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Recent Editions

North America
Human Times
The U.S. Consumer Financial Protection Bureau (CFPB) announced plans to lay off up to 90% of its workforce, affecting around 1,500 employees, following a federal court ruling that allows the Trump administration to adjust staff levels. The agency, established to protect consumers from predatory practices, will retain only 200 staff members. This decision comes amid legal challenges from an employee union and consumer advocates who argue that the layoffs are illegal. Senator Elizabeth Warren criticized the administration's actions, commenting: "Donald Trump ran his campaign on lowering costs for working families. Now he and his co-president, Elon Musk, have tried to shut down the agency that has delivered $21bn to hardworking families." The CFPB, created after the 2008 financial crisis, has faced significant scrutiny and changes under the current administration.
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UK
Human Times
According to EY's global AI sentiment index, while 70% of UK adults have used AI in their personal lives recently, only 44% have adopted it in their professional roles, significantly below the global average of 67%. The study highlights a generational divide, with younger respondents showing more comfort with AI compared to older generations. Concerns about privacy, misinformation, and reliability are prevalent, with 71% worried about security breaches. The UK scored 54 out of 100 on the index, below the global average of 68. As the government promotes a 'pro-innovation' AI strategy, industry groups are calling for clearer guidelines to foster responsible AI integration while maintaining public trust. Catriona Campbell, EY UK&I client strategy leader, observed: "AI's potential excites people as much as it concerns them."
Full Issue
USA
Education Slice
The Texas House has taken a significant step towards implementing a $1bn private school voucher program, with an initial approval of Senate Bill 2 by an 85-63 vote. The bill, which could expand to reach $4.5bn annually by 2030, allows families to use taxpayer money for private school tuition, and for costs associated with home-schooling, with a focus on prioritizing low-income students and those with disabilities. Gov. Greg Abbott hailed the decision as an "extraordinary victory for the thousands of parents" advocating for educational choices. “It’s time to provide a full array of options to parents,” Rep. Brad Buckley, a sponsor of the bill, said from the House floor before the vote. However, Democrats criticized the bill, arguing it favors wealthy interests over everyday Texans. The legislation also includes a $7.7bn school funding package aimed at increasing per-student funding and improving special education services. The Texas Senate had already passed a similar school choice plan. Now members of the two chambers must align their proposals, after a final procedural vote in the House.
Full Issue
USA
Accountancy Slice
A New York Times analysis raises alarm over President Trump’s escalating efforts to politicize the IRS, citing threats against Harvard University as part of a broader campaign to punish perceived adversaries. After Harvard refused to comply with federal directives targeting campus activism and diversity policies, Trump threatened to revoke the school’s tax-exempt status and freeze visas for international students. The administration also suspended over $2.2bn in grants to Harvard. The analysis points to a troubling pattern: Treasury officials recently flagged IRS audits of Trump allies like Mike Lindell, and the president has named other groups he believes should lose tax-exempt status. Historically, presidents have avoided direct interference in IRS investigations, but experts say Trump’s approach is a significant departure. “This is an administration that is saying it’s going to get revenge,” said former IRS commissioner John Koskinen. Analysts warn that politicizing the IRS could undermine public confidence and damage civic institutions long reliant on nonpartisan enforcement.

Scotland
Legal Matters Scotland
Prison authorities in Scotland are under increasing pressure to remove male-born transgender inmates from female jails following a landmark ruling by the Supreme Court. The court clarified that biological sex, rather than gender identity, is the determining factor in equality law. Rhona Hotchkiss, a former governor of Cornton Vale women's prison, said: "It's really easy, no males in female jails. That's it." The Scottish Prison Service currently houses 16 transgender individuals, but the recent ruling has prompted calls for an urgent review of their policies. Critics, including Susan Smith from For Women Scotland, argue that the presence of male-born individuals in women's prisons is unacceptable.
Full Issue
North America
Legal Slice
A U.S. appeals court has sharply rebuked the Trump administration for escalating tensions with the judiciary, warning it risks undermining the rule of law. In a unanimous opinion, a Fourth Circuit panel upheld a judge’s order to facilitate the return of Kilmar Abrego Garcia, a migrant wrongly deported to El Salvador despite a court ruling granting him protection. Judge J. Harvie Wilkinson warned that the administration’s claim it can deport people “without due process and in disregard of court orders” threatens constitutional order, adding: “The executive will lose much from a public perception of its lawlessness.” Legal experts called the court’s language unusually strong for a procedural ruling, underscoring fears of executive overreach. Trump defended the deportation, labeling Abrego Garcia a gang member, though his attorneys and family dispute this. The judiciary’s independence is increasingly under pressure, legal scholars say, as the administration faces over 200 legal challenges.
Full Issue
Europe
Risk Channel
The UK's five biggest business groups have written an open letter calling for urgent changes to the government's Employment Rights Bill. The proposed new law, due to be scrutinised by the House of Lords this month, includes a right to guaranteed hours and cracks down on zero-hour contracts without the offer of work. But in a rare joint intervention, the British Chambers of Commerce, Confederation of British Industry, Institute of Directors, Federation of Small Businesses and Make UK warn the Bill in its current form would "damage growth and employment, undermining the government's own goals." They argue the changes will discourage companies hiring "particularly those at the margins of the labour market" as businesses will not want to risk costly tribunal cases. Business groups also urged Lords to consider if guaranteeing workers fixed-hours contracts could backfire, reduce flexibility for both employers and staff, and introduce unnecessary administrative costs.
Full Issue
North America
CFO Slice
Bank of America CFO Alastair Borthwick reports that business owners are increasingly concerned about trade regulations, tax reforms, and regulatory changes as they navigate a slow-growth economic environment. Borthwick noted that clients—from small businesses to large corporations—are seeking greater certainty to plan effectively. In response to tariff unpredictability, many CFOs are developing alternative sourcing strategies, increasing inventory, and establishing financial safeguards. Despite these challenges, Borthwick emphasized that employment remains healthy and consumer spending resilient, and BofA’s research team does not currently anticipate a recession. The bank posted a strong first quarter, with net profit rising to $7.4bn and earnings per share up to 90 cents. Borthwick reaffirmed BofA’s forecast for continued net interest income growth, underscoring the bank’s focus on supporting clients through ongoing volatility.
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