UK: HSBC and Standard Chartered criticised by Labour MPs for supporting controversial security law in Hong Kong
“Labour takes British-based banks to task over China's Hong Kong policies”, 6 Jun 2020
Labour frontbenchers have criticised the chief executives of HSBC and Standard Chartered banks for supporting China’s political leaders, urging them to revoke their support for Beijing’s controversial security law, which they say threatens democratic rights in Hong Kong. They warned the banks that they could face a boycott.
In letters sent to the HSBC boss Noel Quinn and Standard Chartered’s chief executive, Bill Winters… the shadow foreign secretary, Lisa Nandy, and the shadow chancellor, Anneliese Dodds, said they had “profound concerns” that both banks had backed Beijing’s new rules, which violate Joint Declaration treaty commitments and could limit freedoms for HK citizens…
The Labour MPs also wrote to their counterparts in Downing Street – the foreign secretary, Dominic Raab, and the chancellor, Rishi Sunak – asking for their support in challenging the two banks over their positions.
The letter said the ministers’ response would be a “test of the UK government’s resolve” on human rights, civil liberties and international law…
The letter stressed that, despite their global operations, both banks were still headquartered in London. “It therefore has a responsibility to uphold the democratic values and practices that we hold dear in this country…
“We therefore urge you to issue a statement rescinding HSBC’s support for China’s new national security law, at the earliest opportunity.” A similar letter was sent to Standard Chartered…
HSBC and Standard Chartered were both contacted for comments on Labour’s letter.