Ten Things You Need to Know Today: Tuesday 22 May 2012

1. DOWNING STREET 'DOCTORED' BEECROFT

The Prime Minister has been accused of doctoring an 'independent' report that warned that his Government's policies would undermine Britain's economic recovery. The Daily Telegraph reports that three proposals in the Beecroft report were removed by 10 Downing Street before it was sent to the Business Department.

'Fire at will' shows why Tories will not miss Steve Hilton

2. CALL FOR LIMITS AS FOUR DIE ON EVEREST

Mountaineers have called for limits to be imposed on the number of climbers attempting the summit of Mount Everest at one time after four deaths at the weekend were blamed on a "traffic jam" on the ascent. The German, Canadian, Chinese and South Korean climbers all died on Saturday on their way down from the 8,850m summit after apparently suffering exhaustion and altitude sickness.

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Mount Everest deaths: 'traffic jam' blamed for fatal weekend

3. IMF: UK SHOULD LOWER VAT TO WEATHER EURO SHOCK

The International Monetary Fund has said Britain should consider lowering VAT, printing more money and reducing interest rates in order to boost growth if the eurozone crisis delivers a "substantial contractionary shock" to the UK. The IMF endorsed Chancellor George Osborne's austerity measures, but said "temporary fiscal easing" should be considered.

IMF says UK should cut VAT and interest rates to weather euro shock

4. BLAME GAME BEGINS AS FACEBOOK PRICE SLIDES

The blame game has begun on Wall Street as the Facebook share price continues to slide. IPO underwriters Morgan Stanley and the company itself have been blamed for increasing the size of the share offer and the list price before the launch. Investors caught up in the moment have also been criticised for getting carried away. The price fell to $31 during Tuesday.

Knives out on Wall Street after Facebook float 'train wreck'

5. 'REAGAN BLOOD' AUCTION ATTACKED

An online auction for a vial said to contain the blood of Ronald Reagan has been described as a "craven act" by the former US president's foundation. The blood is alleged to have been taken from Reagan after a failed assassination attempt against him in 1981. It had attracted bids of £6,270 ($9,910) by Tuesday morning.

6. JPMORGAN LOSSES COULD HIT $7BN

JPMorgan faces renewed turmoil as its $2bn trading loss is tipped to soar as high as $7bn and plans to use the US bank's own funds to buy back $15bn worth of shares are suspended. Shares in JPMorgan have fallen by 82 cents or 2.45% to a new six month-low of $32.67. The bank's value has fallen by a quarter in a year.

JPMorgan 'London whale' losses could double to $7 billion

7. TWITTER BLASPHEMY TRIAL IN KUWAIT

A man is on trial in Kuwait accused of insulting the Prophet Mohammed and the rulers of Saudi Arabia and Bahrain on Twitter. Hamad al-Naqi, who has pleaded not guilty and claims his account was hacked, faces up to 10 years in prison if convicted. Sunni activists are pressing for al-Naqi, a Shia, to be executed if convicted.

8. 'BLUNT' DROUGHT WORD TO BE REPLACED?

The Environment Agency is considering replacing the word 'drought' after the country was baffled by its use amid record levels of rainfall and flooding. A spokesman said that drought confuses the public as it is a "really blunt word" and is not "a one-size-fits-all term." He said a series of new terms, describing different types of water shortage, are needed.

9. STUTTER WORKER SUES ASDA

A supermarket worker with a stutter was fired after his attempts to speak were misinterpreted as threatening behaviour, a tribunal was told yesterday. Adnan Malik, who is suing Asda for disability discrimination and unfair dismissal, says the "noisy and aggressive" behaviour he lost his job over was merely him trying to force his words out.

10. HOT TICKET: BALLGOWNS AT THE V&A

The Victoria and Albert Museum's new exhibition, Ballgowns: British Glamour Since 1950, is widely acclaimed by reviewers. The show, which features more than 60 outfits by designers including Zandra Rhodes and Alexander McQueen, will have fashion lovers "swooning in delight", says The Guardian.

Ballgowns: British Glamour Since 1950 is 'a delight'