The Brutal Truth for Bankers Is They’re Expendable
Capital flight will barely register if Hong Kong financial workers move to the U.K. but the home property market is another matter.
Goodbye to all that?
BloombergWhat happens to a global financial center when hundreds of thousands of residents head for the door? The jury is still out on London after its Brexit- and pandemic-inspired exodus. Now it’s Hong Kong’s turn to pose the question.
The U.K. starts taking applications as of Jan. 31 under a new immigration program for Hong Kong residents, introduced in response to a national security law that was enacted by China’s legislature last June. The British government calls the law a “clear and serious breach” of the Joint Declaration that governed the former colony’s return to Chinese sovereignty in 1997, which guaranteed that Hong Kong’s rights, freedoms and way of life would remain unchanged for 50 years.