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London won't collapse like Jenga Tower after Brexit, says Lord Blackwell

Staff Writer |
Lloyds Banking Group chairman, Lord Blackwell, said there will be no "Jenga tower" collapse of the City of London's position as the main financial centre in Europe after the UK leaves the European Union.

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This appeared to contradict comments made by HSBC Holdings PLC Chairman Douglas Flint who said that Brexit could result in heavy job losses, the Financial Times reported.

Speaking at the City Week conference in London, Lord Blackwell, a Brexit supporter, said: "Rather than a Jenga tower, I think of a Tower of London, with deep foundations."

He said that even with a hard Brexit - leaving the European single market and customs union - London still has an advantage due to its expertise, legal system and infrastructure.

Lord Blackwell claimed that there would be a fragmentation if financial firms moved jobs to Paris, Dublin, Luxembourg or Madrid and maintained that "none of these financial centres will be able to challenge London".

He also said that 80% "of what goes on in London isn't directly connected with the EU and much of the activity that is related to the EU won't necessarily move".

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