We’re all going on a summer holiday

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.

Staycation boom

Phones are ringing off the hook at campsites, hotels, and B&Bs across the country since Boris Johnson announced the easing of lockdown restrictions. Many Brits are choosing to holiday in the UK to avoid having to quarantine for two weeks on re-entering the country from abroad. It’s a welcome boost for the tourism industry, which recently predicted a £37 billion loss from the fallout of coronavirus.

Adviser comment: "Taking out travel insurance is always a great safety net if anything goes wrong and is even more important in the current uncertain times."

Tesco’s sales bounce

The lockdown saw Tesco’s sales rise almost 9% in the 13 weeks up to the end of May, as people stocked up on loo roll and hand wash. It says its profits will be about the same as last year though, because it’s had to spend a lot more too.

Mike Ashely under investigation?

HMRC are investigating companies believed to have abused the coronavirus job retention scheme. Mike Ashley’s business empire, which includes House of Fraser, Sports Direct and Evans Cycles, is apparently top of its “hit list”. Staff have come forward to say that they were asked to work while on furlough, which would be a clear breach of the rules.

Shopping centre giant close to collapse

The owner of the Trafford Centre, Metrocentre, and Lakeside shopping centres, has said its likely to bring in administrators after talks with creditors stalled. Intu employs 3,000 people directly, and over 100,000 more work in its 17 shopping centres. Its collapse would be the biggest corporate casualty of the coronavirus crisis so far.