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130 countries have agreed to overhaul tax systems to make big companies pay their fair share. All G20 countries - including the US, UK, and China - backed the deal. Negotiators proposed a minimum corporate tax rate of at least 15%. The US Treasury Secretary is happy, saying international tax competition and the “race to the bottom” is coming to an end.
Chancellor Rishi Sunak has suggested that Britain's financial services sector won't get access to the EU's markets, and that he has given up on the equivalence deals that he wanted. Instead, he plans to make the most of the UK’s freedom to set its own rules.
200,000 new job ads were posted in the final week of June, and there are now 1.5 million job vacancies across the country. As the post-pandemic economic recovery begins, the Recruitment and Employment Confederation (REC) described the demand for staff as “buoyant”.
Virgin Galactic’s Richard Branson has announced he will take off into space on 11 July. He’s aiming to beat fellow billionaire Jeff Bezos by just nine days. Virgin Galactic’s fourth trip to space will launch from New Mexico, and Bezos will launch from West Texas on the 52nd anniversary of the Apollo 11 moon landing.
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The Treasury has revealed plans for the world’s first green bond. The interest rate is yet to be set, but they will be available to anyone aged 16 or over through National Savings and Investments (NS&I). The money raised through the new product will likely help finance the UK’s net zero push.
The retail trading platform has been ordered to pay $70M in penalties for causing “widespread and significant” harm to its customers. This is the largest penalty ever issued by The Financial Industry Regulatory Authority. The Wall Street regulator alleges multiple failures, including technical problems costing customer money, allowing customers to trade inappropriately risky products, and giving misleading information.
Today, employers start paying some of the costs of furlough. With 1.5 million workers still on furlough, The Institute for Fiscal Studies (a think tank) believes this could prompt layoffs. The Treasury responded to say that furlough funding is still \"substantial\", “in place until September”, and “amongst the most generous schemes in the world”.
New rules mean manufacturers of washing machines, TVs, and fridges, will have to make spares available to consumers. The government says the aim is to extend the lifespan of products by up to 10 years. Higher energy standards also should mean savings on energy bills - but some say this could result in white goods getting pricier.
The company has pledged $1.4 billion with its Chinese partner to build a giant battery plant in Sunderland. It will power 100,000 vehicles a year, and it’s estimated that it will create 6,200 jobs at the plant and in British supply chains.
","url":"https://multiply.ghost.io/the-worlds-first-green-bond/","uuid":"04323a28-21ab-4a61-bfdd-d6a38e815d75","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"60dd826b6e4273003be1de1c"}},{"node":{"id":"Ghost__Post__60dc3ca96e4273003be1ddfb","title":"Covid lost taxpayers billions?","slug":"covid-lost-taxpayers-billions","featured":false,"feature_image":"https://multiply.ghost.io/content/images/2021/06/475.png","excerpt":"Plus: Brits saving 19.9% of their income, borrowers not switching lenders, island holiday spots join green list. ","custom_excerpt":"Plus: Brits saving 19.9% of their income, borrowers not switching lenders, island holiday spots join green list. ","created_at_pretty":"30 June, 2021","published_at_pretty":"30 June, 2021","updated_at_pretty":"30 June, 2021","created_at":"2021-06-30T09:43:05.000+00:00","published_at":"2021-06-30T09:45:47.000+00:00","updated_at":"2021-06-30T09:45:47.000+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":"#blog","slug":"hash-blog","description":null,"feature_image":null,"meta_description":null,"meta_title":null,"visibility":"internal"},{"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":"Fraud and error\nTaxpayers could lose tens of billions\n[https://www.cityam.com/taxpayers-could-lose-billions-through-pandemic-support-schemes/] \nto fraud and error with coronavirus support measures. A committee of MPs found\nthat a lack of scrutiny on schemes such as the business bounce back loans have\nmeant up to £27 billion could have been given away wrongly. HMRC has launched\n13,000 probes to investigate businesses that might have abused the support\nmeasures.\n\nSaving spree\nBrits went on a saving spree in the first three months of 2021, as lockdown shut\noff spending. The savings rate jumped to 19.9%\n[https://www.reuters.com/world/uk/uk-households-bolstered-their-savings-early-2021-lockdown-2021-06-30/]\n, the second highest on record after April-July 2020. The savings rate is\ncalculated as a proportion of disposable income, which is the amount left over\nafter essential costs like rent.\n\nMortgage switching slumps\nBorrowers could be paying thousands extra in interest by sticking with the same\nlender\n[https://www.telegraph.co.uk/personal-banking/mortgages/mortgage-switching-plummets-homeowners-fear-finance-checks/]\n* when their fixed rate deal ends. 150,000 product transfers were sold in\nJanuary - the highest on record. These are deals offered by your existing lender\nwith no need for a new affordability check: good news for anyone furloughed or\nearning less. But brokers warn that sticking with the same lender could mean\nmissing out on the best deals.\n\nGreen list islands\nMalta, Madeira, the Balearic islands all joined the UK travel green list\n[https://www.bbc.co.uk/news/uk-57661648] this morning at 4am, meaning people can\ngo on holiday there without needing to quarantine on the way home. They’re\njoined by far-flung islands including Bermuda, the Caymans, and Barbados.\nThey’ll be under constant review though - and could be moved back to amber at\nany time.","html":"Taxpayers could lose tens of billions to fraud and error with coronavirus support measures. A committee of MPs found that a lack of scrutiny on schemes such as the business bounce back loans have meant up to £27 billion could have been given away wrongly. HMRC has launched 13,000 probes to investigate businesses that might have abused the support measures.
Brits went on a saving spree in the first three months of 2021, as lockdown shut off spending. The savings rate jumped to 19.9%, the second highest on record after April-July 2020. The savings rate is calculated as a proportion of disposable income, which is the amount left over after essential costs like rent.
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Borrowers could be paying thousands extra in interest by sticking with the same lender* when their fixed rate deal ends. 150,000 product transfers were sold in January - the highest on record. These are deals offered by your existing lender with no need for a new affordability check: good news for anyone furloughed or earning less. But brokers warn that sticking with the same lender could mean missing out on the best deals.
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Malta, Madeira, the Balearic islands all joined the UK travel green list this morning at 4am, meaning people can go on holiday there without needing to quarantine on the way home. They’re joined by far-flung islands including Bermuda, the Caymans, and Barbados. They’ll be under constant review though - and could be moved back to amber at any time.
","url":"https://multiply.ghost.io/covid-lost-taxpayers-billions/","uuid":"1a90b29e-824f-45da-af93-75a6e633eede","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"60dc3ca96e4273003be1ddfb"}},{"node":{"id":"Ghost__Post__60dad15b6e4273003be1dde3","title":"House prices surge 13%","slug":"house-prices-surge-13","featured":false,"feature_image":"https://multiply.ghost.io/content/images/2021/06/474.png","excerpt":"Plus: 2 million homes pushed to higher stamp duty bracket, 30% lack money confidence, Facebook worth $1 trillion.","custom_excerpt":"Plus: 2 million homes pushed to higher stamp duty bracket, 30% lack money confidence, Facebook worth $1 trillion.","created_at_pretty":"29 June, 2021","published_at_pretty":"29 June, 2021","updated_at_pretty":"29 June, 2021","created_at":"2021-06-29T07:52:59.000+00:00","published_at":"2021-06-29T08:15:14.000+00:00","updated_at":"2021-06-29T08:15:14.000+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":"#blog","slug":"hash-blog","description":null,"feature_image":null,"meta_description":null,"meta_title":null,"visibility":"internal"},{"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":"House prices surge\nHouse prices have gone up 13.4%\n[https://www.bloomberg.com/news/articles/2021-06-29/u-k-house-prices-surge-fastest-17-years-nationwide-says] \nin the past year according to mortgage lender Nationwide. That’s the fastest\nannual rise since 2004. The average UK home now costs £254,432 - up 0.7% from\nMay. Northern Ireland and Wales saw the biggest rises, with price growth of 14%,\nwhile London and Scotland lag behind.\n\nHigher stamp duty\nThe rapid rise in property prices has pushed 1.8 million homes\n[https://www.cityam.com/stamp-duty-holiday-pushes-1-8-million-houses-into-higher-land-tax-bracket-in-treasury-win/] \ninto a higher stamp duty bracket, according to Zoopla. The land tax is\ncalculated based on the sale price of the property, but the stamp duty holiday\nhas meant no tax to pay on the first £500,000. The spike in buyer activity has\npushed prices up, meaning more homes are over the threshold for paying the tax\nin normal times.\n\nMoney confidence\nFinancial jargon is a major barrier to investing\n[https://inews.co.uk/inews-lifestyle/money/saving-and-banking/financial-jargon-putting-off-britons-from-saving-and-investing-survey-finds-1073996] \nfor many people, according to a survey by TSB. 35% of Brits say they have low or\nno confidence in their financial abilities, and 30% say jargon makes financial\nproducts confusing.\n\nFacebook tops $1 trillion\nFacebook has joined the trillion club\n[https://www.cityam.com/facebooks-value-tops-1-trillion-after-judge-throws-out-us-lawsuits/] \nafter escaping 2 antitrust lawsuits. The judge threw out the legal challenges\nlast night, saying there wasn’t enough evidence that the social media giant is a\nmonopoly. It’s a major blow to regulators’ hopes of reigning in powerful tech\ncompanies. Facebook’s shares climbed 4% on the ruling.","html":"House prices have gone up 13.4% in the past year according to mortgage lender Nationwide. That’s the fastest annual rise since 2004. The average UK home now costs £254,432 - up 0.7% from May. Northern Ireland and Wales saw the biggest rises, with price growth of 14%, while London and Scotland lag behind.
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The rapid rise in property prices has pushed 1.8 million homes into a higher stamp duty bracket, according to Zoopla. The land tax is calculated based on the sale price of the property, but the stamp duty holiday has meant no tax to pay on the first £500,000. The spike in buyer activity has pushed prices up, meaning more homes are over the threshold for paying the tax in normal times.
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Financial jargon is a major barrier to investing for many people, according to a survey by TSB. 35% of Brits say they have low or no confidence in their financial abilities, and 30% say jargon makes financial products confusing.
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Facebook has joined the trillion club after escaping 2 antitrust lawsuits. The judge threw out the legal challenges last night, saying there wasn’t enough evidence that the social media giant is a monopoly. It’s a major blow to regulators’ hopes of reigning in powerful tech companies. Facebook’s shares climbed 4% on the ruling.
","url":"https://multiply.ghost.io/house-prices-surge-13/","uuid":"1bc3a1b0-eea4-4332-8227-cca78446178e","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"60dad15b6e4273003be1dde3"}},{"node":{"id":"Ghost__Post__60d997c66e4273003be1ddd1","title":"Home purchases at risk","slug":"home-purchases-at-risk","featured":false,"feature_image":"https://multiply.ghost.io/content/images/2021/06/473.png","excerpt":"Plus: Binance banned, small businesses need help to bridge the gap to 19th July.","custom_excerpt":"Plus: Binance banned, small businesses need help to bridge the gap to 19th July.","created_at_pretty":"28 June, 2021","published_at_pretty":"28 June, 2021","updated_at_pretty":"28 June, 2021","created_at":"2021-06-28T09:35:02.000+00:00","published_at":"2021-06-28T09:43:24.000+00:00","updated_at":"2021-06-28T09:43:24.000+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":"#blog","slug":"hash-blog","description":null,"feature_image":null,"meta_description":null,"meta_title":null,"visibility":"internal"},{"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":"Deadline looms\nConveyancers are warning that thousands of property transactions could fail to\ncomplete\n[https://www.theguardian.com/money/2021/jun/28/homebuyers-rush-to-complete-before-stamp-duty-holiday-deadline] \nby 30th June, putting chains of sales at risk. Homebuyers are attempting to get\nover the line before the end of the stamp duty holiday. And if they can’t?\nThey’ll be hit with tax bills of up to £15,000. It’s feared many buyers would be\nunable or unwilling to pay and decide to pull out instead.\n\nBinance banned\nThe world’s biggest crypto exchange has been banned from operating\n[https://www.cityam.com/binance-given-the-boot-by-uk-financial-watchdog/] in the\nUK by the Financial Conduct Authority (FCA). Binance won’t be allowed to\nadvertise here or set up a UK-based team. However, customers will still be able\nto access their crypto accounts. The move rumoured to be the first in a string\nof crypto crackdowns to try and combat rising financial crime.\n\nBusiness help ends\nSmall businesses have called for more help to bridge the 18-day gap\n[https://www.bbc.co.uk/news/business-57630349] after support winds down. Crucial\nmeasures such as business rates exemptions will end on 1st July, but social\ndistancing rules stay in place until the 19th. Many companies had budgeted for\nbeing able to trade as normal from 21st June, and will now struggle financially,\naccording to the Federation of Small Businesses.","html":"Conveyancers are warning that thousands of property transactions could fail to complete by 30th June, putting chains of sales at risk. Homebuyers are attempting to get over the line before the end of the stamp duty holiday. And if they can’t? They’ll be hit with tax bills of up to £15,000. It’s feared many buyers would be unable or unwilling to pay and decide to pull out instead.
The world’s biggest crypto exchange has been banned from operating in the UK by the Financial Conduct Authority (FCA). Binance won’t be allowed to advertise here or set up a UK-based team. However, customers will still be able to access their crypto accounts. The move rumoured to be the first in a string of crypto crackdowns to try and combat rising financial crime.
Small businesses have called for more help to bridge the 18-day gap after support winds down. Crucial measures such as business rates exemptions will end on 1st July, but social distancing rules stay in place until the 19th. Many companies had budgeted for being able to trade as normal from 21st June, and will now struggle financially, according to the Federation of Small Businesses.
","url":"https://multiply.ghost.io/home-purchases-at-risk/","uuid":"8c73eb51-206c-434e-b5bb-50052b22ba31","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"60d997c66e4273003be1ddd1"}},{"node":{"id":"Ghost__Post__60d599946e4273003be1dd81","title":"Homebuyers pay record high","slug":"homebuyers-pay-record-high","featured":false,"feature_image":"https://multiply.ghost.io/content/images/2021/06/472.png","excerpt":"Plus: holiday hotspots added to travel green list, Bank of England warns inflation will break 3%.\n","custom_excerpt":"Plus: holiday hotspots added to travel green list, Bank of England warns inflation will break 3%.\n","created_at_pretty":"25 June, 2021","published_at_pretty":"25 June, 2021","updated_at_pretty":"25 June, 2021","created_at":"2021-06-25T08:53:40.000+00:00","published_at":"2021-06-25T08:55:59.000+00:00","updated_at":"2021-06-25T08:55:59.000+00:00","meta_title":null,"meta_description":null,"og_description":null,"og_image":null,"og_title":null,"twitter_description":null,"twitter_image":null,"twitter_title":null,"authors":[{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null}],"primary_author":{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null},"primary_tag":null,"tags":[{"name":"#blog","slug":"hash-blog","description":null,"feature_image":null,"meta_description":null,"meta_title":null,"visibility":"internal"},{"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":"Achieving asking price\n37% of homes that changed hands in January 2021 were sold at or above their\nasking price\n[https://www.cityam.com/record-number-of-homes-selling-for-the-asking-price-or-above/]\n, according to Rightmove. That’s a record high - usually only around 1 in 4\nsellers achieve their asking price. Even homes that sold for below asking price\nin January achieved 98% of the amount the seller was hoping for, on average.\n\nGreen list\nIbiza, Majorca, Malta and Madeira are among the 16 new holiday spots added to\nthe green list [https://www.bbc.co.uk/news/uk-57606348] for travel. From\nWednesday, you can travel there without needing to quarantine for 10 days on the\nway home. Travel bosses say the changes don’t go far enough and question why\ndestinations such as the Canary Islands and Greece remain amber.\n\nInflation warning\nThe Bank of England has warned that inflation will break 3% this year\n[https://www.reuters.com/world/uk/bank-england-sees-inflation-peaking-over-3-before-falling-back-2021-06-24/] \nas the economy reopens further - but only temporarily. For now, the Bank has\ndecided to keep its stimulus pumping into the economy and hold the base rate at\nits record low of 0.1%. That means no increase to loan or mortgage rates - for\nnow.\n\nEthnic pay gap\nBusiness lobby groups, trades unions, and the human rights watchdog have called\nfor ethnicity pay gap reporting\n[https://www.theguardian.com/business/2021/jun/25/cbi-tuc-and-ehrc-press-government-on-mandatory-ethnic-pay-gap-reporting]\n. In a letter to Michael Gove, they say mandatory reporting of pay disparities\nwould help to spark action by employers. Big companies have had to report on\ntheir gender pay gap since 2017. The data has exposed differences in pay between\nmen and women and the lack of women in senior roles.","html":"37% of homes that changed hands in January 2021 were sold at or above their asking price, according to Rightmove. That’s a record high - usually only around 1 in 4 sellers achieve their asking price. Even homes that sold for below asking price in January achieved 98% of the amount the seller was hoping for, on average.
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Ibiza, Majorca, Malta and Madeira are among the 16 new holiday spots added to the green list for travel. From Wednesday, you can travel there without needing to quarantine for 10 days on the way home. Travel bosses say the changes don’t go far enough and question why destinations such as the Canary Islands and Greece remain amber.
The Bank of England has warned that inflation will break 3% this year as the economy reopens further - but only temporarily. For now, the Bank has decided to keep its stimulus pumping into the economy and hold the base rate at its record low of 0.1%. That means no increase to loan or mortgage rates - for now.
Business lobby groups, trades unions, and the human rights watchdog have called for ethnicity pay gap reporting. In a letter to Michael Gove, they say mandatory reporting of pay disparities would help to spark action by employers. Big companies have had to report on their gender pay gap since 2017. The data has exposed differences in pay between men and women and the lack of women in senior roles.
","url":"https://multiply.ghost.io/homebuyers-pay-record-high/","uuid":"7d2c2aed-2bf1-4110-b1b7-de80f7f13a90","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"60d599946e4273003be1dd81"}},{"node":{"id":"Ghost__Post__60d454a76e4273003be1dd71","title":"Travel ban updated","slug":"travel-ban-updated","featured":false,"feature_image":"https://multiply.ghost.io/content/images/2021/06/471-.png","excerpt":"Plus: honeytrap mortgages luring borrowers? And FCA faces overhaul after mini-bond scandal.","custom_excerpt":"Plus: honeytrap mortgages luring borrowers? And FCA faces overhaul after mini-bond scandal.","created_at_pretty":"24 June, 2021","published_at_pretty":"24 June, 2021","updated_at_pretty":"24 June, 2021","created_at":"2021-06-24T09:47:19.000+00:00","published_at":"2021-06-24T09:48:33.000+00:00","updated_at":"2021-06-24T09:48:33.000+00:00","meta_title":null,"meta_description":null,"og_description":null,"og_image":null,"og_title":null,"twitter_description":null,"twitter_image":null,"twitter_title":null,"authors":[{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null}],"primary_author":{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null},"primary_tag":null,"tags":[{"name":"#blog","slug":"hash-blog","description":null,"feature_image":null,"meta_description":null,"meta_title":null,"visibility":"internal"},{"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":"Travel rules\nThe traffic light system is due to be updated today, revealing which countries\nare joining the green list [https://www.bbc.co.uk/news/uk-57590119] to allow\nquarantine-free holidays. The travel industry says people who’ve had both jabs\nshould also be able to skip the 10-day isolation on the way home from amber list\ncountries. But German Chancellor Angela Merkel has thrown a spanner in the works\nby suggesting that Brits should quarantine on arrival in the EU to slow the\nspread of the Delta variant.\n\nHoneytrap mortgages\nBrokers are warning home buyers to watch out for “honeytrap” mortgages\n[https://www.telegraph.co.uk/personal-banking/mortgages/borrowers-warned-honeytrap-mortgages-higher-fees-outweigh-low/]\n* that seem like good deals but come with high fees. In a race to offer the most\nattractive deals, lenders advertise a competitive headline interest rate - but\nthe extra product fees can outweigh any savings. The average fee on a fixed-rate\nmortgage is now £1,075, up £57 from last year.\n\nFCA overhaul\nThe Financial Conduct Authority (FCA) has promised to do better\n[https://www.cityam.com/fca-boss-vows-transformation-after-mps-slam-historic-culture-failings-over-mini-bond-collapse/]\n, after a committee of MPs demanded more protection for consumers. They slammed\nthe FCA for failings in dealing with the mini-bond scandal, in which thousands\nof savers lost money when London Capital and Finance went bust. The committee\nreckons a change in the FCA’s culture is needed to protect consumers from future\nscandals.","html":"The traffic light system is due to be updated today, revealing which countries are joining the green list to allow quarantine-free holidays. The travel industry says people who’ve had both jabs should also be able to skip the 10-day isolation on the way home from amber list countries. But German Chancellor Angela Merkel has thrown a spanner in the works by suggesting that Brits should quarantine on arrival in the EU to slow the spread of the Delta variant.
Brokers are warning home buyers to watch out for “honeytrap” mortgages* that seem like good deals but come with high fees. In a race to offer the most attractive deals, lenders advertise a competitive headline interest rate - but the extra product fees can outweigh any savings. The average fee on a fixed-rate mortgage is now £1,075, up £57 from last year.
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The Financial Conduct Authority (FCA) has promised to do better, after a committee of MPs demanded more protection for consumers. They slammed the FCA for failings in dealing with the mini-bond scandal, in which thousands of savers lost money when London Capital and Finance went bust. The committee reckons a change in the FCA’s culture is needed to protect consumers from future scandals.
","url":"https://multiply.ghost.io/travel-ban-updated/","uuid":"52242f79-65cd-4d2f-ba6b-e365061c68a6","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"60d454a76e4273003be1dd71"}},{"node":{"id":"Ghost__Post__60d2f2da6e4273003be1dd62","title":"5 million new millionaires","slug":"5-million-new-millionaires","featured":false,"feature_image":"https://multiply.ghost.io/content/images/2021/06/470.png","excerpt":"Plus: employer confidence soars, Morgan Stanley bars unjabbed staff, government might sell Channel 4.","custom_excerpt":"Plus: employer confidence soars, Morgan Stanley bars unjabbed staff, government might sell Channel 4.","created_at_pretty":"23 June, 2021","published_at_pretty":"23 June, 2021","updated_at_pretty":"23 June, 2021","created_at":"2021-06-23T08:37:46.000+00:00","published_at":"2021-06-23T08:41:33.000+00:00","updated_at":"2021-06-23T08:41:33.000+00:00","meta_title":null,"meta_description":null,"og_description":null,"og_image":null,"og_title":null,"twitter_description":null,"twitter_image":null,"twitter_title":null,"authors":[{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null}],"primary_author":{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null},"primary_tag":null,"tags":[{"name":"#blog","slug":"hash-blog","description":null,"feature_image":null,"meta_description":null,"meta_title":null,"visibility":"internal"},{"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":"Rolling in it\n5 million new people became millionaires in 2020\n[https://www.bbc.co.uk/news/business-57575077], boosted by recovering stock\nmarkets and soaring house prices. There are now 56.2 million people in the world\nwith over $1 million in wealth according to Credit Suisse. Despite the economic\ndamage wrought by the pandemic, wealth held steady for the first half of the\nyear and then grew rapidly in the second half - overall, total global wealth\ngrew 7.4% in 2020.\n\nHappy bosses\nUK employers are feeling more confident\n[https://www.reuters.com/business/confidence-among-uk-employers-hits-five-year-high-rec-2021-06-22/] \nabout the economy than they have in almost 5 years according to the Recruitment\nand Employment Confederation. Optimism is riding high on the loosening of\ncoronavirus restrictions. The only thing they’re worried about? A shortage of\nstaff to fill vacant roles.\n\nNo jab, no entry\nMorgan Stanley is planning to ban staff and clients who aren’t fully vaccinated\n[https://www.bbc.co.uk/news/business-57576988] from its New York offices. The\nWall Street giant is urging its workers to return to the office - but only if\nthey’ve had both jabs. The rule should allow the bank to do away with social\ndistancing and face coverings in its workspaces.\n\nSelling Channel 4?\nThe government is considering selling off Channel 4\n[https://news.sky.com/story/government-to-consider-selling-off-channel-4-while-clamping-down-on-streaming-services-12339517]\n, which could lead to the broadcaster being privatised as soon as next year.\nIt’s state-owned by 90% funded by adverts. It also wants to look at clamping\ndown on streaming services such as Netflix and Amazon Prime to subject them to\nthe same bias and accuracy rules as the BBC, ITV and Sky.","html":"5 million new people became millionaires in 2020, boosted by recovering stock markets and soaring house prices. There are now 56.2 million people in the world with over $1 million in wealth according to Credit Suisse. Despite the economic damage wrought by the pandemic, wealth held steady for the first half of the year and then grew rapidly in the second half - overall, total global wealth grew 7.4% in 2020.
UK employers are feeling more confident about the economy than they have in almost 5 years according to the Recruitment and Employment Confederation. Optimism is riding high on the loosening of coronavirus restrictions. The only thing they’re worried about? A shortage of staff to fill vacant roles.
Morgan Stanley is planning to ban staff and clients who aren’t fully vaccinated from its New York offices. The Wall Street giant is urging its workers to return to the office - but only if they’ve had both jabs. The rule should allow the bank to do away with social distancing and face coverings in its workspaces.
The government is considering selling off Channel 4, which could lead to the broadcaster being privatised as soon as next year. It’s state-owned by 90% funded by adverts. It also wants to look at clamping down on streaming services such as Netflix and Amazon Prime to subject them to the same bias and accuracy rules as the BBC, ITV and Sky.
","url":"https://multiply.ghost.io/5-million-new-millionaires/","uuid":"fc405904-ec0d-4c2d-b26c-2a7c47fbc2e7","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"60d2f2da6e4273003be1dd62"}},{"node":{"id":"Ghost__Post__60d19f4b6e4273003be1dd31","title":"Quarantine-free holidays?","slug":"quarantine-free-holidays","featured":false,"feature_image":"https://multiply.ghost.io/content/images/2021/06/469.png","excerpt":"Plus: government borrowing falls, hedge fund closes after GameStop losses, restaurants stop lunch service.","custom_excerpt":"Plus: government borrowing falls, hedge fund closes after GameStop losses, restaurants stop lunch service.","created_at_pretty":"22 June, 2021","published_at_pretty":"22 June, 2021","updated_at_pretty":"22 June, 2021","created_at":"2021-06-22T08:28:59.000+00:00","published_at":"2021-06-22T08:57:35.000+00:00","updated_at":"2021-06-22T08:57:35.000+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":"#blog","slug":"hash-blog","description":null,"feature_image":null,"meta_description":null,"meta_title":null,"visibility":"internal"},{"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":"Holiday update\nBrits who’ve had both jabs could be allowed to go on quarantine-free holidays\n[https://www.cityam.com/fully-vaccinated-brits-in-line-for-quarantine-free-travel-from-august/] \nfrom August. We’ll get more details on Thursday when the government shares its\nfirst review of the traffic light system. It’s unlikely that many countries will\nbe added to the green list, but fully vaccinated people might be free to visit\namber countries without quarantining on the way home.\n\nBorrowing falls\nThe government borrowed less in May\n[https://news.sky.com/story/borrowing-falls-as-furlough-spending-eases-but-still-second-highest-on-record-12338278] \nthanks to a cheaper furlough bill and a higher tax take from VAT and fuel duty.\nPublic borrowing for the month was £24.3 billion according to the Office for\nNational Statistics. That’s £20 billion less than the same month last year, and\na drop from April too.\n\nHedge fund closes\nA London hedge fund that bet against GameStop in January is closing down\n[https://www.reuters.com/world/uk/london-based-hedge-fund-that-bet-against-gamestop-shuts-down-ft-2021-06-22/]\n, after suffering double digit losses. White Square Capital will shut its main\nfund this month and return investors’ money. It’s one of the first closures of a\nhedge fund after losing out to meme stocks. GameStop was targeted by Redditors,\nwho drove up the price from $20 a share to over $480 in a few weeks.\n\nNo lunch\nA Michelin-star restaurant in London has become the latest to stop its lunch\nservice [https://www.bbc.co.uk/news/business-57555608] because it doesn’t have\nenough staff to serve it. Pied a Terre says it will no longer open at lunchtimes\ndue to shortages. Hospitality is struggling to recruit new people because so\nmany have left the industry, the UK, or both, after the double whammy of Brexit\nand coronavirus.","html":"Brits who’ve had both jabs could be allowed to go on quarantine-free holidays from August. We’ll get more details on Thursday when the government shares its first review of the traffic light system. It’s unlikely that many countries will be added to the green list, but fully vaccinated people might be free to visit amber countries without quarantining on the way home.
The government borrowed less in May thanks to a cheaper furlough bill and a higher tax take from VAT and fuel duty. Public borrowing for the month was £24.3 billion according to the Office for National Statistics. That’s £20 billion less than the same month last year, and a drop from April too.
A London hedge fund that bet against GameStop in January is closing down, after suffering double digit losses. White Square Capital will shut its main fund this month and return investors’ money. It’s one of the first closures of a hedge fund after losing out to meme stocks. GameStop was targeted by Redditors, who drove up the price from $20 a share to over $480 in a few weeks.
A Michelin-star restaurant in London has become the latest to stop its lunch service because it doesn’t have enough staff to serve it. Pied a Terre says it will no longer open at lunchtimes due to shortages. Hospitality is struggling to recruit new people because so many have left the industry, the UK, or both, after the double whammy of Brexit and coronavirus.
","url":"https://multiply.ghost.io/quarantine-free-holidays/","uuid":"bde23478-e8fa-487d-92ba-bc3a5371604e","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"60d19f4b6e4273003be1dd31"}},{"node":{"id":"Ghost__Post__60d047d06e4273003be1dd01","title":"Housing boom slowing down?","slug":"housing-boom-slowing-down","featured":false,"feature_image":"https://multiply.ghost.io/content/images/2021/06/468.png","excerpt":"Plus: part-time season tickets go on sale, Amazon could bid to buy Morrisons.","custom_excerpt":"Plus: part-time season tickets go on sale, Amazon could bid to buy Morrisons.","created_at_pretty":"21 June, 2021","published_at_pretty":"21 June, 2021","updated_at_pretty":"21 June, 2021","created_at":"2021-06-21T08:03:28.000+00:00","published_at":"2021-06-21T08:04:59.000+00:00","updated_at":"2021-06-21T08:04:59.000+00:00","meta_title":null,"meta_description":null,"og_description":null,"og_image":null,"og_title":null,"twitter_description":null,"twitter_image":null,"twitter_title":null,"authors":[{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null}],"primary_author":{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null},"primary_tag":null,"tags":[{"name":"#blog","slug":"hash-blog","description":null,"feature_image":null,"meta_description":null,"meta_title":null,"visibility":"internal"},{"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":"Record asking prices\nProperty asking prices have risen again\n[https://www.theguardian.com/business/2021/jun/21/house-asking-prices-hit-record-levels-across-great-britain-covid-boom] \nfor the third month in a row according to Rightmove. The property site says the\naverage asking price has hit a new record of £336,073 after rising 0.8% in June.\nSome property experts reckon the boom might be starting to slow down though, as\nthe stamp duty holiday comes to an end.\n\nFlexible season tickets\nWorking a few days a week from the office? New flexible season tickets are now\non sale [https://www.bbc.co.uk/news/business-57547391], allowing commuters to\ntravel on eight days within a month. They’re part of a planned government shake\nup of the railways, but they’re being released now to meet post-pandemic demand\nfor more home working.\n\nAmazon wants Morrisons?\nPrivate equity firm CD&R is keen to buy Morrisons, but could face a bidding war\n[https://www.reuters.com/business/cdr-set-continue-pursuit-uks-morrisons-ft-says-2021-06-20/] \nwith Amazon and rival private equity firms. The supermarket rejected CD&R’s\ninitial offer of £5.52 billion on Saturday. It wants more, along with assurances\non the safety of its workforce and pension fund.","html":"Property asking prices have risen again for the third month in a row according to Rightmove. The property site says the average asking price has hit a new record of £336,073 after rising 0.8% in June. Some property experts reckon the boom might be starting to slow down though, as the stamp duty holiday comes to an end.
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Working a few days a week from the office? New flexible season tickets are now on sale, allowing commuters to travel on eight days within a month. They’re part of a planned government shake up of the railways, but they’re being released now to meet post-pandemic demand for more home working.
Private equity firm CD&R is keen to buy Morrisons, but could face a bidding war with Amazon and rival private equity firms. The supermarket rejected CD&R’s initial offer of £5.52 billion on Saturday. It wants more, along with assurances on the safety of its workforce and pension fund.
","url":"https://multiply.ghost.io/housing-boom-slowing-down/","uuid":"6066837b-c2a9-4a9e-99ce-0098d3e59188","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"60d047d06e4273003be1dd01"}},{"node":{"id":"Ghost__Post__60cc5f8d6e4273003be1dcad","title":"Food shopping falters","slug":"food-shopping-falters","featured":false,"feature_image":"https://multiply.ghost.io/content/images/2021/06/467.png","excerpt":"Plus: home buyers press ahead without surveys, food exporters slam Brexit “disaster” and offset mortgages spike.","custom_excerpt":"Plus: home buyers press ahead without surveys, food exporters slam Brexit “disaster” and offset mortgages spike.","created_at_pretty":"18 June, 2021","published_at_pretty":"18 June, 2021","updated_at_pretty":"18 June, 2021","created_at":"2021-06-18T08:55:41.000+00:00","published_at":"2021-06-18T09:08:30.000+00:00","updated_at":"2021-06-18T09:08:30.000+00:00","meta_title":null,"meta_description":null,"og_description":null,"og_image":null,"og_title":null,"twitter_description":null,"twitter_image":null,"twitter_title":null,"authors":[{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null}],"primary_author":{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null},"primary_tag":null,"tags":[{"name":"#blog","slug":"hash-blog","description":null,"feature_image":null,"meta_description":null,"meta_title":null,"visibility":"internal"},{"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":"Sales fall\nSpending in supermarkets dipped in May\n[https://news.sky.com/story/covid-19-retail-sales-find-reverse-gear-as-hospitalitys-return-hits-supermarket-food-12335425] \nas people piled into restaurants and pubs rather than cooking at home. Retail\nsales suffered a shock drop of 1.4% - they’d been predicted to keep growing.\nThey’re still well above pre-pandemic levels though, thanks to last month’s\nbumper 9% rise.\n\nStamp duty deadline\nFrazzled home buyers are cutting corners\n[https://www.telegraph.co.uk/property/buy/property-buyers-resort-extreme-measures-beat-stamp-duty-deadline/]\n* to try and complete before the stamp duty deadline at the end of June.\nConveyances say some are skipping essential surveys that check for flood risks\nand Japanese knotweed - problems that could cost thousands down the line. If\nthey can complete before 30th June, they stand to save up to £15,000 - but\nexperts are warning that many won’t make it.\n\nExport “disaster”\nBritish food and drink exports to the EU fell by £2 billion\n[https://www.theguardian.com/business/2021/jun/18/british-food-and-drink-exports-to-eu-fall-by-2bn-in-first-quarter-of-2021] \nin the first 3 months of 2021, with dairy exports plummeting by 90%. Just a\nblip? Not according to the Food and Drink Federation (FDF) which calls the loss\na disaster and says its a structural issue with Brexit rather than just teething\nproblems.\n\nOffset mortgages\nMore borrowers are using their lockdown savings to reduce the interest they pay\non their mortgage. Brokers are reporting a spike in applications\n[https://www.telegraph.co.uk/personal-banking/mortgages/make-lockdown-savings-cut-price-mortgage/]\n* for offset mortgages, which save you interest in the same way as making\noverpayments does without tying up cash savings.","html":"Spending in supermarkets dipped in May as people piled into restaurants and pubs rather than cooking at home. Retail sales suffered a shock drop of 1.4% - they’d been predicted to keep growing. They’re still well above pre-pandemic levels though, thanks to last month’s bumper 9% rise.
Frazzled home buyers are cutting corners* to try and complete before the stamp duty deadline at the end of June. Conveyances say some are skipping essential surveys that check for flood risks and Japanese knotweed - problems that could cost thousands down the line. If they can complete before 30th June, they stand to save up to £15,000 - but experts are warning that many won’t make it.
British food and drink exports to the EU fell by £2 billion in the first 3 months of 2021, with dairy exports plummeting by 90%. Just a blip? Not according to the Food and Drink Federation (FDF) which calls the loss a disaster and says its a structural issue with Brexit rather than just teething problems.
More borrowers are using their lockdown savings to reduce the interest they pay on their mortgage. Brokers are reporting a spike in applications* for offset mortgages, which save you interest in the same way as making overpayments does without tying up cash savings.
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People who’ve had both jabs could return from amber list countries and skip the 10-day quarantine under plans being considered by the government. Most popular holiday destinations are currently on the amber list, and official advice says not to travel to them. But looser restrictions could see travellers using the NHS app to prove their vaccine status.
Removal firms are entering their busiest weeks ever, as homebuyers race to complete before the stamp duty holiday ends on 30th June. Many say they’re overwhelmed and turning people away. Rightmove reckons 700,000 home sales are nearing completion in the UK.
Jodie Marsh, Chloe Khan, Lucy Mecklenburgh, Chloe Ferry and others are in trouble for flouting ad rules. The Instagram stars were named and shamed by the Advertising Standards Authority for not clearly marking their paid posts as adverts, and they risk being fined or having their posts deleted.
Ryanair and the Manchester Airports Group are taking legal action against the government over its traffic light travel system. They want more transparency around how countries make it onto the green list - and why they can suddenly be taken off it again.
Employees could win the right to work from home permanently under plans being considered by the government. Bosses wouldn’t be able to force staff to come into the office unless they can prove it’s essential. Other plans include flexible start and finish times.
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