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The LeadFormer US Federal Reserve Chair Jerome Powell has issued a powerful defense of central bank independence while accepting the prestigious John F Kennedy Profile in Courage Award. In his speech delivered in Boston, Powell warned against the growing politicization of monetary policy, directly addressing the mounting pressure from President Trump on the Federal Reserve's decision-making processes.Powell's Defense of Central Bank IndependenceIn a clear reference to the current political climate, Powell described the Fed as undergoing a "stress test" similar to other institutions during the Trump era. He emphasized that the US Congress had "wisely" chosen to insulate the central bank from political pressure, noting that all advanced economies maintain similar norms protecting monetary policy independence."These protections have served the public well, and administrations from both parties have respected them," Powell stated. He went on to warn that if any administration were to remove Fed officials over policy differences, it would set a dangerous precedent: "If any administration finds a way to remove Fed officials over policy differences, then future administrations will do so as well."Powell argued that such actions would erode public trust in the central bank: "The public would lose faith that the central bank will make decisions based only on what's best for all Americans." He stressed that the Fed's credibility, built over many decades, is a "priceless asset" that must be safeguarded for future generations.Trump's Campaign Against the FedWhile Powell did not mention Trump by name, his comments directly address the sustained pressure campaign the president has waged against the central bank. Trump has repeatedly criticized the Fed for not cutting interest rates more sharply, even threatening Powell with dismissal during his tenure.The administration's actions have extended beyond mere criticism. Trump appointee and ally Jeanine Pirro initiated a short-lived criminal investigation into Powell's congressional testimony regarding renovation works at the Fed's headquarters. More significantly, Trump ordered the removal of Fed governor Lisa Cook based on unproven claims of mortgage fraud, though the Supreme Court has ruled she can remain in her position while a legal challenge is considered.These actions challenge the traditional interpretation of the Federal Reserve Act, which requires the president to demonstrate "cause"—widely understood to mean malfeasance—to remove any of the Federal Reserve's governors.Broader Implications for Democratic InstitutionsPowell's speech extended beyond the specific issue of Fed independence to offer a broader defense of democratic institutions. He acknowledged that "partisan political differences are normal—indeed essential—in a thriving democracy," but emphasized the need for unity on higher principles."Chief among them is respect for the rule of law," Powell stated, quoting John Adams: "ours is 'a government of laws and not of men'." He highlighted how public institutions "carry us forward through change" and "embody our commitment to freedom, democracy, and service of the public good."These comments reflect growing concerns about the erosion of institutional norms during the current administration, with the Fed's independence being a particularly significant case given its critical role in managing the economy.Future Outlook for Fed IndependencePowell's warning comes at a critical moment for the Federal Reserve, which has historically enjoyed broad bipartisan support for its independence. The current administration's challenges to this norm could have far-reaching consequences for monetary policy and economic stability.Markets and economists will be watching closely to see whether the administration continues to pressure the Fed on interest rate decisions and whether other central bank governors face similar threats. The ongoing legal challenge to Governor Lisa Cook's removal will also be closely monitored as a potential test case for the limits of presidential power over the central bank.As Powell noted in his speech, the Fed's credibility is built over decades and can be lost quickly. The coming months may reveal whether this fundamental principle of American economic governance will withstand the current political pressures.

Scientists from University College London and partners have proved that a 50‑gene genomic test can reliably pinpoint hormone‑positive breast‑cancer patients who do not need chemotherapy, potentially sparing millions from toxic side‑effects.Optima Trial Demonstrates Genomic Test Can Identify Low‑Risk PatientsThe Optima trial enrolled 4,429 women aged 40+ across the UK, Norway, Sweden, Australia, New Zealand and Thailand. Participants were split into a standard‑care arm (chemotherapy + hormone therapy) and a test‑guided arm where treatment was decided by the genomic score.Trial Numbers Reveal Near‑Identical Survival RatesFive‑year outcomes were strikingly similar:95% of patients receiving chemotherapy remained alive and recurrence‑free.94% of patients who skipped chemotherapy (low‑score group) were also alive and recurrence‑free.The test classified patients using a score derived from the activity of 50 tumour genes, produced by Veracyte's Prosigna assay.These figures indicate that for low‑score patients, chemotherapy adds little or no survival benefit.Potential Shift in Breast Cancer Treatment GuidelinesProf Rob Stein, chief investigator, says the results “address a longstanding challenge” by moving decision‑making from clinical features to tumour biology. Health systems could see reduced drug costs, fewer hospital visits, and a dramatic drop in chemotherapy‑related toxicity.Future Adoption and Healthcare SavingsWith funding from the NIHR, Veracyte and cancer charities, the study paves the way for rapid guideline updates at bodies like ASCO and NICE. Wider implementation could translate into billions of dollars saved globally and improve quality of life for countless patients. Ongoing monitoring will confirm long‑term outcomes, but the early data suggest a new era of personalised, cost‑effective breast‑cancer care.

The Growing Need for Worker Representation in AI ImplementationWorkers urgently need more bargaining power over the way AI is adopted in the workplace to ensure the benefits are fairly shared, according to a TUC-backed report from a leading thinktank. The Institute for Public Policy Research (IPPR) is calling for a package of measures to boost employees' influence at what it calls a "pivotal moment in the history of work".Survey Reveals Mixed Impacts of AI on WorkersThe IPPR report cites survey data showing that while 20% of workers say AI is making their working life better, 21% say it has made it worse – and 4% believe they have already lost a job because of the technology. The thinktank distinguishes between three potential impacts of the technology: augmentation, where it complements human labour; degradation, where it undermines the experience of work; and displacement, where it replaces workers altogether.Call for Statutory Consultation and Worker SupportThe report's recommendations include a statutory duty on employers to consult their workers over the adoption of AI and a "worker support levy," which could be funded by companies or workers themselves. The idea of this levy would be to create a portable "wallet" of benefits that workers could take with them from one job to another – such as union membership, insurance or training – with the broad aim of increasing their bargaining power.Historical Context for Technological TransitionsPaul Nowak, the general secretary of the TUC who has written a foreword to the report, emphasized that "great technological transitions only result in meaningful social progress when they are shaped actively and decisively." He drew parallels to the Industrial Revolution, which saw 50 years of wage stagnation while profits soared, suggesting that "it took the difficult birth of the labour movement to tip technological gains towards workers' interests and broader social wellbeing."Government Stance on AI AdoptionThe government has made clear it is enthusiastic about the adoption of AI in the UK, with Rachel Reeves highlighting it as one of three drivers of stronger economic growth. In her Mais lecture, the chancellor called AI "the defining technology of our era", saying she was determined to "maximise the value added … to the wider economy and the public sector through accelerated adoption."Future Outlook for Worker-AI RelationsAs Labour has already introduced a historic upgrade to workers' rights since coming to power in July 2024, the debate around AI's role in the workplace is likely to intensify. The IPPR's recommendations suggest a growing recognition that technological advancement must be balanced with worker protections and representation to ensure equitable outcomes in the rapidly evolving landscape of work.

The Lead: Anthropic's Historic ValuationAnthropic, the AI firm behind the Claude chatbot, announced on Thursday it had raised $65bn in funding to value the company at $965bn post-money. The move makes Anthropic the world's most valuable AI startup, eclipsing its competitor OpenAI.The Rise of a New AI PowerhouseThe deal marks an exceedingly successful period of growth for Anthropic, which was once considered to be a smaller player in the global AI arms race. The widespread adoption of its products by large enterprise businesses, especially following its release of powerful coding assistants late last year, has turned it into a dominant player in the industry.Financial Impact: A Reshuffled AI IndustryAnthropic's new valuation cements a reshuffling of the AI industry's power dynamics, putting a dollar figure on Claude's increased cultural and commercial prominence. The deal is also likely to have implications for this year's blockbuster slate of initial public offerings, which includes rivals OpenAI and SpaceX.Industry Implications: Safety Focus vs. Market DominanceIn addition to orienting its business more towards enterprise and coding services than some of its consumer-forward competitors, Anthropic has also postured itself as a more safety-focused company. One of Anthropic's co-founders was present earlier this month at Pope Leo's release of a more than 43,000-word encyclical which warned against the dangers of AI and called for a reining-in of the technology.The firm is also still locked in a legal battle with the Pentagon following its refusal earlier this year to remove safeguards that would allow Claude to be used for mass domestic surveillance or lethal autonomous weapons systems, which could kill people without human input.Future Outlook: Geopolitical and Political InfluenceThe White House was forced to ease its feud with Anthropic somewhat in recent weeks, however, after the company announced that it was withholding the release of its latest Mythos model over cybersecurity concerns. The episode sparked a small-scale geopolitical crisis as nations worried about vulnerabilities to financial systems and critical infrastructure.Anthropic is additionally set to be an influential force in the US midterm elections, pouring millions into lobbying efforts and Super Pacs aimed at candidates and legislation that aligns with its views on regulating AI. The firm has called for more government oversight of the technology, breaking with other tech industry leaders and OpenAI which advocate for a more lax regulatory framework.The AI Funding Race ContinuesThe company's valuation underscores the enormous amounts of money still flowing into the AI industry, despite widespread public distrust of the technology. Anthropic's valuation follows OpenAI raising $122bn in March to be valued at $852bn, with the possibility it will seek a $1tn IPO later this year.

A shock government‑backed report this week warned of the danger of a “lost generation” of young people in Britain, as the number of 16‑ to 24‑year‑olds not in education, employment or training (NEETs) rose to more than 1 million, roughly 13.5% of the cohort.Rising NEET Numbers Spark Alarm in the UKOfficial UK statistics show that 13.5% of young people are not in work or college, climbing to 15.8% among 18‑ to 24‑year‑olds – nearly one in six. The report, authored by former Labour cabinet minister Alan Milburn, warns that without decisive action the country could see a sustained “lost generation”.Comparative NEET Rates: UK vs NetherlandsUK NEET rate (16‑24): 13.5% overall, 15.8% for 18‑24 year olds.Netherlands NEET rate (15‑29, adjusted): 5.3% last year, consistently below 5% for over a decade.Potential impact: Matching the Dutch rate could move 600,000 more 18‑ to 24‑year‑olds into learning or earning.Why Dutch Vocational Pathways Keep Youth EngagedThe Dutch system centres on three pillars: strong vocational secondary education (MBO), a welfare safety net that prioritises engagement and rehabilitation, and financial incentives for employers. Around 70% of Dutch 16‑ to 19‑year‑olds in upper secondary education attend an MBO school, and 35% of under‑25s later study at technical or professional universities. By contrast, only 22% of UK 18‑ to 21‑year‑olds were on vocational courses in 2024.Technical education is treated as “the foundation of the economy”, with work‑based learning embedded in curricula – many students combine four days of school with one day of on‑the‑job training.Policy Levers Behind the Dutch Low NEET RateThe 2004 Work and Social Assistance Act devolved welfare programmes to municipalities, creating personalised, localised support that addresses mental health and long‑term illness. Local councils provide tailored engagement programmes, subsidised employment, and specialised training, preventing young people on incapacity benefits from falling through the cracks.Employers receive fiscal incentives, such as payroll‑tax cuts and direct subsidies that cover up to 70% of wages for chronically unemployed youth, as highlighted by the Youth Futures Foundation. Rotterdam’s city council, led by Tim Versnel, funds up to 70% of wages for young chronically unemployed people and offers holistic support covering mental resilience, substance‑use treatment, and financial literacy.What the UK Could Adopt to Reverse the TrendTo emulate the Dutch success, the UK might consider:Expanding vocational pathways and integrating work‑based learning into secondary education.Devolving youth‑welfare services to local authorities for more personalised support.Introducing targeted fiscal incentives for businesses hiring young workers, including wage subsidies and tax relief.Adopting a whole‑of‑life approach that combines education, mental‑health services, and financial literacy for chronically unemployed youth.While cultural and structural differences mean a direct copy is impossible, the Dutch experience offers a roadmap for reducing Britain’s NEET rate and revitalising its youth labour market.

The Billionaire's Challenge to Women's FootballIt has been a bad week for Michele Kang, the billionaire women's football investor. On Wednesday the Uefa director of women's football, Nadine Kessler, was firm on the enforcement of rules prohibiting clubs with the same owner from playing each other in European competitions, dealing a blow to Kang, who has ambitions of taking London City Lionesses into Europe's premier competition, but also owns the tournament's most decorated side, OL Lyonnes.Then, across the weekend, Kang teams suffered two continental final defeats, with Lyonnes losing 4-0 to Barcelona in the Champions League final before her US outfit, Washington Spirit, fell short in the Concacaf W Champions Cup with a 5-3 reverse to the Mexican side Club América.Barcelona's Talent Pipeline vs. Financial MuscleSpeaking to the Catalan TV channel Esport3 in Oslo on Saturday evening, the Barcelona goalkeeper Cata Coll made some pointed remarks about money in football after their emphatic victory, and her words went viral. "There has been criticism but we have shown the team we are," she said. "Money isn't everything. We are privileged to have La Masia and all the girls that have come up to the first team: Aïcha Cámara, Carla [Julià Martínez], [Martine] Fenger, [Clara] Serrajordi, all of them. They are incredible. It says everything and that's why I say it."Many have assumed it was a jab at Kang and the use of her wealth to pursue glory in women's football, with Barcelona's talent pipeline apparently delivering an antidote to such an approach. There have been frustrations that Kang's teams have been sniffing at Barcelona's door in recent years, poaching the head coach Jonatan Giráldez, who led Barça to their second and third European titles, first planting him in post at Washington Spirit before switching him this season to Lyonnes, another of her Kynisca Sports International multi-club ownership group.The Financial Distortion in Women's FootballGiráldez isn't the only Barcelona employee to have been recruited by the big-spending Kang. The midfielder Ingrid Engen joined Lyonnes last summer and the defender Jana Fernández was acquired by London City from the Catalan club. Meanwhile, talk of potential rogue bids for Aitana Bonmatí have circulated in past seasons, while London City are believed to have made Alexia Putellas, soon to be out-of-contract, a large offer to play in the WSL.Clubs are seemingly irritated with Kang's spending because to entice superstars to fledgling projects she is offering fees and wages that are distorting the market, driving it beyond what many view as sustainable growth. Except, given the opportunity, every club would probably do it. Yes, huge men's clubs could do the same, given the large sums at their disposal, but often choose not to in the name of sustainability and gradual growth.Barcelona's Own Financial ChallengesHowever, while the constantly emerging talent from La Masia is both laudable and enviable, Barcelona are not a model women's football club, or a salve to the model being championed by Kang.Kang is one of many to have exploited the strict financial rules of La Liga, with the money trouble experienced by the men's side recently affecting every section of the club, from the women's team to the youth academy and basketball, handball and futsal teams. To lower the wage bill, players have been allowed to leave that may have been kept under different circumstances.The team that have powered Barça to four European titles contains several key players at the end of their contracts. Alongside Putellas, the quartet of Mapi León, Marta Torrejón, Salma Paralluelo and Caroline Graham Hansen are nearing the end of their deals. At some stage Barça will need to undergo their next evolution, but to what extent that is done on their terms, or forced by financial pressure, remains to be seen.The Future of Investment Models in Women's FootballSaturday's Champions League final was my eighth in nine years – the Covid-19 pandemic prevented me from attending the 2020 final between Lyon (now Lyonnes) and Wolfsburg in San Sebastián. The game has come a long way since my first, in Kyiv in 2018, when the host city was the same as the one for the men's Champions League final and the women's final cowered in its shadow.In Oslo the huge numbers pouring into Uefa's fan park, that featured a line of mini-pitches where girls' teams played all day, reflected the impact the final can now have on a city. Women's football has also changed a lot, but in some ways it is very similar. In 2018 Lyon lifted their fifth of what has become eight European titles, the efforts of the former club owner, men's and women's, Jean-Michel Aulas, repeatedly delivering for the French team. Aulas committed more resources to the women's team than most other European clubs and Kang is now doing the same sort of thing, but more aggressively, in a world where many of the top women's clubs are increasing investment.The problem is, there is no alternative model put forward by any of the biggest clubs. Each one walks the same path, in slightly different ways, perhaps getting annoyed at how others have gone the same route. Most men's Premier League clubs do not want an alternative funding model – because it might show fans there is another way of doing things. As it stands, those owners can take money out of clubs to boost their personal wealth.So, yes, Coll is right, but behaving like Barcelona are the morally superior club is misleading.

The Rise of Sam Campbell Sam Campbell's journey from Australian standup comedian to Britain's most distinctive comedic voice represents a fascinating evolution in modern comedy. Since moving to the UK in the early 2020s, the 34-year-old has carved out a unique space in the British comedy circuit with his irreverent style that swings between hammy overacting and childish belligerence. His approach forces observational comedy through an absurdist filter, with contrarian takes covering everything from hand sanitiser and dragonflies to Ferrero Rocher and Bratz dolls. This distinctive voice earned him the prestigious Edinburgh comedy award in 2022, followed by an arrogant victory lap the next year with his single 10-minute performance titled Bulletproof Ten. The Unconventional World of "Make That Movie" Channel 4's new series "Make That Movie" represents Campbell's boldest creative venture yet. The show-within-a-show format stars Campbell as an alternative version of himself: a pompous director whose creative well has run dry. He invites the public to share their bizarre movie ideas, which he and his dysfunctional crew then develop into actual feature films within the framework of a shoddy reality program. Each episode concludes with the film's premiere, creating a viewing experience that's equal parts hilarious and bewildering. The production process was remarkably hands-off, with Campbell noting that the production company was busy working on an animated Ricky Gervais series about cats, "so we sort of got left to our own devices." This creative freedom was bolstered by Channel 4's head of comedy, Charlie Perkins, a longtime champion and collaborator of Campbell's who was described as "very trusting" despite initially not fully understanding the concept. Campbell's Comedy Philosophy What sets Campbell apart in the comedy landscape is his instinctive approach to humor. As director Joe Pelling observes, "Sam doesn't really seem like someone who's prone to super analysing his stuff too much. He's just led instinctively by what's funny." This gut-driven creativity manifests in his standup material, which subverts and simultaneously adheres to observational comedy tropes. In "Make That Movie," this translates to embracing obviously "dumb" ideas with deadpan seriousness, finding humor in taking film-making too seriously, especially when disaster strikes. The series features an ensemble cast largely drawn from Campbell's friendship circle, including fellow Australian comic Aaron Chen as the nerdy yet incompetent Sebastian, whose parents fund the entire enterprise. Exuberant standup Helen Bauer plays against type as grumpy sound engineer Pat, while 86-year-old actor David Hargreaves completes the gang as cinematographer Winnie. Dressed in matching purple jumpsuits, the team's aesthetic blends Ghostbusters with Scooby-Doo, creating what Pelling describes as a "real-life cartoon feel" to prevent the show from feeling bleak and strange. Campbell's Impact on British Comedy Campbell's influence extends beyond his own series to reshape the British comedy landscape. His triumphant stint on Taskmaster led to numerous appearances as the resident oddball on panel shows like Would I Lie to You?, 8 Out of 10 Cats Does Countdown, and QI. His most high-profile gig to date was this year's series of Last One Laughing UK, where he battled established comedians like Alan Carr, David Mitchell, and Bob Mortimer with unconventional material including duck impressions and claims of dining next to "mole people" during Eat Out to Help Out. What makes Campbell particularly distinctive is his deadpan delivery that proved more than just a mask during Last One Laughing UK. His composure was so unshakable that producers eventually had to implement a rule change, with Campbell ultimately losing to David Mitchell by virtue of having made marginally fewer contestants crack up. This ability to maintain his comedic vision despite external pressures has solidified his reputation as a uniquely uncompromising comedic voice. The Future of Alternative Comedy As Campbell continues to gain prominence, his success signals a promising future for alternative comedy within mainstream media. His willingness to embrace absurdity while maintaining underlying comedic logic suggests that there's significant appetite for comedy that challenges conventional formats and expectations. The fact that Channel 4 has given him such creative freedom indicates that broadcasters are increasingly recognizing the value of distinctive voices over formulaic approaches. Looking ahead, Campbell's career trajectory suggests he'll continue to push boundaries while maintaining his unique comedic identity. Whether through more television projects, standup specials, or other creative ventures, his instinctive approach to humor and refusal to second-guess himself positions him as a comedian who will likely continue to surprise and delight audiences while expanding the possibilities of what comedy can be.

The Discovery of Harpo's Voice For the first time, Harpo Marx, the pantomime star of the Marx Brothers, has been heard speaking. A special recording, unearthed from 1964, reveals Harpo's soft-spoken voice and wit, offering a new side to his character. Harpo's History as a Mute Clown Born Adolph Marx in 1888, Harpo was known for his childlike and mischievous persona, often communicating through his harp and taxi horn. He started performing with his brothers in 1908 and became a mute clown in 1915 due to nerves about speaking on stage. The 1964 Recording The recording, made during a fundraiser for the Riverside Symphony Orchestra in southern California, features Harpo narrating Prokofiev's Peter and the Wolf and delivering a 'Red's Speech.' Historian Robert Bader, author of Four of the Three Musketeers: The Marx Brothers on Stage, says Harpo had a lovely voice and should have spoken more often. The Significance of the Recording Harpo's son, Bill Marx, describes the recording as 'a joy to listen to … a slice of comedic and film and stage history that should endure.' The discovery of these tapes is special because it was Harpo's final public performance, and he died six months later. The Legacy of Harpo Marx The recording, available on Ramseur Records, offers longtime Marx Brothers fans a new side of Harpo, showcasing his wit and soft-spoken voice. As Bader says, 'The people who were longtime Marx Brothers fans are going to see a side of him that they just weren’t aware of.'

The Family's Mission to Save the Glutinous Snail Ian Hughes and his son, Ben, are driving through the hills of north Wales with an array of homemade animal artefacts. They finally reach Llyn Tegid – Bala Lake, where, knee-deep in the water, Ian brandishes two glutinous snails. The snails have been driven to extinction in England by poor water quality. Pollutants from agriculture and industry have ruined their habitats in ponds, ditches, lakes, and streams. The lake in Gwynedd hosts the last remaining wild population of glutinous snails in Britain. The Conservation Efforts Hughes has dedicated more than a decade to conserving the tiny mollusc and other rare species. This year, the Department for Environment, Food and Rural Affairs (Defra) has listed the snail as one of the threatened species that will benefit from a £60m government funding boost. With the funding, the British and Irish Association of Zoos and Aquariums will receive support to build ark populations of the glutinous snail, while the Freshwater Habitats Trust hopes to use new resources to find locations suited to wild reintroductions. The Impact of Conservation Hughes's passion for invertebrates extends to convincing other people to care about them. He writes children's books, which Ben illustrates, about the species he has studied, and the pair sell T-shirts showcasing their wildlife drawings. Ben says, 'Well, why do we matter? We're part of a huge living system. If you take a cog out of a machine, it doesn't work any more.' The Future of the Glutinous Snail Now, Hughes hopes the Defra funding will help the conservation efforts he has long championed. The goal is to keep the snails moving and preserve their population. By continually moving snails from one container to another, Hughes and his family aim to prevent the water from becoming polluted and ensure the survival of the species.