Weekly Digest – 2 November 2022
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.
Eurozone inflation hits record 10.7%
Similar to what we’re seeing here at home, record energy and food bills are driving the cost of living up and slowing economic activity in continental Europe.
Mortgage lending falls as fewer people approved
Demand for mortgages fell significantly last month. As inflation soars and interest rates rise, new data from the Bank of England shows that there’s a growing unease around borrowing large sums of money.
Taxes must be raised to fix government budget
The Guardian’s economics editor Phillip Inman argues that taxes simply have to be raised in order to plug a “£40bn black hole” to repair the damage done by September’s mini-budget.
Ever-rising prices seriously threaten hospitality businesses
More than a third of hospitality firms, such as pubs, restaurants, and hotels, are threatened to go bust next year. Rising energy bills and food price inflation are major causes.
Figures show that we’re taking a “safety first” approach with our money these days
New figures from the Bank of England show that UK households are saving more and borrowing less. The amount saved rose from £3.2bn in August to £8.1bn in September.
Britishvolt in danger of running out of money
UK battery start-up Britishvolt could run out of money and go into administration after the government rejected a £30m advance in funding. The government has committed £100m to Britishvolt’s project to build a factory in Blyth which would make batteries for electric vehicles.
Elon Musk dissolves Twitter’s board of directors
US Securities and Exchange Commission filings have revealed that Musk became the sole director on October 27, almost immediately after the takeover deal was finalised.
Ukraine ships record tonnage of grain despite warnings from Russia
A large handful of vessels loaded with grain left the port of Odesa on Monday. The shipment is a joint effort supported by the UN and Turkey and is meant to stave off a global hunger crisis.
China’s workers flee Apple’s biggest iPhone factory following COVID-19 outbreak
The massive factory complex in Zhengzhou city was hit with a wave of COVID-19, causing thousands of employees to flee. About 200,000 people work at the factory. It’s unclear how the outbreak will disrupt production.
How to ease “beginner’s mind”
Learning new skills as an adult can be extremely intimidating, and is anxiety-inducing for some. But, many of us are grappling with the reality of being a beginner as we switch careers. Learn four key ways that you can embrace the transition here.
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