Assuming you're not trying to get out of the current situation as soon as possible, I'd do HKUST (or even PolyU) with a year abroad (I think that's possible? ) then do your masters in the UK. The 1 year saved isn't really worth the much higher costs of study.
At least for now HKUST (and PolyU) have very good reputations for engineering in the UK, and better facilities than the UK unis. My main concern would be safety at HK unis as being a student in HK puts a big target on your back when the protests inevitably come back in force, no matter which side you're on. That also means a lot more disruption to your studies.
Seeing as those unis teach in English there probably won't be that much difference in your English level if you come to the UK. You would use it a bit more for basic everyday things, and maybe if you socialise with locals (HKers tend to be fairly cliquey) you'll get better than staying in HK, but not by a huge amount.