In a rather lacklustre edition, The Sunday Times leads with an item about bank cafés, video ATMs, but no cash – the new world of money. It seems the need to bank online and shun notes is changing our habits. What else can we expect? The paper looks ahead to life after lockdown.
James Coney argues that our 50-year-old consumer rights must move with the times; when MFI went bust in 2008 he marvelled at how customers who paid for kitchens that were not delivered were able to get their money back on their credit cards. They did so under section 75 of the Consumer Credit Act, but these rules are now at a crucial point where they need updating because they are being abused, not so much by the consumer, but by businesses and insurers.
Expanding on a theme from last week, they report that financial firms which recommended that workers quit pension schemes are now offering mis-selling advice; Fiducia Wealth Solutions don’t come out of it too well.
The Sunday Telegraph tells us that experts reckon that the UK’s savings system is in desperate need of a reboot, and suggests a ‘one-stop pot’ for nest eggs.
They fear that young people may never recover from coronavirus – tens of thousands of graduate jobs have been cut and employment prospects for young people remain bleak for years to come.
And as if having an elderly relative in care isn’t worrying enough as we read the mortality statistics resulting from COVID-19, there’s a story about how families waiting for Government reform of care funding are forced to sit helplessly by and watch as their savings just leak away.
The Mail on Sunday has some suggestions as to where in the world you might invest, as some countries start easing lockdowns.
Apparently, the UK will have to keep printing money to weather the coronavirus crisis, according to David Blanchflower, who sat on the Bank of England’s MPC from 2006 to 2009; he has warned that we’ll have to keep printing money – despite fears this could lead to soaring inflation.
They also ask why students should have to pay for accommodation they can’t use during lockdown. The closure of university campuses in response to the coronavirus has not stopped a number of big corporate providers of student accommodation from demanding full rent.
“When a silver aeroplane flies over, it’s American. When there’s a green plane, it’s British. When there are no aircraft, that’s the Luftwaffe.” (Anonymous Berliner, 1945)
I’m personally really grateful I’m only going through a couple of months of lockdown and not 6 years of war; stay safe all, and please let’s not get complacent.
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