Businesses ‘frustrated’ as government rejects plea to loosen Brexit visa rules amid supply chain crisis

Published

4 years ago

August 28, 2021

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Business groups have been left “frustrated” after the business secretary rejected requests to loosen Brexit immigration rules to ease the supply chain crisis, telling companies to hire UK-based workers instead.

Businesses across multiple sectors are struggling to meet customer demand as a consequence of labour shortages, particularly in haulage where there is a shortfall of an estimated 100,000 HGV drivers.

The industry says this is a consequence of Brexit and the coronavirus pandemic. EU drivers now require a visa to work in the UK, but are not included on the government’s shortage occupation list and do not qualify for their definition of skilled workers.

Many returned home during the pandemic and have not returned, and COVID also saw the suspension of driver testing, leaving a backlog of several thousand.

Nando’s, McDonald’s, and KFC are among the companies that have reported product shortages as a consequence in recent weeks, while Tesco, Amazon, and John Lewis are offering four-figure joining bonuses to drivers.

Logistics UK and the British Retail Consortium wrote to Business Secretary Kwasi Kwarteng last week, urging the government to help ease the immediate challenges by granting temporary visas to EU drivers.

In a response, seen by Sky News, Mr Kwarteng says HGV drivers are not sufficiently skilled to meet visa requirements and companies should focus on training and recruiting British staff.

“The government recognise that the UK labour market has changed dramatically due to the economic impacts and measures necessary to tackle COVID-19, and I realise that by adding HGV drivers to the shortage occupation list, this could provide a short-term, temporary solution,” he said.

“However, many UK-based workers now face an uncertain future and need to find new employment opportunities. I am sure you would agree on the importance of utilising the strength of our domestic workforce, and how our migration policies need to be considered alongside our strategies to ensure UK-based workers are better able to secure decent employment opportunities.”

Logistics UK said the government’s position means driver shortages will continue well into 2022.

“Logistics UK is frustrated with the government’s decision to reject the logistics industry’s calls for temporary visas to be made available for EU HGV drivers as a short-term solution while new domestic drivers are recruited, trained and tested,” said Alex Veitch, general manager of public policy.

“While these new domestic drivers are trained and qualify into the workforce, which can take up to nine months, and DVSA works through its backlog of outstanding HGV driver tests – which we estimate could take until early 2022 – temporary visas made available for European workers would help to overcome the current supply chain problems experienced across the country.

“The industry needs drivers now, and we have been urging the government to replicate its temporary visa scheme, introduced for agricultural workers, for logistics to keep trucks and vans moving in the short term.”

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The issue cuts to the heart of the Brexit debate, with supporters of leaving the European Union arguing that reducing the EU workforce would lift wages and standards for domestic workers.

Business counters that introducing the new regime at the peak of a pandemic has unnecessarily damaged their ability to meet customer demand.

Politics

US senators ask DOJ, Treasury to consider Binance-Trump ties — Report

Published

3 hours ago

May 9, 2025

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US senators ask DOJ, Treasury to consider Binance-Trump ties — Report

A group of Democratic senators has reportedly sent a letter to leadership at the US Department of Justice and the Treasury Department expressing concerns about US President Donald Trump’s ties to cryptocurrency exchange Binance and potential conflicts of interest in regulating the industry.

According to a May 9 Bloomberg report, Democratic senators asked Attorney General Pam Bondi and Treasury Secretary Scott Bessent to report on the steps Binance had taken as part of its November 2023 plea agreement with US authorities, amid reports that Trump and his family had deepened connections with the exchange.

That settlement saw Binance pay more than $4 billion as part of a deal with the Justice Department, Treasury, and Commodity Futures Trading Commission, and had then-CEO Changpeng “CZ” Zhao step down.

However, since Trump won the presidency in 2024, many lawmakers have accused the president of corruption from profiting off crypto while being in a position to influence laws and regulations over the industry.

Trump has launched his own memecoin — which earns the project millions of dollars in transaction fees — and offered the top tokenholders the opportunity to attend an exclusive dinner in Washington, DC. His family-backed crypto venture World Liberty Financial also recently announced that an Abu Dhabi-based investment firm, MGX, would settle a $2 billion investment in Binance using the platform’s USD1 stablecoin.

“Our concerns about Binance’s compliance obligations are even more pressing given recent reports that the company is using the Trump family’s stablecoin to partner with foreign investment companies,” the senators said in the letter, according to Bloomberg.

Stablecoin bill fails to pass the US Senate

The letter came less than 24 hours after some of the same senators blocked a crucial vote on a bill to regulate stablecoins, named the GENIUS Act. Senator Elizabeth Warren, who reportedly signed the letter and opposed moving forward on the stablecoin bill, suggested the Senate should not be aligned with “facilitat[ing] this kind of corruption” from Trump.

Bessent said the Senate “missed an opportunity” by not passing the stablecoin bill, but did not directly address any of the concerns over Trump’s crypto interests. It’s unclear if or when the chamber could consider another vote on the bill.

In an April 23 report, the nonpartisan organization State Democracy Defenders Action said roughly 40% of Trump’s net worth was tied to crypto. The group noted that the GENIUS Act, in its current version, “would not prevent President Trump from using his executive powers to establish a regulatory environment and enforcement agenda that prioritizes his personal enrichment over the broader interests of US stakeholders.”

Amid the concerns with the stablecoin and proposed market structure bills, Zhao reportedly applied for a federal pardon from Trump. Though the former CEO already served four months in prison, a pardon for his felony charge could allow him to get more involved with the crypto industry through a management position.

Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions

Politics

Chancellor insists Labour rebels ‘know the welfare system needs reform’ as they push for change

Published

4 hours ago

May 9, 2025

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Chancellor insists Labour rebels 'know the welfare system needs reform' as they push for change

Chancellor Rachel Reeves has insisted that rebelling Labour MPs “know the welfare system needs reform” as the government faces a growing backlash over planned cuts.

Sir Keir Starmer is under pressure from Labour MPs, with about 40 in the Red Wall – the party’s traditional heartlands in the north of England – warning the prime minister’s welfare plan is “impossible to support” in its current form.

Dozens have thrown their support behind a letter urging the government to “delay” the proposals, which they blasted as “the biggest attack on the welfare state” since Tory austerity.

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Ms Reeves on Friday reiterated her plans for reform, insisting that no-one, including Labour MPs and party members, “thinks that the current welfare system created by the Conservative Party is working today”.

She said: “They know that the system needs reform. We do need to reform how the welfare system works if we’re going to grow our economy.”

But, the chancellor added, if the government is going to lift people out of poverty “the focus has got to be on supporting people into work”.

“Of course if you can’t work, the welfare state must always be there for you, and with this government it will be,” she said.

The reforms, announced ahead of Ms Reeves’s spring statement in March, include cuts to Personal Independence Payments (PIP), one of the main types of disability benefit, and a hike in the universal credit standard allowance.

The government has claimed that changes to welfare will cut the budget by £4.8bn overall.

Separately, Downing Street refused on Friday to deny that Ms Reeves has consulted on potentially overhauling their winter fuel payment policy.

Labour’s unpopular decision to means-test the policy has taken the benefit away from millions of pensioners.

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Ministers have faced pressure from their own backbenchers to rethink the policy in the wake of last week’s local election results, which saw Labour lose the Runcorn by-election and control of Doncaster Council to Reform UK.

Asked if the chancellor has discussed the winter fuel payment in private, the prime minister’s spokesperson said they would not give a running commentary.

Pushed again, Number 10 said a “range” of discussions take place in government – which is not a denial.

However, it is worth noting that when reports emerged earlier this week that Downing Street was reviewing the policy, the government strongly pushed back on that suggestion.

Politics

Taiwan lawmaker calls for Bitcoin reserve at national conference

Published

10 hours ago

May 9, 2025

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Taiwan lawmaker calls for Bitcoin reserve at national conference

Taiwanese lawmaker Ko Ju-Chun has called on the government to consider adding Bitcoin to its national reserves, suggesting it could serve as a hedge against global economic uncertainty.

Ko, a legislator at-large in Taiwan’s legislative body, the Legislative Yuan, took to X on Friday to report that he had advocated Bitcoin (BTC) investment by the Taiwanese government at the National Conference on May 9.

In his remarks, Ko cited Bitcoin’s potential to become a hedge amid global economic risks and urged Taiwan to recognize the cryptocurrency alongside gold and foreign exchange reserves to boost its financial resilience.

Ko’s announcement came shortly after the legislator held talks with Samson Mow, who advocates for Bitcoin adoption by states like El Salvador at his BTC tech firm Jan3.

Taiwan is an export-oriented economy

Ko highlighted that Taiwan is an export-driven economy that has experienced significant fluctuations in its national currency, the New Taiwan dollar, amid global inflation and intensifying geopolitical risks.

“We currently have a gold reserve of 423 metric tons, and our foreign exchange reserves amount to $577 billion, including investments in US Treasury bonds,” the lawmaker stated.

In a scenario of more intense currency volatility or potential regional conflicts, Taiwan may “very likely be unable to ensure the security and liquidity,” Ko continued, adding that Bitcoin could be a great addition to Taiwan’s reserves for several reasons.

Law, Investments, Taiwan, Samson Mow, Policy, Bitcoin Reserve — *Ko Ju-Chun advocated for the adoption of Bitcoin by the Taiwanese government before the Legislative Yuan. Source: Ko Ju-Chun*

“Bitcoin has been operating for over 15 years. It has a fixed total supply, is decentralized, and is resistant to censorship. Many countries are focusing on its hedging attributes. At the same time, in intense situations, it may not face the risk of embargo,” he said.

Bitcoin is not the only solution

Referring to many global initiatives considering Bitcoin adoption as a reserve asset, Ko stressed that he’s not advocating for Bitcoin as the “only solution” to rising economic challenges.

Instead, the legislator suggested adding a “small proportion of Bitcoin” into the diversified assets as tools for sovereign asset allocation and risk hedging, and backup capacity of Taiwan’s financial system.

He previously suggested that Taiwan could allocate a maximum of 5% of its $50 billion reserve to Bitcoin in an X post on May 6.

“When exchange rate risk and regional uncertainty increase, it is time to introduce new tools to construct a more flexible financial strategy framework,” Ko said, adding:

“As former Dean Chen Chong said, Bitcoin is the gun of the digital era. It may also be the gold of the digital era, the silver of the digital era. Or it could be gunpowder. A wise nation will not let weapons be in others’ hands.”

The news comes as Taiwan is emerging as a crypto-friendly jurisdiction, with the Financial Supervisory Commission pushing institutional trials of crypto custody services in late 2024.

Mainland China continues to maintain its hostile stance on cryptocurrency after imposing a ban on multiple crypto activities, including mining, in 2021.

Magazine: Adam Back says Bitcoin price cycle ’10x bigger’ but will still decisively break above $100K