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Brexit likened to game of Jenga for UK banks

Bank of England Governor Mark Carney said on Wednesday he agreed with a leading London banker who likened Britain’s financial services industry to the wobbly game of Jenga.

Pull one piece of wood out from a “Jenga tower” and you risk the lot collapsing, Douglas Flint, chairman of HSBC, warned on Tuesday, in a reference to bank jobs moving out of London’s City as a result of Britain leaving the European Union.

In a Brexit grilling with lawmakers, Carney said he agreed, given the self-reinforcing in Britain’s financial services industry forcing over recent decades.

“At some point, losing elements of that has outsized – could have outsized – effects, and these are some of the judgments that the government will have to make,” he said.

Claire Reynolds