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Jan 11, 12:26 PM EST

Bank of England: Brexit risks to UK stability now lower


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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.

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