Hong Kong should brace itself for ‘large’ fallout from a Brexit, says leader CY Leung
Chief executive says the impact on Hong Kong “would be relatively large”, while local businesses line up in favour of the trading partner remaining in the European Union
Hong Kong should brace itself for a “large” fallout from a British exit from the European Union, the city’s top official has warned, as local businesses line up to support a “remain” vote.
With polls showing the remain camp only slightly ahead, it is likely to be a close race in the final vote on Thursday.
Chief Executive Leung Chun-ying, who received his tertiary education in Bristol in southwest England, said the city would face consequences from a so-called Brexit given its international status.
“If Britain votes to leave the EU, it will impact the British economy and others around the world. As a highly open and internationalised small economy in a globalised market, the impact on Hong Kong will be relatively large, so our departments attach much importance to it,” Leung said.
Financial Secretary John Tsang Chun-wah warned two weeks ago that a Brexit vote might bring further risks for Hong Kong’s economy, after the city recorded its slowest first-quarter economic growth in four years.