Bank of England: Brexit risks to UK stability now lowerJanuary 11, 2017 5:25pm

LONDON (AP) — The governor of the Bank of England says Britain's exit from the European Union is no longer the single biggest risk to financial stability in the U.K.

Speaking to lawmakers, Mark Carney said Wednesday that monetary stimulus enacted by the bank shortly after June's EU referendum had decreased such risks. The central bank cut its main interest rate, among other things, to help the economy.

Still, Carney warned that the process of adapting to life outside the EU could amplify risks to stability once again.

Carney said it would be in the interests of both Britain and the EU to have a transitional phase for the financial services sector when Britain starts the formal talks to leave the bloc. Those talks are due to start by the end of March.

Page 1 of 1

More Stories Like This

Britain's Prime Minister Theresa May speaks during a press conference with New Zealand's Prime Minster Bill English at 10 Downing Street in London, Friday, Jan. 13, 2017.(AP Photo/Frank Augstein, pool)
Lawmakers urge British PM May to clarify Brexit intentions
FILE - In a Thursday, Dec. 8, 2016 file photo, British Finance Minister Philip Hammond speaks to South African businessmen during a visit to a British funded project in Cape Town, South Africa. Hammond said Sunday, Jan. 15 that the UK will take whatever steps necessary to stay competitive in the global economy, if the country is shut out of the European Union market.  (AP Photo/Schalk van Zuydam, File)
Treasury chief says UK will adapt if barred from EU market
People are reflected on the electronic board of a securities firm in Tokyo, Monday, Jan. 16 2017. Asian shares were mostly lower Monday morning amid worries about Britain's exit from the European Union, and Takata stock dropped in Tokyo after the air bag maker agreed to a guilty plea in the U.S. over massive recalls. (AP Photo/Koji Sasahara)
Asian shares mostly lower amid Brexit worries, Takata falls
Forecast predicts sharp plunge in UK merger activityNew research predicts mergers and acquisitions in the U.K. may drop as much as two-thirds over the next year amid uncertainty over Britain's new relationship with the European Union and the rest of the world
Trump's CEO meetings raise ethics questionsPresident-elect Donald Trump's meetings with CEOs seeking federal approval for massive mergers are raising red flags for ethics lawyers
FILE - In a Thursday, Jan. 12, 2017 file photo, Senate Armed Services Committee member Sen. Elizabeth Warren, D-Mass. questions Defense Secretary-designate James Mattis on Capitol Hill in Washington, during the committee's confirmation hearing for Mattis. Donald Trump's election has propelled Warren into an even sharper partisan spotlight as she embraces her role as a top Democratic foil to the Republican president-elect. (AP Photo/J. Scott Applewhite, File)
Warren embraces her role as a top Democratic foil to Trump
AdChoices

Related Searches

Related Searches

AdChoices