Should quarantine be scrapped?

Get straight to the good stuff every day with the Multiply Minute, a lightning-quick roundup of the money news and how it affects you.

No quarantine please

Travel firms and hotels have called for the government to scrap the 14-day quarantine for people entering the UK from abroad. The quarantine is due to come into force on 8th June, but bosses are concerned it will cripple the already struggling sector. The call comes as EasyJet announced it would need to make 30% of its staff redundant as part of plans to downsize its operations.

Retirement plans on hold

Up to 1.5 million people might need to delay their retirement* and could spend up to three extra years working. The number of workers aged over 65 is already at a record high, and could be set to increase as savers have been advised against withdrawing their pension funds during the market downturn. People who’ve been furloughed or seen their income drop are the most likely to need to change their plans and keep working.

Advice team’s take: We think that it’s too early to tell the impact of the recent market falls on individuals' plans. With the right advice, there may be no reason why it should delay retirement. But please note Multiply is currently unable to advise you on drawing funds out of your pensions.

Job prospects looking up?

Employers are feeling a bit better about investment and hiring this month, which means the worst could be over for the jobs market. A survey by the Recruitment & Employment Confederation (REC) showed business confidence is still negative but rose to -10 from -21 in April.

Beer gardens beckon

It’s been hinted that “outdoor hospitality” could be a way for us to get back to our favourite pubs, restaurants, and cafes sooner. The news will be welcomed by the 93% of people who say they’re keen to get back to their local, according to a survey by Budweiser. Many pubs are hoping to reopen on 4th July. See you in the beer garden.

Advice team’s take: This is also welcome to us here at Multiply. Drink responsibly!