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.
Employers are calling on the government to extend the job retention scheme into autumn. The scheme has protected 4 million jobs in its first week since going live, but firms say many people could face redundancy if the wage subsidies end in June as planned. They also want more flexibility to allow some staff to work reduced hours instead of stopping completely.
12,000 BA staff will face redundancy after the airline’s parent company IAG announced it planned to reduce its workforce by a quarter. All airlines have been struggling since lockdown measures started, with many grounding their fleets and putting staff on furlough. IAG also warned it would take several years for air ticket sales to recover to 2019 levels.
Coronavirus spells bad news for cash, as people switch to digital payments. Cash withdrawals are down 60% since the start of the outbreak. Why? We’re using cards and contactless in an effort to be hygienic, and doing more shopping online. The trend is set to continue: 76% of people told a survey by ATM chain Link they expect to use less cash in the next six months.
Our habits have taken a trip back in time, according to retailers. Tesco have said more people are doing a weekly Big Shop in an effort to reduce contact with others, just as we used to 15 years ago. It seems we’re also enjoying a proper breakfast. John Lewis has sold out of egg cups, and seen a 24% uptick in sales of coffee pots and grinders.
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