{"id":67278,"date":"2020-10-23T02:05:17","date_gmt":"2020-10-23T02:05:17","guid":{"rendered":"https:\/\/www.thefastfashion.com\/?p=67278"},"modified":"2020-10-23T02:05:17","modified_gmt":"2020-10-23T02:05:17","slug":"one-million-hong-kongers-coming-uk-generate-6bn-tax-revenues","status":"publish","type":"post","link":"https:\/\/www.thefastfashion.com\/?p=67278","title":{"rendered":"One million Hong Kongers coming to UK could generate \u00a36bn in tax revenues"},"content":{"rendered":"

Up to one million Hong Kongers could take up the UK\u2019s citizenship offer to\u00a0escape Chinese repression, netting the UK economy nearly \u00a36 billion in tax revenues, a Home Office assessment has revealed.<\/p>\n

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The influx \u2013 as a result of the Government\u2019s fast-track\u00a0immigration lifeboat for Hong Kongers\u00a0\u2013 would see up to 500,000 arrive in the UK in the first year, dwarfing any previous similar scheme, from the 15,000\u00a0Windrush\u00a0arrivals in the 1950s to the 28,000\u00a0Ugandan Asians\u00a0in the 1970s.<\/p>\n

The total potential one\u00a0million spread over five years would be larger than the population of Liverpool and would bring the number of Chinese in the UK to 1.5 million, overtaking the number of Indians at 1.4 million.<\/p>\n

However, it is the potential economic uplift that could have the biggest impact on the UK, with the Home Office\u2019s estimates putting the \u201cnet positive impact\u201d at between \u00a32.4 billion and \u00a32.9 billion over five years, \u201cthe majority attributable to additional tax revenue.\u201d<\/p>\n

This is based on the \u00a36 billion generated for the Exchequer through tax revenues minus the cost to the state from the incoming Hong Kong families\u2019 use of health, education and other public services.<\/p>\n\n

Under the scheme, Hong Kongers who have, or are eligible for,\u00a0British National Overseas (BNO) passports\u00a0will be able to sidestep jobs, skills and income tests that other migrants will face from January 1 2021 and secure five-year UK visas.<\/p>\n

They will not be entitled to claim benefits and will have to pay the health surcharge and visa fees. They will also be expected to be able to accommodate and support themselves for at least six months and demonstrate a commitment to learn English and have no criminal record.<\/p>\n

The scheme was launched after the UK suspended its extradition treaty with Hong Kong and slapped an arms embargo on the territory in response to\u00a0China’s national security law on the former British territory.<\/p>\n

It means that from January, BNOs and their immediate family can apply for 30-month or five-year visas to live, work and study in the UK, and can seek British citizenship once they have been in the country for more than five years.<\/p>\n

The Government\u2019s upper estimates suggest as many as a third of the three million eligible Hong Kongers will take up the offer, although more conservative \u201ccentral range\u201d estimates suggest it would be up to 153,700 in the first year and 322,400 over five years.<\/p>\n

The Home Office acknowledged there was uncertainty over the estimates.<\/p>\n

\u201cWe should particularly take into account the\u00a0effects of Covid-19\u00a0on travel and we do not yet know how that will affect people\u2019s behaviour in taking up this offer,\u201d said a spokesman.<\/p>\n

Foreign Secretary Dominic Raab described the scheme as the UK \u201ckeeping its word.\u201d<\/p>\n

Adv<\/em>.<\/strong><\/p>\r\n\r\n