The Race Is On to Find the U.K.’s Next Prime Minister

‘We don’t need any more Cirque du Soleil’

Liz Truss is out as Britain’s prime minister, ending a 44-day tenure punctuated by market turmoil and a humiliating U-turn on nearly all her major policies. The country’s news media had a field day with her departure, but the leadership vacuum created by her exit leaves real questions about what lies ahead for Britain’s economy and business community.

The U.K.’s already embattled economy needs government stability, fast. After initially improving on the Truss news, the pound and British government bond yields gave up their gains. Markets are already wary of what the next prime minister — who would be its third this year (potentially; more on that below) — will put forth, though it’s unlikely that person would propose anything like Truss’s highly unpopular and unfunded tax cuts.

The next leader will face a daunting set of economic problems: inflation that’s above 10 percent, rising interest rates, growing government borrowing, spiraling energy prices and a cost-of-living crisis.

Who will replace Truss? The ruling Conservative Party is planning a lightning-fast process of picking a new leader, with the goal of having someone in place within a week. Potential candidates include Rishi Sunak, the former chancellor who lost to Truss last time; Penny Mordaunt, who came in third; and former Prime Minister Boris Johnson, who resigned this summer under pressure from lawmakers.

There are other potential causes for concern. Cybersecurity experts are worried that an online component of the selection process could be vulnerable to hacking. And some political commentators worry that picking yet another prime minister without a general election would result in a leader without a true political mandate.

Businesses have had enough of the chaos. “We don’t need more Cirque du Soleil,” said the chief of BusinessLDN, a trade group. What the corporate community is now hoping for, a senior executive at a big multinational told DealBook, is stability and moderation.

Whoever becomes prime minister is unlikely to go beyond the cautious approach of tax increases and spending cuts that Jeremy Hunt, who has been chancellor of the Exchequer for a week, has promised. Going beyond that risks inviting another backlash from the markets, this person predicted: “It’ll be about getting the economy under control and getting spending down.”

An aside: The Economist’s latest lead editorial, comparing Britain’s economic straits to Italy’s, generated no small amount of derision — particularly from Italians — over both the facts and the cover art.

Instacart delays its I.P.O. plans. Worries about jittery markets prompted the food delivery company to push back its timeline for going public, The Times reports. The company had planned to publicly disclose its financial data, a key step to a public offering, this week.

Courts block challenges to President Biden’s student debt relief plans. A federal judge in Missouri rejected a lawsuit by six Republican-led states, while Justice Amy Coney Barrett of the Supreme Court turned back one by a Wisconsin taxpayers’ association. Both suits were likely dismissed on technical grounds, rather than on the merits of their arguments; other lawsuits are still pending.

Appointments – Manage Your Time Better At Home to Be Effective

What would happen to you if your home life was more organized than it is right now? Can work-life balance be achieved? What are the tools at our disposal? Could scheduling appointments and keeping them at home help us save time and prioritize?

What is the challenge we face? I sometimes find that time spent at home can be the busiest time, especially in the times we live in. Imagine someone working from home, home-schooling children, and sometimes even doing a side hustle. Imagine also the full-time home-based entrepreneur. How do they manage to do all they need to do in a day?. We are living in a time when many entrepreneurs and even company employees have adopted work- at – home culture. This comes with its challenges as the lines become blurred between home and work. These blurred lines and constraints on the limited resource called time result in over-worked, under-rested, burnt-out individuals. Whilst good time management has been encouraged and indeed, embraced in the workplace, I believe more needs to be done in changing the mindset for the elusive work-life balance to be achieved.

What are the tools at our disposal? To manage time effectively at home, there are many interventions one can employ including setting goals for the day, prioritizing wisely, setting a time limit for every task, organizing oneself, and instituting the discipline of appointments. Yes, an appointment at home! We can spend time pontificating on the pros and cons of each intervention, however, I believe we need to focus on appointments and see how this can powerfully change the course of one’s day regardless of whether it’s a workday or weekend. Life is busy as it is without any intrusions. The question is how do you handle the one who announces that they are at the gate. These can be friends, neighbors, a salesman of some product you do not even need. I am not promoting regimentation here but rather a culture of filling your day with what’s important. Everything that we succeed at is because we carefully plan and execute it. I am a firm believer that you cannot manage time if you do not manage yourself thus I implore you to incorporate planning and appointments into your repertoire. I am not talking about something I do not do. I have to achieve many things in a day therefore I set appointments with my work, others, and myself.

Could scheduling appointments and keeping them on the home front help us save time and prioritize? Whereas we have established that it is a normal business practice to set appointments and keep them, we need to abandon the liberal open-door policy of allowing all and sundry to have access to us as and when they please on the home front. Please understand where I am coming from. We each have greatness within us but for us to achieve it we need to culture great habits. Employing the use of appointments at home and seeing only those people you had agreed to see removes non-essential encounters especially during the most productive hours. I know this will vary with culture, geographical region, or even level of affluence, whether you live in a low density or high-density residential area, but doesn’t negate the need to be organized and effective. Controlling access determines how organized you are and how well you will work and rest when the time for scheduled rest comes.

What do we need to do differently? We need to be disciplined and diligent, learn to say no, now is not a good time, let’s make an appointment for next week. What are the benefits of this approach? You are not always fire-fighting to meet deadlines, You are not always tired because you have not taken time out to rest. You have set aside enough time to spend with your loved ones or a loved one. If you are a busy person, I am sure you appreciate what I am saying. Whether it’s time to work uninterrupted, family time, or “me-time”, it takes some kind of order to enjoy it.

I am not saying that those that come unannounced are bad people. No, not at all, they probably are people you enjoy spending time with. Nevertheless, there must be prior communication so that you can attend to your visitor(s) when it is convenient for both you and them. It can be quite disrupting and a whole day can just pass by without achieving anything that you had planned to do.

As we grow older we begin to appreciate that rest and recovery need to be scheduled. The fact that I am relaxing doesn’t mean that I don’t have anything to do. One therefore cannot assume that just because you are at home you are available. Maybe you have scheduled that time to rest. That is important. You need to make an appointment with yourself, spouses need to also set aside time for each other. Parents need to schedule a time to spend with their children. When you have some sort of order in your life you determine who sees you and who you see. It also means that your relationships will be healthy and that makes you a happier person.

In conclusion, I believe that the work-life balance can be achieved. There are many tools at our disposal just like it is in the workplace.I believe we could do more and be happier if we are disciplined enough to make only the commitments we can keep.I am certain that setting appointments and keeping them at home help us save time and prioritize.