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British PM Boris Johnson leaves Downing Street this morning. Photo: Dan Kitwood/Getty Images

U.K. Prime Minister Boris Johnson denounced China's new security law for Hong Kong and said the U.K. would offer residency and a path to citizenship to eligible residents of the semi-autonomous city — potentially numbering in the millions.

What they're saying: Johnson accused China of a "serious breach" of the terms under which the U.K. returned the city in 1997. China pledged to maintain Hong Kong's independent legal system and political freedoms for a period of 50 years.

Details: Foreign Secretary Dominic Raab then described a "bespoke immigration route" for which nearly three million Hong Kongers could be eligible.

  • Those with British National Overseas (BNO) status — granted to those living in Hong Kong prior to the 1997 handover — and their dependents will have "right to remain" in the U.K. for five years, during which time they can work or study.
  • They will then be allowed to apply for "settled status" and, after an additional year, citizenship.
  • Raab added that there will be no quotas. That means the 350,000 holders of BNO passports, plus the 2.6 million eligible to apply for them, could all potentially become U.K. citizens, along with their dependents, per the BBC's Stephen McDonell.

What to watch: "The Chinese Government has been publicly furious with the UK for even threatening just such a move and warned London not to proceed or risk unspecified retribution. Now that this has happened we're waiting for China's response," McDonell writes.

Go deeper: New Hong Kong law sets harsh penalties for broadly defined political crimes

Go deeper

Aug 25, 2020 - Podcasts

Ant Group preps giant IPO amid rising U.S.-China tensions

Chinese financial tech giant Ant Group today filed for what could become the largest initial public offering of all time, with plans to list in Hong Kong and Shanghai.

Axios Re:Cap digs into why this deal is as much about geopolitics as it is about stocks, and why New York got left behind.

Updated 14 mins ago - Economy & Business

Janet Yellen co-opts Reaganomics phrase for new Davos speech

Treasury Secretary Janet Yellen at a speech this week. Photo: Alex Wong/Getty Images

The U.S. needs to focus on increasing its productive potential, Treasury Secretary Janet Yellen told world leaders Friday, calling for what she terms "modern supply side economics."

Why it matters: She co-opted a phrase traditionally used by political conservatives to describe low-tax and deregulatory policies — and framed the Biden administration's initiatives as the best path forward to achieve greater national prosperity.

National Archives releases Trump White House records to Jan. 6 panel

Photo: Chip Somodevilla/Getty Images

The National Archives on Thursday evening released records of former President Trump's White House to the House Jan. 6 Select Committee, the agency said.

Why it matters: The committee now has documents that Trump attempted to keep hidden, arguing that their release would undermine his executive privilege.