Business English Bits Issue 117
The 10-min homework newsletter that supports your advanced business and English language learning...
Greetings to this Saturday’s edition of Business English Bits.
With the UK election just around the corner, today’s video from Bloomberg focuses on the struggling UK economy and just why the country faces so many issues regarding its debt and tax burdens*.
*Burden (n) - Load, typically a heavy one
Over the last five years the UK has had four prime ministers, each of which have had to face the financial reality of the Brexit vote. But alongside this seismic* change, authorities have had to deal with the financial implications of the Covid pandemic and the cost of living crisis brought on** by soaring energy prices after Russia’s invasion of Ukraine.
*Seismic (adj) - Enormous proportions of effects
**To Bring on (pv) - To cause smth to occur
In order to face these situations the government has borrowed huge amounts. In fact, the UK was one of the most ‘generous’ countries around the globe when supporting the economy during these unprecedented times. Most of this support was taken on* as debt, and was borrowed at low interest rates with repayments projected to be manageable. However, after a huge bout** of inflation, interest rates have shot up and debt is now much more expensive to service***. It is estimated that an extra $70B is now required to pay back debt which is the equivalent of the entire defence budget. Tax revenue vs GDP also stands at a 70-year high, so there is little room to manoeuvre**** here.
*To Take on (pv) - To undertake a task or responsibility
**Bout (n) - Short period of intense activity
***To Service (v) - To pay interest on a debt
****To Manoeuvre (v) - To try to control or influence sb/smth
Public services are in dire need of more financing and a potential Labour government will want to take action on policy priorities such as reducing NHS waiting times. The big question is, how is it going to be able to relaunch the economy?
Focus on some key new nouns from the video …
VIDEO: Bloomberg - (7min) - Why the UK's Economy Stopped Working
Key Words - (Smth = Something; Sb=Someone)
Strain (n) - Severe or excessive demand
To Balloon (v) - To increase rapidly
To Cry out for (ph) - To need a particular thing very much
Legacy (n) - Inheritance
To Creak at the seams (ph) - To no longer working properly; under stress
Bar (prep) - Except for
To Trigger (v) - To cause smth to function/happen
To Choke (v) - To hinder; reduce access to
To Ramp up (pv) - To increase or cause to increase
To Squeeze (v) - To have a damaging affect on smth
In the wake of (ph) - Following sb/smth, especially as a consequence
To Drop out (pv) - To stop participating or being involved in smth
To Withstand (v) - To resist
Wiggle room (cn) - Freedom or opportunity to do smth
To Bolster (v) - To support or strengthen
To Pull off (pv) - To succeed in achieving smth
Word of the Day … Guess the missing key word. Answer given below with examples!
Some new idioms to review …
Word of the Day Answer:
Catalyst (n) - The person or thing that precipitates an event
Examples:
“The CFO's presentation acted as a catalyst for debate”
“Our firm is a catalyst for change by letting young people access a professional career.”
ANSWERS TO WEDNESDAY’S PHRASAL VERB TEST
Enjoy your weekend and see you on Tuesday …