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Hong Kong national security law
OpinionLetters

Letters | Before leaving Hong Kong on BN(O) visa, consider Brexit and the British economy

  • The economic effects of Britain choosing to leave the European Union could have an impact on Hongkongers’ seeking a new life in the UK

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About 300,000 Hong Kong citizens are expected to apply for a new British National (Overseas) visa route to settle in the UK, despite nearly 3 million being eligible. Photo: Bloomberg
Letters
After the unrest sparked by the extradition law amendment bill and the introduction of the national security law, many Hong Kong citizens and foreign investors are afraid, and divestment and emigration are topics of discussion. This could further damage Hong Kong’s economic and international reputation.
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According to the report by The Centre for Economics and Business Research, if 1 million Hong Kong residents emigrate to the United Kingdom over five years, it could bring the UK up to £40 billion (US$55.8 billion) in economic benefits.

However, British National (Overseas) passport holders with short memories must not forget that the UK has finalised Brexit. Given the effects of leaving the European Union, their new life might not be as expected and could be worse than in Hong Kong.

No one can tell for sure what the future holds for the UK, especially given that EU countries accounted for much of the UK’s foreign investment in recent years. After Brexit, other major sources of investment into Britain such as China could join EU countries in significantly reducing their investment in the UK.

The City of London has been anxious since last June because of the uncertainty brought about by Brexit. For example, HSBC has suggested it could relocate 1,000 employees from London to Paris. Barclays Bank has moved part of its business from London to Dublin and Germany. Many companies are still feeling anxious about Brexit.
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We live in uncertain times, and BN(O) passport holders must work through many scenarios in coming to a decision. Other factors may trump the economic challenges, but BN(O) holders must seriously confront the state of the British and global economies in their decision-making process.

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