Iain Duncan Smith labels HSBC's support for China in Hong Kong a 'grave error'

Former Conservative leader Sir Iain Duncan Smith has labelled HSBC’s support for China’s national security law was a “grave error” and said, if he were a customer, he would close any accounts with the bank.

Sir Iain told the BBC: “In my personal opinion, I think it is a grave error by HSBC, getting involved in what is essentially a very difficult problem.”

He warned that the new law could remove the right to protest, giving police new powers to arrest those demonstrating on the mainland and the former British territory of Hong Kong.

Asked if he would advise people to shut their HSBC accounts, he added: “It is up to individuals but, personally, if I was there I would.

“I honestly think that the issue of freedom is more important than any business’ worry about a particular individual profit and loss at the bottom line.

“I think the truth is, a world that does not recognise human rights, freedom and the rule of a law is a world that will imprison even those businesses which want to do business with China.”