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Hongkongers converting their Hong Kong dollars into pounds sterling might want to think through the effects of Brexit on the British currency. Photo: AFP

Letters | Why BN(O) visa move may leave Hongkongers out of pocket

  • The UK is expected to raise income tax by £6 billion
  • A second referendum on Scottish independence could hammer the pound sterling
Some Hongkongers are planning to settle down in Britain. Well, you’d better take a look at the budget statement this week, as British Chancellor of the Exchequer Rishi Sunak is expected to say he needs to raise more than £40 billion to tackle the budget deficit. Sunak is also likely to raise income tax by £6 billion, reports in British media have forecast (“ Horrors of taxes and social justice await Hongkongers fleeing to the West”, February 27).

If you are used to shopping online, you have to prepare to pay VAT and handling fees, such that a small parcel from Italy may set you back about £40.

The British chancellor is also reportedly planning a tax raid on online deliveries. Even if you are just doing some freelance work, you will be unlikely to escape an income tax hike.


BN(O) passport holders flee Hong Kong for new life in the UK, fearing Beijing’s tightening control

BN(O) passport holders flee Hong Kong for new life in the UK, fearing Beijing’s tightening control
This is only the beginning. If you have already converted your Hong Kong dollars into pounds sterling, God bless you. After the Scottish election in May, the ruling Scottish National party could kick off a second referendum on independence. This might bring down the pound sterling by at least 20-25 per cent. No one with pounds sterling in their pocket can escape the “buy high, sell low” scenario, as Britain pays the ultimate price for Brexit.

It doesn’t matter whether you are a true Anglophile or not. The current British chancellor is not our beloved John Cowperthwaite who, back in the good old days, delivered prosperity to Hong Kong via his low-tax, laissez faire policies. You had better watch your pocket.

Khaw Wei Kang, Shenzhen