"Tough times" ahead

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.

GDP drop

A three month lockdown could see the UK economy shrink 35% by June according to the government spending watchdog. Chancellor Rishi Sunak talked of "tough times" after the Office of Budget Responsibility (OBR) forecasted the deepest slump for a century. But the data also predicts we'll bounce back and see the economy grow again by September. The downturn means unemployment rates could spike at 10% in summer, with 3.4 million out of work.

Cash crisis

Only 2% of businesses have successfully accessed the government’s coronavirus business interruption loan scheme (CBILS) according to the British Chamber of Commerce (BCC). The BCC also reported that two thirds of companies have furloughed staff under the job retention scheme, which is due to open for submissions next week. Why the concern? Over half the companies have less than three months' cash in reserve, leaving them reliant on the government's help to stay afloat.

Whopper shocker

Burger King has been banned from advertising its ‘plant based’ burger as a vegan-friendly option. The Rebel Whopper has no meat ingredients but is cooked alongside meat products and isn’t actually suitable for vegans or vegetarians.