Unemployment rate stays steady

Jobs numbers are here

There are now 600,000 fewer people on payroll than in March. Data from the Office for National Statistics also shows that the number of job vacancies has fallen to a record low. However, for now, the government’s job retention scheme seems to be working; overall unemployment stayed steady at 3.9% which is better news than many economists expected.

Adviser comment: If this pandemic has highlighted one thing, it's the importance of having an emergency fund. Rarely has one event seen so many people affected and could have benefited from having a fund to fall back on. Struggling to save? Here are some tips.

Restaurants ask for help

Over 90 popular restaurant chains including Pizza Hut and Wagamamas have signed a letter organised by Deliveroo, telling the government they’ll need more support if the 2 metre distancing rule continues. They have warned they’ll be forced to close restaurants and let people go unless they get help with taxes and rent.

High street splurge unlikely

It’s estimated that around £60 billion has gone unspent at shops since March, leaving people with more cash left in the bank. Retailers are hoping everyone will now spend more to make up for lost time. But many think that, facing an uncertain financial future, people will be less inclined to spend.

Rashford rejected

Boris Johnson has rejected Marcus Rashford’s campaign to give out free school meals over the summer to kids from low income families. The Manchester United star wrote an emotional open letter about his own experiences going hungry as a child. He wants the government to extend the meal voucher system which was introduced in March in place of free school meals.

Adviser comment: If you’re on a low income and your children are of school age, then they may be eligible for free school meals during term time. You might also be able to get help getting your children to school.