Trump administration undermining rule of law at home and worldwide, according to intergovernmental report

Key indicators of democracy in the US have fallen to their lowest levels in 50 years, with the global rule of law significantly undermined by the Trump administration’s “threats and actions”, data from a leading thinktank shows.

Around the world, judicial independence, credible elections and freedom of expression, press freedom and access to justice are all at their lowest levels for at least 30 years, according to the Stockholm-based International Institute for Democracy and Electoral Assistance (International Idea).

A recent consultation on corporate reporting prizes the interests of shareholders over society. It’s a step in the wrong direction

The question of what corporations are for is deeply political. In a 1970 article for the New York Times, Milton Friedman argued that the “social responsibility of business is to increase its profits”. The idea that CEOs should worry about providing good jobs was “pure and unadulterated socialism”, he wrote. Friedman and his fellow neoliberals saw companies as vehicles for enforcing their politics. Their ideas endured: UK bosses are now paid 130 times more than average workers.

Despite Andy Burnham’s pledge to end neoliberalism, a 12-week consultation recently launched by his government risks entrenching it. The consultation was first announced as part of the Starmer government’s crusade against “red tape”. The average annual report for some businesses now runs to 98,000 words, and no doubt there are areas that could be simplified. But the consultation proposes removing vital information and presumes that company reports primarily serve shareholders, rather than other stakeholders. Both are steps in the wrong direction.

Scammers hope to siphon off some of the £2.6bn in student maintenance funds paid out each September

You are about to start university and can’t wait but then you receive a worrying text message. It is a few days before the first student loan payment is due to land in your account and apparently someone has tried to alter your bank details.

“Our records indicate that your bank details on your student finance account were changed on Friday 16th. If you did not do this please contact us immediately,” says the text.

With traditional goals such as stability and home ownership feeling out of reach, young people are focused on the present

By now, we all know the shape of financial nihilism: the throw-your-money-at-anything reaction to the dissolution of the slow, linear path to wealth; the prediction markets, meme stocks, cryptocurrencies and microluxuries growing in its place. We’re left in an economic no man’s land. But financial nihilism only describes where we put our money. What about how we earn it in the first place?

The modern economy has long relied on our need for stable employment – to pay the mortgage, to keep our kids fed, or, for some, to chase prestige and power – to generate the work ethic that keeps the wheel of production turning. None of this is going well for young people. Our jobs are insecure, we can’t afford houses, we’re deferring having kids (if we have them at all), and only 6% of us say a leadership position is our primary career goal. Hope is one of the economy’s most productive inputs, powering our willingness to endure long hours. When the production function of income – the mechanism that turns hard work into a stable salary, then a mortgage, then a pension – breaks down, so does our relationship with the input. I call this production nihilism: my generation’s growing indifference to the kinds of work we’re willing to participate in, and where we’re willing to earn.