Wages on the rise

Tuesday 31st December 2019

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.

Inflation-busting wage increases

The national living wage is set to jump by 6.2% next year. The increase is more than four times the rate of inflation and means hourly pay for people over the age of 25 will be £8.72 from April. The government says it is “the biggest cash increase ever” but on the flipside businesses have warned that the steep rise would put pressure on companies and has called for them to reduce costs elsewhere for firms.

Super-rich homebuyers

It has been a turbulent year for the UK housing market but you wouldn’t guess that from its top end. Super-rich house hunters have taken out 185 £5 million plus mortgages in the year to the end of September, the Financial Conduct Authority has revealed. The monumental splurge on expensive luxury properties in London has been fuelled by historically low interest rates.

Where’s my local cash machine?

We’ve all searched for them on Google maps, but they are set to get even rarer. Tens of thousands of people currently have no local cash machines and the problem is set to get worse according to the Association of Convenience Stores (ACS). The cause? Fewer bank branches and a steady decline of free-to-use ATMs. The association has called on the government to intervene to make sure access to cash is protected.

See ya in 2020

So long 2019! We hope you’ve had as much fun reading the Minute as we’ve had writing it. We’ll be back on Thursday 2nd January with more financial roundups for you.