Global Briefing: Politics, Public Health, Tech & Market

4th September 2025

Florida is moving to eliminate all state vaccine mandates, including for schools a decision that officials frame as “medical freedom” but health experts warn could spark dangerous outbreaks. In the UK, Deputy Prime Minister Angela Rayner is under pressure after admitting she underpaid stamp duty on a flat purchase. While Labour colleagues have rallied around her, the Conservatives say her position is untenable as a formal investigation gets underway. On Wall Street, Swedish fintech Klarna is eyeing a long-anticipated U.S. IPO that could value the “buy now, pay later” pioneer at up to $14 billion potentially a bellwether for revived investor appetite in high-growth tech. And in Silicon Valley, a jury has ordered Google to pay $425 million for collecting user data even after people turned off tracking, a ruling the company says it will appeal as it faces mounting privacy scrutiny. All this in today’s Read It and Eat! 

Major News 

• Florida Moves to Eliminate State Vaccine Mandates, Sparking Public Health Concerns

Florida is preparing to scrap all state vaccine mandates including those required for students to attend school according to an announcement Wednesday from Surgeon General Joseph Ladapo. The move, backed by Governor Ron DeSantis, frames vaccination as a matter of “personal choice,” but experts warn it could trigger dangerous outbreaks.

Ladapo said his agency will roll back several vaccine requirements under its authority, though broader changes will need legislative approval. He did not specify which vaccines would be immediately affected. Standing alongside DeSantis, who has made “medical freedom” a central political theme, Ladapo argued that no government should dictate what people put into their bodies.

But health leaders sounded the alarm. The CDC recently reported declining vaccination rates for diseases like measles and polio among U.S. kindergarteners, coinciding with the country’s worst measles outbreak in nearly 25 years. “This is going to be a major disaster,” said Dr. Tina Tan, president of the Infectious Diseases Society of America, warning that children could carry infections home and spread them to vulnerable populations. Dr. Michael Osterholm, an infectious disease expert, called the decision “reckless.”

The political backdrop adds more fuel to the debate. Robert F. Kennedy Jr., now serving as Trump’s health secretary, has long questioned vaccine safety and recently replaced CDC advisors with allies who share his skepticism. Four top CDC officials resigned last week over concerns about eroding scientific integrity. DeSantis, meanwhile, announced plans to align Florida’s policies with Kennedy’s agenda through a new state commission.

Florida isn’t acting in isolation. Neighboring states like California, Oregon, and Washington have launched a joint “West Coast Health Alliance” to strengthen unified vaccine recommendations, signaling a widening divide over U.S. immunization policy. With nearly 11,300 Florida kindergartners exempted from vaccines this school year, the second-highest number nationwide, the stakes are especially high in a state that also draws millions of tourists each year. Reuters 

• Angela Rayner Faces Scrutiny Over Stamp Duty Tax Error

Deputy Prime Minister Angela Rayner is facing one of the toughest moments of her political career after admitting she underpaid stamp duty on the purchase of a flat in Hove. The admission has triggered a formal investigation and renewed calls from the Conservatives for her resignation, but senior Labour figures, including Sir Keir Starmer, have publicly backed her.

Rayner, who also serves as housing secretary, has denied any attempt to dodge tax, stressing the mistake came down to flawed initial legal advice. At the centre of the issue is a family trust linked to her Greater Manchester home, set up to help provide care for her son with lifelong disabilities. The trust’s existence, previously covered by a court order, meant she should have paid the higher rate of stamp duty on her Hove flat, something Rayner says she only realised after receiving new legal advice this week. She has now contacted HMRC and referred herself for investigation by the prime minister’s standards adviser.

Labour colleagues have rallied around her, with Sir Keir praising her at Prime Minister’s Questions and Education Secretary Bridget Phillipson insisting Rayner “acted in good faith.” Chancellor Rachel Reeves echoed the support, saying Rayner had “tried to do the right thing” and was now working to resolve the error. The Conservatives, however, argue her position is “untenable,” accusing her of hypocrisy given her past criticism of others over tax avoidance. Tory chairman Kevin Hollinrake said the rules on stamp duty were clear and called for HMRC to conduct its own probe.

The political stakes are high. If HMRC rules the error was careless, Rayner could face a £12,000 penalty on top of the £40,000 underpaid tax. If deemed deliberate, the fine could double the shortfall. For now, her fate rests with the outcome of the standards adviser’s report and Sir Keir’s final decision but with both support and scrutiny intensifying, Rayner’s political future hangs in the balance. Financial Times 

• Klarna Eyes $14 Billion Valuation in Highly Anticipated U.S. IPO

Swedish fintech giant Klarna is finally stepping closer to its long-awaited U.S. market debut, with plans to list at a valuation of up to $14 billion. Backed by Sequoia Capital, the “buy now, pay later” pioneer announced Tuesday that it will offer 34.3 million shares, priced between $35 and $37, potentially raising as much as $1.27 billion. The move comes as investor appetite for high-growth tech stocks shows signs of revival after several sluggish years.

The timing is no accident. Market conditions have steadied, and recent listings such as digital bank Chime and stablecoin issuer Circle have seen encouraging demand, suggesting that tech IPOs may finally be staging a comeback. For Klarna, this could be a bellwether moment not just for fintech, but for the broader market’s willingness to bet on growth-oriented disruptors.

Founded in Stockholm in 2005, Klarna was one of the first companies to popularize “buy now, pay later” (BNPL), giving consumers the option to spread payments over weeks or months interest-free. That model, which has resonated strongly with younger shoppers, helped fuel Klarna’s meteoric rise in valuation once topping $45 billion before a sharp correction. Today, the company boasts over 111 million users and nearly 800,000 merchants across 26 countries, partnering with brands ranging from Zara and H&M to Sephora and Coach.

Still, challenges lie ahead. Rising inflation and growing scrutiny of BNPL services raise questions about profitability and consumer credit risk. Analysts warn that while a strong debut could mark a turning point for the fintech sector, a lukewarm reception might reinforce concerns over high valuations and regulatory hurdles. Either way, Klarna’s U.S. listing set to trade on the NYSE under the ticker “KLAR” is one of the most closely watched offerings of the year. Reuters 

• Jury Orders Google to Pay $425 Million in Privacy Case

A federal jury has ordered Google to pay $425 million after finding the tech giant violated user privacy by collecting data even when people thought they had turned off tracking. The verdict, delivered Wednesday in San Francisco, comes after years of litigation accusing Google of sidestepping its own Web & App Activity setting and continuing to gather information from millions of users.

The case, which began in 2020, alleged Google accessed data through partnerships with apps like Uber, Venmo, and Instagram, despite users opting out. While plaintiffs had sought more than $31 billion in damages, the jury awarded a fraction of that amount and declined to impose punitive damages, saying Google did not act with malice. Still, the ruling is a major blow for the company, which has long faced criticism over its data practices.

Google has said it will appeal. Spokesperson Jose Castaneda defended the company, arguing the decision “misunderstands how our products work” and insisting that Google honors users’ choices when they turn off personalization. At trial, the company maintained the data in question was nonpersonal, encrypted, and not linked to individual identities.

Plaintiffs’ attorney David Boies called the outcome a victory for users, saying his team was “obviously very pleased with the verdict.” The decision adds to Google’s growing list of privacy battles. Earlier this year, the company agreed to pay nearly $1.4 billion to Texas over privacy violations and separately settled claims by agreeing to delete billions of browsing records tied to “Incognito” mode. Financial Times 

Minor News 

• Tragedy in Lisbon as Funicular Accident Claims 15 Lives, Injures 18. CNBC 

• Figma Rallies as Growth Prospects Exceed Expectations. Yahoo.Finance 

• Lloyds Signals Job Cuts as Thousands of Roles Put Under Review. Yahoo.Finance

• Trump Sons’ Bitcoin Investment listed on Nasdaq Hits $1.5 Billion Valuation in Market Debut. Financial Times

• Sydney Sweeney Campaign Sends American Eagle Sales Flying by 25%. Bloomberg 

• Trump Set to Host Tech CEOs at Rose Garden’s First Event Since Renovation. Bloomberg 

• Texas Lawmakers Approve Measure Targeting Abortion Pill Distributors with Citizen Lawsuits. Bloomberg 

• ConocoPhillips to Slash Up to a Quarter of Its Workforce, Stock Drops. Yahoo.Finance 

• World Gold Council Unveils Digital Gold Venture with Linklaters, Hilltop Walk. Yahoo.Finance