On GPS: Kemi Badenoch on British immigration policy
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
25 minutes ago
- Yahoo
Voices: Governor Bailey is wrong: We should embrace the digital pound
Is the digital pound dead in the water? More than 100 countries are looking at the creation of their very own digital currencies. China already has one. The EU is developing a digital euro at pace. But the Bank of England? It seems to be tacking the opposite way to the rest of the world. Andrew Bailey told MPs on the Treasury Committee that he would need 'a lot of convincing' to greenlight a launch, which the Bank has already said couldn't happen until sometime in the 'second half of the current decade' anyway. Is this an opportunity missed? Even a case where the governor's conservatism threatens to leave Britons in the digital dark ages? First off, I should explain what the digital pound actually is. Digi-pounds (that's not the official name; I'm not sure we have one yet) would be currency issued by the Bank that could be stored in a digital wallet provided by a company like, say, Apple. This would allow you to pay for things directly, without the need for the card you currently have to be set up to use Apple Pay. People could also pay you by the same means. PS, Apple CEO Tim Cook isn't paying either me or The Independent for the mention. I'm using Apple Pay as an example because it's a service I use. Bailey is distinctly unimpressed with the idea of this new form of money. His preferred option is to help the market improve digital payment tech, which he said could deliver 'huge benefits'. Fraud reduction, lower costs, faster payments to SMEs (small to medium-sized enterprises), which at this point are probably saying chance would be a fine thing. 'That's a sensible place to do it because that's where most of our money is," the governor opined. But here's an idea: why not simply do both? Is that really so hard? Or is the Bank yet again in 'can't do' mode? It is true that there are legitimate concerns about digital currencies. Sceptics worry about vulnerability to hacking. Fears have also been expressed about their making it easier to launder money, even to facilitate terrorist financing. Criminals took up Bitcoin with alacrity. Lately, they have favoured so-called 'stablecoins', the value of which are linked to an underlying commodity or an existing currency such as the dollar. On the flip side, some critics have voiced fears about digital currencies being used to facilitate government snooping. This has been a big concern with the Chinese version given the obsessive interest in what its citizens do, say and even think of that country's government. But every new technology comes with pluses and minuses. It would be better for Bailey to accept that and roll with the punches. Bitcoin and its ilk already have a legion of fans in this country. If people like the concept of central bank-issued digital currencies, there would theoretically be nothing to stop them from using digital euros if and when they arrive. There are already outlets in London that accept the paper equivalent (and dollars and yen while we're at it). Here's a potential selling point for your business: 'We accept the digital euros!' Right now, the central bank looks flat-footed, a very obvious laggard, largely thanks to the conservatism of the governor. I suspect some of Bailey's caution can be traced back to his time at the head of the Financial Conduct Authority – a fairly thankless, if well remunerated, task at the best of times. Its CEO tends to get the blame for everything and the credit for nothing. Launching a new form of money is bound to create challenges, and it will once again be Bailey's head on the block if something goes wrong. There have lately been suggestions that the Bank could cease or at least shelve the work it has been doing on a digital pound. That would be a mistake. Digital currencies are coming. The Bank should accept that and prepare for the future. The governor badly needs to pull his legs out of the mud in which they're stuck. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Forbes
27 minutes ago
- Forbes
Trump's H‑1B Fix Could Be Improved: Here's What The U.S. Really Needs
There is discussion about cancelling the H1-B visa program or repairing it. President Trump has ... More proposed new changes. The U.S. H-1B visa program, once a gold standard for attracting global talent, is now under severe strain. But Trump's H1-B visa fix is not enough, more than what has been proposed by the Trump administration is needed. America deserves better and it can be done. Historical Background To The U.S. H1-B Program. The Immigration Act formally established the H-1B visa for workers in specialty occupations that require individuals with theoretical or technical expertise, typically in fields such as IT, engineering, mathematics, and medicine. Initially capped at 65,000 visas per year, the program underwent expansion during the 1990s tech boom. In 1998 and again in 2000, Congress temporarily increased the cap—first to 115,000 and then to 195,000—in response to lobbying by the tech industry. Unfortunately, these elevated caps were allowed to expire, returning to 65,000 plus 20,000 for U.S. master's degree holders by 2004. Over the past two decades, reforms have aimed at curbing abuse, ensuring fair wages, and increasing scrutiny of outsourcing firms. The American Competitiveness in the 21st Century Act (2000) introduced portability of H‑1B status and eased green card processing backlogs. Under the first Trump administration, the 2017 'Buy American, Hire American' executive order led to stricter adjudications, a surge in Request for Evidence (RFEs), and a rescission of deference to prior approvals. In 2020, the Department of Homeland Security and Department of Labor introduced wage-based prioritization and significantly raised prevailing wage levels (though these were partially struck down in court). Most recently, the Biden administration proposed modernizing the program to enhance integrity and transparency, while also reaffirming the role of workers in allowing U.S. employers to hire foreign workers temporarily to improve U.S. competitiveness. The program remains the workhorse of the U.S. immigration system. Central to debates on importing skilled immigration, is balancing the economic importance of H-1B demand with concerns over labour market fairness for American workers. However, the H1-B program has largely devolved into a lottery-dependent system that often rewards luck over merit and has become susceptible to manipulation by outsourcing firms. President Donald Trump takes a question from a member of the media. He is in the midst of changing ... More the H1-B work visa program. (Photo by) Fixing The H1B Visa Program President Trump's Way Now, President Trump's 2025 proposal aims to overhaul the system by replacing the random draw with a wage-weighted selection process. The goal is to transform H-1B into an elite pathway for high-wage, high-skill professionals, especially in fields such as STEM, technology, and healthcare. Under this plan, foreign workers would only be admitted to supplement—not displace—the U.S. workforce, addressing concerns about wage suppression and job loss. While aligned with Trump's broader merit-based immigration vision, critics warn that this approach may marginalize lower-wage applicants and disadvantage smaller firms and startups. But is this a real fix? Or could something more creative be considered? What Other Countries Are Doing Several countries have developed or reformed H-1B-style immigration programs to attract high-skilled foreign talent, particularly in STEM fields, amid global competition for innovation and workforce growth. The United Kingdom has introduced the Skilled Worker visa and a Global Talent visa, prioritizing applicants with job offers in shortage occupations or exceptional achievement in fields like AI and engineering. Australia's Temporary Skill Shortage (TSS) visa functions similarly, with a focus on employer sponsorship and labor market testing. Germany's Blue Card system, aligned with the EU framework, facilitates residency for highly qualified workers meeting salary thresholds and educational criteria. Even Japan and South Korea, historically cautious about immigration, are loosening requirements for skilled professionals, while Singapore recently launched the Overseas Networks And Expertise Pass to lure top executives, entrepreneurs, and researchers. Across the board, these nations are balancing economic needs with domestic labour concerns by linking work visas to salary levels, labour shortages, and long-term integration strategies. Ontario Premier Doug Ford is proposing to introduce provincial work permits in Canada. (Steve ... More Russell/Toronto Star via Getty Image) The Canadian Approach to Work Permits: An Example Canada's foreign worker visa system operates primarily through two complementary streams: the Temporary Foreign Worker Program (TFWP) and the International Mobility Program (IMP). The TFWP enables Canadian employers to hire foreign nationals to address labour shortages, to demonstrate the need for a foreign worker, and to ensure that no Canadian will be displaced. In contrast, the IMP facilitates work permits without an LMIA for reasons that serve Canada's broader economic, cultural, or diplomatic interests, such as intra-company transfers, post-graduate work permits, or reciprocal agreements like USMCA (formerly NAFTA). Both streams can lead to permanent residency through pathways like the Express Entry system or Provincial Nominee Programs. Canada prioritizes worker rights by mandating employer compliance with wage standards, working conditions, and access to provincial employment protections, while also offering open work permits in certain humanitarian and spousal sponsorship cases. Canada also offers streamlined employer-sponsored pathways such as the Global Talent Stream, which provides expedited work permits for tech professionals in as little as two weeks. However, recently, Canadian leaders have proposed taking even a more pragmatic approach. Under Section 95 of its Constitution, provinces like Ontario are utilizing their authority to address local labour shortages directly. In 2024, Premier Doug Ford announced a plan for Ontario to issue 100,000 work permits over ten years, targeting high-demand sectors such as healthcare. Canada's Provincial Nominee Program, which already accounts for over 40% of economic immigrants, bypasses lotteries and instead uses a transparent, merit-based points system considering education, age, experience, and language ability. Express Entry, the digital intake portal, allows provinces and employers to select candidates swiftly. Crucially, spouses and dependents receive immediate work permits, supporting household stability and integration. U.S. Constitutional Impediments to H1B Visa Reform? The U.S. should take note. Though immigration is a federal domain under the Constitution, Congress has historically delegated immigration authority in specific contexts, including special visa rules for Guam and the Northern Mariana Islands. There's a clear legal pathway to authorize states to sponsor skilled foreign workers under a federally approved framework. A pilot State-Based Visa Program could allow states like California, Texas, or Florida to recruit for sector-specific shortages using real-time labour data. State departments of labour, working with vetted employers, could certify needs and issue permits valid within their jurisdictions, avoiding the randomness and inflexibility of the current H-1B system. Why It Matters Now President Trump's H1-B visa fix could be improved with something smarter, faster, and fairer. The H-1B program's economic impact is undeniable: skilled immigrants contribute billions to the U.S. economy and are disproportionately represented in AI, STEM, and tech leadership. Tech giants like Google, Microsoft, and Apple were built in part on H-1B talent. But with every failed reform effort, America risks losing its competitive edge. Meanwhile, countries such as Canada, Australia, and the U.K. are establishing streamlined pathways for skilled workers. It's time to fix that.
Yahoo
an hour ago
- Yahoo
‘Urgent' need for digital reform of banking payments, says Bank of England boss
Bank of England governor Andrew Bailey has said that 'urgent' reforms of retail banking payments should be a priority as he remains to be 'convinced' over the need for a digital pound. In his annual Mansion House dinner speech, Mr Bailey said the UK needs to 'harness the potential of digital technology for retail payments' both within Britain and internationally to help future-proof payments infrastructure and ensure it can play its part in boosting growth in the UK. But he added a dose of scepticism over any plans for a digital pound and reiterated concerns over so-called stablecoins – a type of cryptocurrency which is backed by a traditional asset such as a currency or commodity. Mr Bailey said: 'There is an urgent need for innovation now in the area of payments, and the opportunity is there, no doubt about that.' He said the Bank would collaborate with authorities and industry to 'design and deliver the next generation of UK retail payments infrastructure'. 'This must be a priority, both to replace ageing infrastructure and as part of promoting growth in the UK,' he said, echoing financial services reforms outlined by Chancellor Rachel Reeves on Tuesday to help boost the economy. Mr Bailey added: 'There may well be a role for stablecoins going forward, but I don't see them as a substitute for commercial bank money. 'Moreover, our job will be to ensure that those stablecoins that purport to be money are safe. 'Perhaps there may also be a role for retail central bank digital currency, but I remain to be convinced why the natural next step is to create a new form of money rather than put digital technology into retail payments and bank accounts.' His comments follow just days after he warned global banking giants against issuing their own stablecoins, which he said threaten to take money out of the banking system and therefore leave less available for lending. Mr Bailey has also appeared to be increasingly cooling on the idea of a digital pound in recent months, raising doubts over whether it would ever be officially launched. In his speech, Mr Bailey cautioned over the ongoing impact of the global trade war, with the current shift in policy marking the 'most sudden and fundamental in the post-war era'. 'The shifts we have witnessed – and continue to witness – mark a generational change in the system of trade amongst nations,' he said. 'Increasing tariffs creates the risk of fragmenting the world economy, and thereby reducing activity,' he said. 'Recent events have exposed fault lines in the multilateral system of relations between nations, including in the global trading system,' he added. He said the International Monetary Fund (IMF) and the Word Trade Organisation (WTO) can both work together and play a part in cooling the current trade war by helping 'achieve agreement amongst its members on the global rules of the road and how they are adhered to'. But he stressed he cannot 'underestimate the challenges' in addressing the current trade tensions. Sign in to access your portfolio
