UK Economy Stagnant In Third Quarter In Fresh Setback

Britain’s economy stagnated in Q3, with GDP growth revised to 0%, amid high interest rates, weak global demand, and corporate tax hikes impacting confidence. Also, know which bank is bringing a much-deserved 'recharge' period for employees in today's Money Making Moves:  

> Britain’s economy stagnated in the third quarter, with GDP growth revised down to 0% from an initial 0.1%, marking a challenging start for Prime Minister Keir Starmer's Labour government. The lackluster performance preceded a budget that included sharp corporate tax hikes, further dampening business confidence and contributing to economic contraction in October. Analysts attribute the slowdown to lingering high interest rates, weaker global demand, and budget-related uncertainty, while private-sector activity is predicted to decline steeply in early 2025. Despite the grim outlook, some experts believe 2025 could bring modest economic improvement compared to 2024.

> BNY Mellon CEO Robin Vince announced the return of the bank’s end-of-year "recharge" period, encouraging employees to focus on essential work while pausing non-urgent tasks from December 23 to January 3. This initiative, first introduced in 2023, aims to help staff prioritize family time and client-focused activities during the holiday season. As part of its broader effort to enhance employee benefits, BNY is increasing its minimum hourly wage to $25 by March 2025 and has partnered with Spring Health to expand mental health services. Vince emphasized the importance of creating an industry-leading employee experience that values both compensation and work-life balance.

> American Airlines briefly grounded all U.S. flights Tuesday morning due to a technical issue involving a critical flight operating system, causing widespread delays and cancellations during the holiday travel rush. The ground stop, which lasted less than an hour, led to over 1,000 delays and 90 cancellations, with additional disruptions from thunderstorms at the airline's Dallas-Fort Worth hub. The issue was tied to a network hardware problem with a system managed by vendor DXC Technology, which has since been resolved. American Airlines apologized for the inconvenience, highlighting the challenges airlines face with aging technology platforms during peak travel periods.

The demand for translation services is increasing as the world becomes more interconnected. Translators may work on tasks like emails, documents, and content or provide in-person support for groups and business leaders on international trips. Strong conversational skills are essential, but grammatical and structural language expertise is equally important. This growing field offers diverse opportunities for those proficient in multiple languages.

Creating and selling lesson plans and curriculum on platforms like TeachersPayTeachers.com is a lucrative side hustle for educators. You can upload resources like classroom exercises or lesson plans, priced affordably at a few dollars each. While individual prices are low, the potential for ongoing royalties can add up, with some sellers earning $1,000 or more per month. It’s a great way to share expertise while generating passive income.

> Launching your own business in 2025 is achievable with thoughtful planning and decisive action. Start by honing your idea, clarifying your purpose, and evaluating its profitability potential. Study your competitors to gather valuable insights and establish connections, while reviewing your finances to outline expenses and explore funding sources. Craft a comprehensive business plan to navigate your journey, address potential hurdles, and impress investors or lenders. Ready to establish your brand? This tool can help you promote your business. 

> 401(k) accounts remain a powerful retirement tool for U.S. workers due to high contribution limits, tax benefits, and employer-matching options. Millennials are increasingly leveraging these accounts, with the number of 401(k) millionaires rising significantly, aided by a strong market rally. Financial advisers recommend consistent contributions, maximizing employer matches, and maintaining long-term strategies despite market fluctuations. As millennials enter their peak earning years, they are prioritizing retirement savings, emphasizing the importance of discipline and patience to achieve long-term financial goals.

> The fortunes of the world’s wealthiest have grown dramatically over the past 25 years, with many new names rising to prominence. While billionaires like Bill Gates, Warren Buffett, Larry Ellison, and Bernard Arnault have retained their spots, their net worths have multiplied significantly, with Ellison’s wealth growing over fourfold to $217 billion. New entrants like Elon Musk, Jeff Bezos, and Mark Zuckerberg now dominate the rankings, reflecting the meteoric rise of companies like Tesla, Amazon, and Meta. The combined wealth of the top 10 billionaires has soared from $275 billion in 2000 to over $2 trillion today, with Musk alone surpassing the total wealth of the top 20 in 2000.