise/","uuid":"b609f158-f14e-4112-aee7-a225c6bb4213","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5e0b3ceea519b30038b16806"}},{"node":{"id":"Ghost__Post__5e09e7a8a519b30038b167e7","title":"Champagne sales fall flat","slug":"champagne-sales-fall-flat","featured":false,"feature_image":"https://images.unsplash.com/photo-1526894198609-10b3cdf45c52?ixlib=rb-1.2.1&q=80&fm=jpg&crop=entropy&cs=tinysrgb&w=2000&fit=max&ixid=eyJhcHBfaWQiOjExNzczfQ","excerpt":"Celebrating? You probably aren’t doing it with a bottle of champers. Sales of champagne plummeted by 28% in the last 12 months as its popularity in the UK continues to trickle away.","custom_excerpt":"Celebrating? You probably aren’t doing it with a bottle of champers. Sales of champagne plummeted by 28% in the last 12 months as its popularity in the UK continues to trickle away.","created_at_pretty":"30 December, 2019","published_at_pretty":"30 December, 2019","updated_at_pretty":"30 December, 2019","created_at":"2019-12-30T12:03:52.000+00:00","published_at":"2019-12-30T12:10:34.000+00:00","updated_at":"2019-12-30T12:10:34.000+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":"Jason David","slug":"jason","bio":null,"profile_image":"https://multiply.ghost.io/content/images/2019/12/AT5_1445-1.jpg","twitter":null,"facebook":null,"website":null}],"primary_author":{"name":"Jason David","slug":"jason","bio":null,"profile_image":"https://multiply.ghost.io/content/images/2019/12/AT5_1445-1.jpg","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":"Monday 30th December 2019\n\nGet 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\nFalling out of love with bubbles \nCelebrating? You probably aren’t doing it with a bottle of champers. Sales of\nchampagne plummeted by 28%\n[https://www.theguardian.com/business/2019/dec/30/uk-sales-of-champagne-and-sparkling-wine-lose-their-fizz-in-past-year] \nin the last 12 months as its popularity in the UK continues to trickle away. The\nWine and Spirit Trade Association (WSTA) put it down to young people drinking\nless and a tax increase on sparkling wine.\n\n\nChop chop on climate change \nBank of England boss Mark Carney had a warning for firms\n[https://www.bbc.co.uk/news/business-50868717] on his way out of the role. Speed\nup actions or the world will face irreversible heating. Carney made the stark\nstatement in the run up to beginning a new role as United Nations special envoy\nfor climate change and finance next year. He noted that the financial sector had\nalready taken steps to curb investment in fossil fuels but progress had been too\nslow. \n\n\nCall for UK railway overhaul\nThe New Year is coming and that means a hike in rail fares will be pulling in\nright behind it. As regulated fares are set to rise by an average of 2.7% next\nweek, the Campaign for Better Transport are calling for radical change\n[https://www.bbc.co.uk/news/uk-50931460] to the end the procession of “nightmare\njourneys”. Top of their agenda to improve services? Scrapping franchises,\nreforming fares and giving control to city regions.","html":"Monday 30th December 2019
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.
Celebrating? You probably aren’t doing it with a bottle of champers. Sales of champagne plummeted by 28% in the last 12 months as its popularity in the UK continues to trickle away. The Wine and Spirit Trade Association (WSTA) put it down to young people drinking less and a tax increase on sparkling wine.
Bank of England boss Mark Carney had a warning for firms on his way out of the role. Speed up actions or the world will face irreversible heating. Carney made the stark statement in the run up to beginning a new role as United Nations special envoy for climate change and finance next year. He noted that the financial sector had already taken steps to curb investment in fossil fuels but progress had been too slow.
The New Year is coming and that means a hike in rail fares will be pulling in right behind it. As regulated fares are set to rise by an average of 2.7% next week, the Campaign for Better Transport are calling for radical change to the end the procession of “nightmare journeys”. Top of their agenda to improve services? Scrapping franchises, reforming fares and giving control to city regions.
","url":"https://multiply.ghost.io/champagne-sales-fall-flat/","uuid":"4e1fefd9-d0b0-45bf-b8d7-566a3ae6ac5e","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5e09e7a8a519b30038b167e7"}},{"node":{"id":"Ghost__Post__5e01f56aa519b30038b167cb","title":"Bank caused baby boom","slug":"bank-caused-baby-boom","featured":false,"feature_image":"https://images.unsplash.com/photo-1571942727532-a67a4bf9845a?ixlib=rb-1.2.1&q=80&fm=jpg&crop=entropy&cs=tinysrgb&w=2000&fit=max&ixid=eyJhcHBfaWQiOjExNzczfQ","excerpt":"Do you have a kid that turned 10 this year? If so, you may remember that heady time when (according to the Bank of England) everyone rushed to have children because of...low interest rates.","custom_excerpt":"Do you have a kid that turned 10 this year? If so, you may remember that heady time when (according to the Bank of England) everyone rushed to have children because of...low interest rates.","created_at_pretty":"24 December, 2019","published_at_pretty":"24 December, 2019","updated_at_pretty":"24 December, 2019","created_at":"2019-12-24T11:24:26.000+00:00","published_at":"2019-12-24T11:28:50.000+00:00","updated_at":"2019-12-24T11:28:50.000+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":"Jason David","slug":"jason","bio":null,"profile_image":"https://multiply.ghost.io/content/images/2019/12/AT5_1445-1.jpg","twitter":null,"facebook":null,"website":null}],"primary_author":{"name":"Jason David","slug":"jason","bio":null,"profile_image":"https://multiply.ghost.io/content/images/2019/12/AT5_1445-1.jpg","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":"Tuesday 24th December 2019\n\nGet 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\nLow interest, high libido\nDo you have a kid that turned 10 this year? If so, you may remember that heady\ntime when (according to the Bank of England) everyone rushed to have children\nbecause of...low interest rates. New research shows that when the Bank slashed\nthe base rate in the aftermath of the financial crash, it made life a lot more\naffordable for thousands of families with variable rate mortgages. It estimates \n14,500 extra babies were born in 2009\n[https://www.theguardian.com/business/2019/dec/23/bust-to-boom-how-uk-central-bank-boosted-births-after-2008-crisis] \nas a result. OK boomer.\n\n\nTik Tok owner eyes London\nByte Dance, the parent company of the popular video app, is looking for a home\nfor its new global HQ, and London is in the running\n[https://www.thetimes.co.uk/edition/business/tik-tok-s-chinese-owner-byte-dance-considers-london-move-in-response-to-us-scrutiny-0wxbgphmj] \n(paywall article) alongside Dublin and Singapore. The news comes amid concerns\nexpressed by US politicians that Tik Tok has censored content that criticised\nBeijing. The app, which is popular among young people who post viral videos, has\nhad 1.5 billion downloads worldwide.\n\n\nWhy no female governor \nAndrew Bailey was recently appointed as the new governor of the Bank of England.\nHis only flaw (for some)? The fact that he is a white man. In its 320-year\nhistory, the institution has never picked a woman as its leader\n[https://www.bbc.co.uk/news/business-50872107]. Bev Shah, the founder of Hive, a\ndiversity promoter, explains this is because the “entire structure” of the Bank\nis “not very diverse”, hampering the possibility that a non-white man from its\nranks could one day become governor.\n\n\nTis’ the season to...work\nWhile many of us are opening presents and tucking into turkey on Christmas Day,\nwell over a million people in the UK will be working\n[https://www.mirror.co.uk/money/million-brits-set-spend-christmas-21153791],\naccording to the Trade Union Congress (TUC). Their figures show 1,104,000\nworkers in industries such as nursing, hospitality, and social care will keep\nBritain ticking over during the holidays. In response, the TUC Chairman Francis\nO’Grady has said: “We owe a huge debt to all those working on Christmas Day”.\n\n\nMerry Christmas from the Minute! \nWe’re off to eat, drink, and bend our families’ ears about the money news. The\nMultiply Minute will be back in your inbox on Friday 27th.","html":"Tuesday 24th December 2019
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.
Do you have a kid that turned 10 this year? If so, you may remember that heady time when (according to the Bank of England) everyone rushed to have children because of...low interest rates. New research shows that when the Bank slashed the base rate in the aftermath of the financial crash, it made life a lot more affordable for thousands of families with variable rate mortgages. It estimates 14,500 extra babies were born in 2009 as a result. OK boomer.
Byte Dance, the parent company of the popular video app, is looking for a home for its new global HQ, and London is in the running (paywall article) alongside Dublin and Singapore. The news comes amid concerns expressed by US politicians that Tik Tok has censored content that criticised Beijing. The app, which is popular among young people who post viral videos, has had 1.5 billion downloads worldwide.
Andrew Bailey was recently appointed as the new governor of the Bank of England. His only flaw (for some)? The fact that he is a white man. In its 320-year history, the institution has never picked a woman as its leader. Bev Shah, the founder of Hive, a diversity promoter, explains this is because the “entire structure” of the Bank is “not very diverse”, hampering the possibility that a non-white man from its ranks could one day become governor.
While many of us are opening presents and tucking into turkey on Christmas Day, well over a million people in the UK will be working, according to the Trade Union Congress (TUC). Their figures show 1,104,000 workers in industries such as nursing, hospitality, and social care will keep Britain ticking over during the holidays. In response, the TUC Chairman Francis O’Grady has said: “We owe a huge debt to all those working on Christmas Day”.
We’re off to eat, drink, and bend our families’ ears about the money news. The Multiply Minute will be back in your inbox on Friday 27th.
Monday 23rd December
Get straight to the good stuff every day with the Multiply Minute; a lightning-quick round-up of the money news and how it affects you.
Business confidence in the UK economy has soared to its highest level in three years, according to the Institute of Directors (IoD). The organisation is the longest-running for professional leaders in the UK and measured confidence at 21% in December, in comparison to -18% in November. The swing has been put down to the new majority government, giving company directors a firm framework for future plans.
The fallout from the Thomas Cook collapse continues to affect staff, with many struggling to claim welfare support in the wake of losing their jobs. Ex-employees, like cabin crewer Betty Knight, have had their requests for benefits declined on numerous occasions. Her former colleagues have run into similar difficulties. As the tour operator’s administration process churns on, there is confusion over whether they are entitled to jobseeker’s allowance or universal credit, leaving many with little or no support.
How would you define the decade (and a bit) since the financial crash? How about: 0.3%? According to the Royal Statistical Society (RSS), this little figure sums up the last ten years like no other. It’s a measure of average annual UK productivity growth, and it’s the lowest since the early 1800s. Why does it matter? Well, if productivity had continued increasing by 2% a year (the historic average) our economic output per hour worked would currently be around 20% higher. We'd all be earning more, spending more, and giving the government higher tax revenues to work with.
It used to be best known for managing the portfolios of the super-wealthy. But lately, as the bank continues to lose people to its competitors, Credit Suisse appears to have resorted to hiring private detectives to spy on its former stars, most notably ex-wealth management boss Iqbal Khan (after he left to join rival UBS). Swiss regulator Finma has launched an investigation into the claims.
","url":"https://multiply.ghost.io/do-you-believe-in-the-uk-economy/","uuid":"751eeb2d-4a25-48ec-8e5e-009ae78f556c","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5e009af6a519b30038b16781"}},{"node":{"id":"Ghost__Post__5dfca89ca519b30038b16760","title":"We’re 100 issues old!","slug":"were-100-issues-old","featured":false,"feature_image":"https://multiply.ghost.io/content/images/2019/12/100-edition-1.png","excerpt":"There’s a new governor of the Bank of England: Andrew Bailey has been named as the person to take over from Mark Carney in March.","custom_excerpt":"There’s a new governor of the Bank of England: Andrew Bailey has been named as the person to take over from Mark Carney in March.","created_at_pretty":"20 December, 2019","published_at_pretty":"20 December, 2019","updated_at_pretty":"20 December, 2019","created_at":"2019-12-20T10:55:24.000+00:00","published_at":"2019-12-20T11:53:16.000+00:00","updated_at":"2019-12-20T15:03:08.000+00:00","meta_title":null,"meta_description":null,"og_description":null,"og_image":null,"og_title":null,"twitter_description":null,"twitter_image":null,"twitter_title":null,"authors":[{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null}],"primary_author":{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null},"primary_tag":null,"tags":[{"name":"#feed","slug":"hash-feed","description":null,"feature_image":null,"meta_description":null,"meta_title":null,"visibility":"internal"},{"name":"multiply-minute","slug":"multiply-minute","description":"The 1-minute read to get the money news you need with expert adviser commentary","feature_image":null,"meta_description":null,"meta_title":null,"visibility":"public"}],"plaintext":"Friday 20th December 2019\n\nGet 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\nAll right guv’ner?\nThere’s a new governor of the Bank of England: Andrew Bailey has been named\n[https://www.bbc.co.uk/news/business-50861129] as the person to take over from\nMark Carney in March. Bailey is currently the chief executive of the Financial\nConduct Authority (FCA), the finance watchdog. As overseer of the UK’s central\nbank, which keeps an eye on the overall state of the economy and manages the\nstability of the financial system, he’s going to have a big job on his hands.\n\nFCA investigates Bank breach\nThat same Bank of England is under investigation\n[https://www.theguardian.com/business/2019/dec/19/hedge-funds-hacked-into-bank-of-england-briefings?CMP=Share_iOSApp_Other] \nby the very same FCA for a security breach revealed yesterday. Awkward. The\nbreach meant some hedge funds got access to an audio feed of the Bank’s press\nconferences (containing vital information that affect financial markets) up to\neight seconds before the rest of the world. The FCA is looking into whether or\nnot the illicit sneak previews count as “inside information”, and whether the\ninvestment managers involved should face personal regulatory action.\n\nDelays on the runway\nThe expansion of Heathrow will be delayed by up to three years\n[https://www.thetimes.co.uk/edition/news/heathrow-extension-plans-delayed-by-up-to-three-years-77cnn8tn2] \n(paywall article) because of worries that spiralling costs would land passengers\nwith soaring fares. The Civil Aviation Authority said there was a risk that\nrising planning costs - from £650 million to £2.8 billion - would be passed on\nto consumers. The watchdog wants the spending to be limited to £1.6 billion,\nwhich will result in the planned 2026 launch being held until 2029.\n\nMonzo savings vanish\nMonzo customers endured a moment of panic\n[https://www.telegraph.co.uk/technology/2019/12/19/monzo-customers-panic-savings-appear-vanish/] \n(paywall article) yesterday when their savings “pots” appeared to vanish from\nthe app. No money went missing; it was just a bug which has reportedly now been\nfixed. Phew.\n\nThanks for reading! \nWe started writing the Multiply Minute months ago thinking you might want a\nquick and easy way to digest the financial news that affects your life and\nmoney. Turns out you did, as out of 100,000 sends you’ve opened this email a\nwhopping 26,000 times. Cheers! We’re really keen to keep making it better, so if\nyou have a second minute going spare today, we’d love to hear your thoughts\n[https://multiplyai.typeform.com/to/TQtH83].\n\nMeet your editors\nAnnie looks after (and is a dab hand at) all the sweet copy you see in our app.\nShe is a theatre aficionado, gives exceptional gifts, and excels at finding the\nbest GIFS. She also knows all the words. All of them. Apart from “dolphin”,\nwhich she once accidentally mispronounced in the office as “dolpin” and has\nnever been allowed to forget it.\n\n\n\nJason is Multiply’s resident content maestro. He spends most of his time either\nwhizzing off on sophisticated European city breaks, or making sparks fly off his\nlaptop keyboard. Two truths and a lie: he has three beautiful cats, he loves to\nmake finance fun through his writing, and he says the word “doughnut” super\nweirdly.","html":"Friday 20th December 2019
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.
There’s a new governor of the Bank of England: Andrew Bailey has been named as the person to take over from Mark Carney in March. Bailey is currently the chief executive of the Financial Conduct Authority (FCA), the finance watchdog. As overseer of the UK’s central bank, which keeps an eye on the overall state of the economy and manages the stability of the financial system, he’s going to have a big job on his hands.
That same Bank of England is under investigation by the very same FCA for a security breach revealed yesterday. Awkward. The breach meant some hedge funds got access to an audio feed of the Bank’s press conferences (containing vital information that affect financial markets) up to eight seconds before the rest of the world. The FCA is looking into whether or not the illicit sneak previews count as “inside information”, and whether the investment managers involved should face personal regulatory action.
The expansion of Heathrow will be delayed by up to three years (paywall article) because of worries that spiralling costs would land passengers with soaring fares. The Civil Aviation Authority said there was a risk that rising planning costs - from £650 million to £2.8 billion - would be passed on to consumers. The watchdog wants the spending to be limited to £1.6 billion, which will result in the planned 2026 launch being held until 2029.
Monzo customers endured a moment of panic (paywall article) yesterday when their savings “pots” appeared to vanish from the app. No money went missing; it was just a bug which has reportedly now been fixed. Phew.
We started writing the Multiply Minute months ago thinking you might want a quick and easy way to digest the financial news that affects your life and money. Turns out you did, as out of 100,000 sends you’ve opened this email a whopping 26,000 times. Cheers! We’re really keen to keep making it better, so if you have a second minute going spare today, we’d love to hear your thoughts.
Annie looks after (and is a dab hand at) all the sweet copy you see in our app. She is a theatre aficionado, gives exceptional gifts, and excels at finding the best GIFS. She also knows all the words. All of them. Apart from “dolphin”, which she once accidentally mispronounced in the office as “dolpin” and has never been allowed to forget it.
Jason is Multiply’s resident content maestro. He spends most of his time either whizzing off on sophisticated European city breaks, or making sparks fly off his laptop keyboard. Two truths and a lie: he has three beautiful cats, he loves to make finance fun through his writing, and he says the word “doughnut” super weirdly.
![](\"https://multiply.ghost.io/content/images/2019/12/AT5_1445.jpg\")
Thursday 19th December
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 Competition and Markets Authority (CMA) has recommended that the UK should consider tough rules for big online players like Google and Facebook. It comes from concerns over their monopoly harming competition and that people using these platforms may not be in control of their data.
The iconic airline has plummeted in UK passengers’ opinions. Their new position puts them just above the worst-ranked airline, Ryanair, according to consumer group Which?. The survey was based on 6,500 readers’ opinions and measured points like food, seat comfort, and value for money for both short and long-haul services.
An audio feed of the Bank of England’s press conferences went out to hedge funds before official broadcasts. Despite the leak only being between five to eight seconds, it gave an advantage to high-speed traders, like currency speculators who can make millions on tiny market moves. The reason for the error, according to the Bank, was “misuse” of the feed by one of its suppliers.
Today the new Conservative government sits for the first time to hear theQueen’s speech which will lay out their policy agenda for the next five years. The highlights? New post-Brexit rules for trade, farming, fishing, financial services, and the environment; plans for full fibre broadband coverage across the UK; legislation to ensure decent service during train strikes; and (probably) a 50% business rate discount for small businesses.
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