The big insurance payout

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.

Huge insurance payout

Insurance market Lloyds of London says it expects to pay out up to $4.3 billion (£3.5 billion) in claims related to coronavirus. It’s one of the market’s biggest ever payouts, on par with hurricanes Harvey, Irma, and Maria combined. Customers are claiming on their insurance policies for everything from cancelled holidays to business interruption.

Self-employed scheme launches

The income support scheme for self-employed workers saw over 110,000 people apply in the first few hours. The scheme is designed to cover up to 80% of lost earnings for the 3.5 million self-employed people in the UK who are eligible. If that’s you, you’ll get an email giving you a day between now and Monday to log on and make your claim.

Ford factories back online

Ford’s manufacturing plants in Bridgend and Dagenham will come whirring back to life on Monday to restart production on its cars. The Dagenham plant was already partially open to build ventilators, which it will continue to do. Ford is making its own face masks for employees to wear, and everyone will follow social distancing guidelines.

We’re not going on a summer holiday

Some lockdown restrictions have been eased slightly, meaning people can go outside for more exercise and recreation. You can also drive to other parts of the country to visit parks and beaches, although many facilities remain closed. But holidays are still not allowed. You can’t stay overnight anywhere, even at a second home, and the government is warning against any non-essential travel.

Help us make the Minute shinier

We'd love to hear your feedback.