EDITION 1083
18 AUGUST 2025

On this day in 1920, the Nineteenth Amendment was ratified after Tennessee became the 36th state to approve it, finally granting women the right to vote in the United States. It capped a 72-year struggle and proved how one small decision can shape history.

Fast forward to today, and I find myself in the south of France, where a different kind of decision has been imposed on me: heat or tennis? With the temperature at 40°C, the racket stays firmly in the shade. The power of doing nothing has taken over - long coffees, horizon-staring, and slow afternoons are my new training regime.

But even in holiday mode, choices still matter. One small decision - to spend a few minutes on this newsletter - might not change history, but it can spark a new idea, a fresh perspective, or at least a smile. Think of it as an espresso for the mind: strong enough to wake you up, light enough not to spoil your siesta.

So, as another week passes into the annals of history, here are 10 things that caught my eye and may have escaped yours. Please feel free to share on social media or forward to colleagues and friends - even between dips in the pool.

William Montgomery
Editor and CEO of TEN

1. How to stop managing and start leading. Moving from manager to leader isn’t just managing more people - it’s a whole new game. The shift is less about tasks and more about mindset. If you’ve found the transition bumpier than expected, you’re not alone. Here’s how to reframe it: READ MORE

2. A leadership compass in conflict. From Ukraine to Gaza, this has been another week of shifting front lines, shattered lives, and uneasy diplomacy. Ukraine continues to push deep into Russian supply chains, while Russia dangles conditional ceasefire offers. In Gaza, the humanitarian crisis grows as displacement, hunger, and disease tighten their grip. The details differ, but the leadership dilemma is the same: how to make decisions when every choice carries both moral weight and strategic consequence. True leadership in such moments isn’t about posturing or short-term wins - it’s about holding steady in uncertainty, balancing competing truths, and placing human dignity above political expediency. The lesson is timeless: leaders don’t always get to choose the storms they face, but they do choose how they steer through them.

3. Putting the toys back in the box. The UK’s largest toy retailer, The Entertainer, is handing 100% ownership to its 1,900 employees. Founded in 1981, the family-run business is joining a growing movement that includes John Lewis, Lush and Richer Sounds: employee ownership. The model means staff will share profits and gain a stronger voice in how the company is run. It’s not just about fairness—it’s about leadership vision. As the Employee Ownership Association puts it, this is “a bold and brilliant commitment to shared success”. In an age where many high-street retailers are struggling to define long-term sustainability, empowering the people who make the business thrive is more than good optics - it’s good leadership. After all, the best toy on the high street may turn out to be a share certificate.

4. Inheritance tax: Labour’s final gift? The Treasury is considering an overhaul of inheritance tax (IHT), including a cap on how much can be given away tax-free before death and tighter taper relief. Capital gains tax (CGT) could also rise, though with possible incentives for investment in UK businesses. The motivation? A £40bn shortfall ahead of the Autumn Budget. Critics warn those who’ve saved and want to pass something on are being punished, while others see a “toxic cocktail” of anti-capital measures. Supporters argue that taxes must rise to fund essentials like health, defence and infrastructure. For now, ministers insist no rises for “working people” - which appears to exclude anyone with parents, savings, or ambition. At this rate, Labour may finally unite the nation… against its tax bill.

5. Is Britain broken? Polls suggest many people think so - especially when it comes to crime. Reform UK’s leader has seized on visible problems like shoplifting and phone snatching, pushing a “broken Britain” narrative that commentators say is more distortion than truth. According to the Crime Survey, violent crime has halved over 20 years, robbery is down 60%, and burglary has dropped by two-thirds. Yet perceptions are shaped by what we see on the high street, not by spreadsheets. As one commentator put it: compared to what, exactly, is Britain broken? Beyond crime, concerns about poverty, immigration and public services add to the unease. Perception or reality, leadership means tackling what people feel as much as what statistics say. Do you believe Britain is broken? VOTE HERE

6. You’ll never sit alone (if you can get a ticket). Almost four in five (79%) Premier League fans are struggling to get tickets, according to new research by LiveScore. A YouGov Sport survey of more than 3,000 supporters found only 21% said it was easy to secure a seat, while the rest pointed to limited availability and punishing prices as the biggest barriers. With the new season underway, frustration is mounting - not least because a great matchday atmosphere relies on loyal fans, not just corporate boxes. This is a leadership challenge for the Premier League: balancing revenue with accessibility, and loyalty with fairness. Without action, the risk is clear - supporters may end up feeling they’ll never cheer together in the stands again, and that would be the biggest own goal of all.

7. Driving reforms shift up a gear. The government is planning the biggest overhaul of driving laws in decades. Among the proposals: compulsory eye tests for over-70s when renewing licences every three years. Think of it as the driver’s MOT. Fail, and you’re off the road. The drink-drive limit may also be cut to Scotland’s stricter level, roadside saliva tests could fast-track drug-driving prosecutions, and penalty points may soon apply if your passengers refuse to belt up. Why now? According to the Department for Transport, there were 1,633 deaths and nearly 28,000 serious injuries on the roads last year and ministers fear messaging alone isn’t working. One coroner even branded the UK’s vision rules the “laxest in Europe”. Time, perhaps, for some drivers to book in for a service - before their licence expires.

8. Rents drop for the first time in five years. After half a decade of relentless rises, average rents for newly let homes in Great Britain have finally dipped -by a modest 0.2%, according to Hamptons. Greater London led the slide, down 3% year-on-year, with further declines in Wales, the north-east and Yorkshire. Still, seven out of 11 UK regions saw rents continue to climb, proving the market isn’t giving tenants much of a break. Why the pause? Falling mortgage rates have eased pressure on landlords and tempted some tenants toward buying, reducing rental demand. Renewal rents for existing tenants, however, still rose 4.5% in July. With the average new-let rent at £1,373 - 34% higher than in 2020—this is less a “rent crash” and more the market catching its breath.

9. The joy economy. Forget budgeting apps - today’s consumers are perfecting their own brand of economics. According to CNBC, “treatonomics” is the trend of cutting back on everyday luxuries (goodbye lattes, hello instant coffee) to splurge on big-ticket joys like Oasis reunion gigs or elaborate Lego sets. It’s essentially the “lipstick effect” with bigger packaging: a survival instinct from hard times, where people ditch the daily indulgence to afford the occasional extravagance. Leaders should take note: in uncertain times, people don’t just need stability - they need joy. Whether you’re running a business or a household, it’s not the spreadsheets that inspire loyalty, it’s the moments of delight. Because when life feels fraught, it’s not a flat white that saves the day - it’s Wonderwall, live at Wembley.

10. The bottom line. The number of UK job vacancies in the three months to July stands at 718,000, down by 44,000 on the previous quarter, according to latest Office of National Statistics data. The 5.8% drop was the 37th consecutive fall, pushing the job openings total to the lowest level since April 2021.