London's financial bosses urged the U.K. government to consider extending Brexit negotiations to a five-year transitional process in order for Britain to avoid a systemic economic meltdown.
The chief executive of the London Stock Exchange (LSE) and HSBC chairman renewed calls for the U.K. government to clarify its future relationship with the European Union (EU) in a meeting with MPs at the Treasury select committee on Tuesday.
U.K. Prime Minister Theresa May has pledged to start formal divorce procedures from the EU by the end of March. However, LSE Chief Executive Xavier Rolet projected that a two-year negotiation process would be "too short" and therefore insufficient in protecting the country's financial industry.
"The economic system (in London) is like a Jenga tower… you don't know what will happen if you pull pieces out," Douglas Flint, HSBC chairman, told MPs on Tuesday.
"There are two risks to jobs. One is we move the jobs, the other is the jobs are simply eliminated because the market opportunity (in Europe) is unattractive," he added.