Disaster Movie: 10 Things We Learned This Week

Biden, Student Hero?

Low- and middle-income earners in the US could see up to $10,000 (£8,466) of their student loans wiped out, under plans announced by President Joe Biden. However, while many have welcomed this debt forgiveness it has prompted fears this could further stoke inflation, and has been criticised for penalising students who have already repaid debts, or avoided these loans in the first place. Biden appears unmoved by such arguments, pointing out that it was unfair that wealthy tech billionaires enjoyed tax breaks that are not available or ordinary American families.

This news comes as UK universities are calling for an increase in tuition fees from £9,000 a year to a whopping £24,000 a year. This demand has been made as concerns have been raised about UK institutions giving more places to overseas students, who pay this higher rate. However, an increase of this magnitude surely raises the prospects that the next generation of UK students will graduate with the mammoth debt burdens now commonplace in the US, no doubt opening the door to similar debt cancellation plans in the UK in future.

Emily Maitlis Turns on BBC

The former Newsnight presenter, whose interview with Prince Andrew caused serious ructions within the Royal Family, has now set her sights on another national institution. At a lecture at the Edinburgh TV Festival she criticised the BBC for Tory cronyism and adopting a "both-sides-ism" approach to issues like Brexit and climate change, so creating a false equivalence and platforming individuals who did not deserve air time. Interestingly, the lecture has acted like a political Rorschach test amongst the Twitterati, with talking heads saying this either demonstrates the BBC is staffed with left-wing Remoaner Marxists, or is proof it’s run by right-wing Brexit-supporting Boris acolytes s. However, Maitlis’s reasoned and authoritative defence of facts which don’t always need to be balanced by an alternative opinion will hopefully be embraced and adopted across serious media outlets.

UK Gamers Pay the Price

Parents might see Sony’s decision to bump up the price of its PlayStation 5 as more of a Grand Theft Auto than Call of Duty. Prices will rise by 10%, pushing the price of this popular games console up to £389.99 ahead of the expected Christmas demand. But while Sony is hiking prices for European, Japanese, Middle Eastern and even Canadian customers, prices will be held in the US, where the entertainment giant remains locked in a battle for market share with Microsoft’s Xbox. Sony blamed the price increase on rising costs and supply chain issues, which have included a global shortage of computer chips.

…while Chip Shops Battered

Small businesses in many sectors face a torrid time, amid rising fuel and wholesale prices, and a cost of living crisis that will curtail customer spending. This week the National Federation of Fish Friers warned that without targeted help, the nation’s fish and chip shops face “extinction”. It says the soaring price of cod and sunflower oil, on top of rising fuel bills is leaving many businesses struggling, particularly with many families cutting back on takeaways to help save money. The federation is calling for the government to slash VAT and help shops with energy bills. Without this it warns Friday night fish suppers could soon be a thing of the past.

Boardroom Pay Booming

Despite the economic doom and gloom FTSE 100 bosses awarded themselves bumper pay rises last year, with CEOs seeing their average remuneration increase by an inflation-busting 39% in 2021. This has fuelled calls for “pay restraint” this year, with many of their workers facing a wages cuts in real terms, thanks to inflation. The figures, from the High Pay Centre and TUC, show that the highest paid FTSE boss last year was Sébastien De Montessus, the CEO of Endeavor Mining, which owns a number of African goldmines. He received $22.7m, including a $10m award following the company’s decision to re-domicile and list in the UK. While politicians have called for restraint when it comes to pay settlements for public sector staff in a bit to limit inflation, it remains to be seen whether they will be as vocal when it comes to denouncing bumper pay packages in UK boardrooms.

Skipper Chipper as He Gets a C

Some good news about exams, amid reports of falling GCSE grades, and a widening north-south divide in the top results: at the ripe old age of 92, Derek Skipper has become the older person to pass his maths GCSE. Derek, who last sat a maths exam in 1946, has passed with a grade 5, the highest level he could have got on this foundation paper. In old money that translates into a solid C grade. Derek, who had to use a magnifying glass to read the questions on the paper, said he is delighted with the result although unlike scores of 16 year-olds he isn't now planning to go on A-levels.

Atomic Time

At this time of year we are all forward to a three-day weekend. But these could be a weekly occurrence if businesses follow the example of Atom Bank, who switched to a four-day working week last November. The challenger bank has now revealed that this had led to improved productivity, boosted staff morale and had helped the firm recruit and retain talent. Atom, one of a growing number of digital-only banks, said applications for jobs were up 49% compared with the equivalent period the year before. But before you put the beers on ice, other business involved in this four-day week trial have raised doubts about feasibility of reducing hours while keeping pay level and said they may stick with a more traditional working week.