Rishi Sunak's "mini-Budget"

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

Rishi’s summer statement

At 12.30pm today Chancellor Rishi Sunak will make a summer statement to lay out his plans to help the economy recover from coronavirus. It’s been dubbed a “mini-Budget”. Only 4 months have passed since the last Budget, but in economic terms everything has changed.

We already know some of the announcements he’ll make. A £2 billion jobs scheme for 16-24s. £3 billion to decarbonise buildings. A stamp duty holiday. A boost to traineeships. £1.57 billion for the arts. But what else has he got up his sleeve?

Adviser comment: "You can rest assured that we will be watching the statement to see if there is any impact on the advice in your Multiply plan."

Jobs outlook could be bleak

If we get a second wave of coronavirus cases, unemployment could hit 15%. That’s according to the Organisation for Economic Cooperation and Development (OECD). Even without the dreaded second wave, it predicts unemployment could hit 11.7% as the government gradually withdraws support such as the furlough scheme.

Don’t cry, Boohoo

Retailers including Next and Asos have dropped Boohoo over allegations of exploitation at a supplier’s factories. The fast fashion The fast fashion brand says it didn't know about the Leicester factory where workers were paid £3.50 an hour and given no protection from coronavirus. It has now launched an investigation to take a good hard look at its supply chain.

No more free parking

Once the pandemic is over, NHS workers will once again have to pay to park at the hospital where they work. They’ve been able to park for free during lockdown, so they wouldn’t need to take public transport, but it’s been confirmed as a temporary measure.