UK nearly went bust

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.

Government was close to insolvency

Bank of England boss Andrew Bailey has revealed that the government may not have been able to fund itself in March, had the Bank not stepped in. According to Bailey, with the economy in meltdown it looked as if the government was going to struggle to sell its debts to private investors. The Bank quickly introduced new quantitative easing, which stabilised the economy by making borrowing cheaper and encouraging investors.

Unpaid energy bills

Gas and electricity companies will be able to chase unpaid bills from July, according to the energy watchdog. Until now, they’ve been required to offer payment holidays to provide a bit of breathing space to customers who are struggling financially.

New supplier in town

Brighter news for anyone stressed about their gas bill: British Gas X, a new, cheaper rival to British Gas, is currently trialling its new digital-only service. We’ll find out more about its launch plans next month.

Adviser comment: "Periodically check to see if you can get a better deal on your utility bills. It may even be worthwhile paying an exit fee if you can save more over the term of a new offer. The same applies to mortgages!"