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Crown Crew
August 08, 2023
ā Good Morning!
Welcome to the first edition of The Crown ā your personal UK business newsletter that's more exciting than finding a matching sock pair on laundry day.
Today is International Cat Day: the one day itās socially acceptable to make anything into a bed, avoid all eye contact, and push something important over. Make the most of it š.
Reading time: 3Ā½ minutes.
TRAVEL
BA TAKES OFF WITH A PAY RAISE
Remember the chaotic travel disruptions of last year? BA sure doesā¦
What happened: 24,000 British Airways workers got a big pay bump. After months of talks, the airline agreed to give them a 13% raise over 18 months, plus a Ā£1,000 one-time payment.
And there's a cherry on top: the pay may increase even more if inflation keeps spiralling.
Zoom out: Airlines have been in a pickle. So, this is all hands on deck to avoid a rerun of last yearās travel snafu and dodge summer strike woes.
Lufthansa has also offered its pilots a pay increase.
And it's not just airlines ā even ground staff at Gatwick Airport got a pay raise last month.
Why it matters: This pay increase is a major move amidst staffing shortages. Not only for BA and Lufthansa but across the board in the industry.
Plus: The union also reversed the airlineās āfire and rehireā policy made during the pandemic.
CATCH ME UP
š ??? The James Webb telescope has spotted a giant āquestion markā object in deep space. Experts say it could be two merging galaxies, but we may never know...
š° Barbillion. Greta Gerwigās hot-pink cultural phenomenon just became the first movie solely directed by a woman to gross over $1 billion at the global box office. And the momentum isnāt slowing down: Barbie held its spot as the No. 1 movie in the UK and Ireland for the third straight weekend.
āļø The unlimited legal defense fund. Anyone who has been āunfairly treatedā by their employer for liking or posting content on X ā Musk will āfund your legal bill.ā
š¬ Scientists want to map human cells... with AI. A new project aims to map every cell in the human body and use AI to help better understand the cause and effects of various diseases. Scientists are using new technologies to match body cells with the projectās database, which would be a significant help given that humans have an estimated 37 trillion cells.
HOUSING
HOUSE PRICES IN UK TAKE A TUMBLE...
...but not off a cliff.
The average UK house price dipped 0.3% in July, marking the fourth month of decline in a row.
But it's not as bad as it sounds...
The rate of this dip is slowing down, with a 2.4% fall in July compared to June's 2.6% and May's 3.8%. And the housing market is still showing a surprising energy, like a party that's still going strong at 2 am.
The housing market has held up ok despite the biggest rise in interest rates in 35 years, and first-time buyers are still making moves by choosing smaller homes.
Plusā¦existing mortgage holders haven't felt the full burn yet since many have fixed rates. The average mortgage rate is still below 3%.
BY THE NUMBERS
š§ļø 185.4mm. The amount of rain in Northern Ireland last month. That's a smidge above the previous record of 185.2mm from July of 1936.
š 33 percent. Drop in inbound visitors to Wales in 2022 compared to 2019.
š Ā£4 billion. The amount pledged by Tata Motors on a UK plant to provide batteries for their Land Rover electric cars.
CROWN PICKS
How to make smarter decisions
Why McDonald's looks different in every country
The Balkans' alternative postal system is a fascinating look into how delivery and mail can work when the official infrastructure doesn't.
A new study looks at how Facebook creates ideological echo chambers.
Can you answer this question from a UK citizenship test?
And finally, calculating Earthās radius by watching the sun rise.