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Forget talk of defending workers, the US visa feud is about the market’s needs

www.theguardian.com 05-01-2025 09:00 1 Minutes reading

Whether in America or Britain, working-class people only matter when immigration is an issue

On the one side stand Silicon Valley moguls and leaders of corporate America; on the other, longstanding Donald Trump loyalists and supporters of the Maga (“Make America great again”) movement. One side claims to be building America’s bright new future by recruiting the best talent from across the globe, the other to be defending US workers from the depredations of global capitalism. One side portrays itself as challenging racism and bigotry, the other is outraged by bigoted views of American culture.

The H-1B visa – which allows US companies to hire foreign workers with “highly specialised knowledge” – might seem an unlikely spark for a mini civil war among Trump supporters. Yet the bitter feud that has gripped the Trumpsphere over the past week has exposed many of the fissures of US conservatism. There is little to admire on either side and much to deplore. Both sides are right in certain respects, but usually for desperately wrong reasons.

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Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.

UK house prices finished 2024 up 3.3% over the year, with the average property value falling slightly in December, according to a major mortgage lender.

December 2024 was one of the busiest Decembers in years in terms of buyer demand. This was driven by first-time buyers who were keen to get on the property ladder before this year’s changes to Stamp Duty but also by second-steppers, including young families, wanting to upsize.

We believe that UK growth is likely to slow, as employer tax increases, and their potential impact on prices and employment, begin to filter through into the economy.

8.30am GMT: Eurozone, France, Germany, Italy HCOB Construction PMI for December

9am GMT: Italy Unemployment rate for November (previous: 5.8%)

10am GMT: Eurozone inflation for December flash (previous: 2.2%, forecast: 2.4%)

10am GMT: Eurozone unemployment rate for November (previous: 6.3%)

1.30pm GMT: US Trade for November

3pm GMT: US ISM Services PMI for December

3pm GMT: US JOLTs Job Openings for November

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