EDITION 942
24 OCTOBER 2022

There is no escaping it: too much news is bad for you. It should come with a government health warning: “This intellectual diet is fine taken in small doses, and preferably in weekly instalments, via a well-balanced newsletter, such as 10 things from William Montgomery."

So, as another week slips by, here are 10 things which caught my attention and may have escaped yours. Please feel free to share on social media and forward to your colleagues and friends so they can also subscribe, learn and engage. I would be very grateful if you did.

William Montgomery
Editor and CEO of TEN

1. How to be more successful at work using this short exercise. Not all of your work accomplishments will be recognised, and it can be awkward trying to draw attention to those that go unnoticed. But there's a simple weekly exercise that can help you win more recognition in the workplace, even if you have an aversion to office politics. In anything but a start-up, you need to work hard for recognition, and you can achieve that by simply mentioning one good thing you’ve done recently any time you met someone more senior. READ MORE >>

2. Sunak set for power. Rishi Sunak is now the clear favourite to replace Liz Truss after his nearest rival, former prime minister Boris Johnson, pulled out of the race on Sunday evening. Johnson’s statement was equal parts bullish and pretend modesty, but his withdrawal means he will avoid likely humiliation. Sunak’s other rival, Penny Mordaunt, is a way off securing 100 backers ahead of today’s 2pm deadline, so Sunak could win the contest this afternoon. Editor

3. UK inflation at 40-year high of 10.1%. The cost of living in the UK went up 10.1% in the 12 months to September, marking a new 40-year high, according to inflation data from the Office for National Statistics released Wednesday. The jump from 9.9% in the 12 months to August is higher than many economists had predicted and it's largely down to rising energy prices, as well as soaring food and drink costs. September's inflation data is important because it is used to determine the rise in state pensions and benefits next April. Financial Times

4. UK faces worse recession but lower rates. The UK is likely to suffer a worse recession than previously expected next year, but interest rates and inflation will be lower than forecast, according to Goldman Sachs. In its revised analysis, the US investment bank downgraded its outlook for Britain, forecasting the UK economy would shrink by 1% next year, down from its previous estimate for a 0.4% contraction. Its analysts believe interest rates will now peak at 4.75%, slighter lower than the 5% previously factored in. The Guardian

5. 90% of schools under threat. Nine out of 10 schools will have run out of money by the next school year as the “enormous burden” of increased energy and salary bills “takes its toll”. After the new chancellor, Jeremy Hunt, said that all departments, including education, will be expected to make cuts as part of the government’s debt reduction plan, to be announced on 31 October, headteachers and academy leaders warned that further spending cuts will push many schools “over the cliff”. The Observer

6. Credit agency lowers UK outlook. Moody’s has lowered the UK’s economic outlook to “negative”, blaming political instability and high inflation. The ratings agency changed the UK’s outlook - which is a marker of how likely it is to pay back debts - from “stable”. The move came after another major ratings agency, Fitch, cut the outlook for its credit rating on UK government debt earlier this month to “negative” from “stable”. However, Moody’s, along with Standard & Poor’s, maintained its assessments of the UK’s credit rating. Financial Times

7. Blood shortages reach crisis levels. Supplies of blood have fallen to such a low level in England that an “amber alert” has been triggered. This means NHS hospitals must conserve stocks  and defer some non-urgent elective surgeries if necessary. The NHS aims to maintain six days of stock for red blood cells, but it said that levels of type O had dropped to below two days. To make up the shortfall, NHS Blood and Transplant has urged people to donate blood, and extended the hours at donor centres. BBC

8. Food bank demand surges. Food bank demand has soared by 46% ahead of the “worst winter yet”. Leading charity The Trussell Trust, which supports a network of 1,300 food bank centres, is launching an emergency appeal, warning that “the soaring cost of living is driving a tsunami of need to food banks”. The charity has distributed 46% more emergency food parcels to food banks in August and September compared to the same months in 2021. The Independent

9. E-waste to hit 7.4m tonnes a year. Some 5.3bn mobile phones will drop out of use this year, with many of these ending up being stored away or going into landfill, new research suggests. According to the international waste electrical and electronic equipment forum, the "mountain" of electronic waste – items including washing machines, tablets and computers – will increase to 74m tonnes a year by 2030, highlighting the growing environmental problem caused by e-waste. The Guardian

10. The bottom line. Boris Johnson earned more than twice his annual salary as PM from a single 30-minute speech and a “fireside chat” in the US. Johnson was paid $350,000 (approximately £316,000) to take part in an insurance industry conference in Colorado. The Telegraph