90 parliamentarians demand action over the blocked retirement savings of those who have fled Hong Kong

While British Trade Minister Dominic Johnson CBE visited Hong Kong this week as the first UK Minister to visit the city since the introduction of the National Security Law, more than 90 MPs and peers from across the political spectrum have written to the UK Government to demand action following the retaliatory action taken by China to block the retirement savings of Hong Kongers fleeing to the UK.

The letter comes as Hong Kong Watch research shows that thousands of Hong Kongers who have fled to the UK are being denied access to over £2.2 billion of their retirement savings held in the Mandatory Provident Fund (MPF).

The declaration by the Chinese Ministry of Foreign Affairs that it would no longer recognise the British National Overseas passport as an identity document in January 2021 has meant that Hong Kongers who come to the UK on the BNO visa are no longer able to withdraw these savings.

Among the signatories of the cross-party letter are 9 former cabinet secretaries from all three major parties. Notable signatories include Lord Patten of Barnes, Lord Alton of Liverpool, Damian Green MP, Iain Duncan Smith MP, Liam Fox MP, Ed Davy MP, Alyn Smith MP, Stewart McDonald MP, Malcolm Rifkind, David Davis MP, David Jones MP, Fiona Bruce MP, Sarah Champion MP, Alistair Carmichael MP, and Lord Hain.

 They write: “This punitive denial of Hong Kongers to access their savings is curtailing the ability of many to start new lives and to prosper and thrive here in the UK.”

 “It is also likely to increase the amount of financial support that new arrivals require from the UK Government in the future.”

 They urge the Government to issue guidance to all UK-based financial institutions regarding the use of British National Overseas (BNO) passports as valid documents, and request that they undertake an official review of the number of Hong Kongers in the UK who have been impacted by this change.

 They also press UK trustees of the MPF, which includes HSBC, to give Hong Kongers under the BNO visa immediate access to their retirement savings.

They write: “In the case of HSBC, a UK-headquartered bank is undertaking retaliatory action on behalf of the Chinese Government and it is estimated that it has denied Hong Kongers access to over £600 million worth of their hard-earned retirement savings.”

 “Given that this retaliatory action is not only targeted at vulnerable political refugees who have fled an ongoing human rights crackdown, but at the UK Government, we urge you to issue guidance to all UK-based financial institutions regarding the use of British National Overseas passports as valid documents.”

The full letter can be read here.