Smaller recession?

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.

Smaller recession, slower recovery?

The Bank of England has released its latest predictions for how the UK economy will fare over the next year. It’s now saying it expects the economy to shrink by 9.5% this year, meaning the downturn won't be as steep as it previously forecasted. However, the Bank also said output won’t be back to normal until the end of 2021, which is much later than it said before.

Adviser comment: "Remember that these are all estimates and are sure to change again. From an investments point of view, this shows impact that volatility can have and why you need to have a long-term view."

Mortgage delays

First-time buyers are facing frustrating waits for mortgage approvals*, with many simple cases taking weeks instead of days to get a green light. Demand for mortgages has shot up since the stamp duty holiday was announced. At the same time, many lenders are struggling to work at full tilt with the majority of their staff working from home.

Adviser comment: "Buying a home can often be a long, drawn out affair but it’s unusual for lenders to be the cause of the hold ups. All you can do is make sure your application is perfect. Double check that you’ve provided all of the information they asked for and make sure it’s 100% accurate."

Christmas pantos cancelled

Your festive panto memories? They’re behind you. The UK’s biggest panto producer has started cancelling this year’s Christmas shows. Panto season is a big earner for theatres, but last week it was revealed they’ll be waiting until November just to find out when they’ll be able to raise that curtain again. Boo.

Happy campers

Brits are heading to the campsites for their summer staycations, armed with all the mod cons from portable fire pits to airbeds. Retailers have reported a boom in sales of camping gear, with some selling out of the essentials. Since early July, Halfords has seen that airbed sales go up by 130%, cool boxes by 180% and gas stoves by 300%.