Aug 7, 2023
HSBC executive sorry for saying UK 'weak' over China
HSBC's head of public affairs has apologised after accusing the British government of being "Weak" for complying with US demands to cut back business dealings with China. The UK-based firm makes much of its profit in Asia, including China. "I was speaking at a private event under Chatham House Rules and my personal comments do not reflect the views of HSBC or the China British Business Council. I apologise for any offence caused," Sir Sherard, who is also chairman of the China-Britain Business Council lobby group said in a statement provided to the BBC by HSBC. Under the Chatham House Rule, attendees of meetings are free to use information gained from discussions, but are not allowed to reveal who made any comments. According to Bloomberg, Sir Sherard told the meeting that one example of the UK caving into US demands was when Britain banned Chinese telecoms giant Huawei from taking part in building the country's 5G mobile phone networks in 2020. More than 80% of HSBC's profits are generated from outside the UK, with more than half of that coming from mainland China and Hong Kong.
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