The Latest: UK central bank sees economic risks crystalizing

LONDON (AP) — The Latest on Britain’s vote to leave the European Union (all times local):

11:25 a.m.

Bank of England Governor Mark Carney says some of the risks predicted to the economy before the referendum on leaving the European Union have begun to crystalize, but that the institution will act to support jobs and growth.

The head of the British central bank made his third public appearance in 12 days on Tuesday to calm and assure the public after the seismic vote to leave the single market of some 500 million.

Carney told reporters that the bank will alter capital rules to free up to 150 billion pounds ($299 billion) in loans to households and businesses in hopes of keeping the economy ticking along.

Some have expressed concern that the economy will slip into recession amid fears of a drop in investment following the vote.

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10:55 a.m.

The Bank of England says it will reduce the amount of capital banks need to hold to free up more money for lending to businesses and households following the aftermath of the vote to leave the European Union.

The bank’s Financial Policy Committee said in a report Tuesday it had reduced the amount of capital banks need to have as buffers, freeing up the banks to lend as much as 150 billion pounds ($200 billion) to households and businesses.

Britain’s leaders are worried that the economy will slow down as Britons react with caution to the outcome of talks to leave the single market of some 500 million.

The central bank says that there will be a period “of uncertainty and adjustment” following the referendum and that “market and economic volatility is to be expected as this process unfolds.”

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10:05 a.m.

Austria’s finance minister says he think Britain will not leave the European Union, pointing to the impact of business and market reaction to last month’s referendum vote.

Hans Joerg Schelling was quoted Tuesday as telling German daily Handelsblatt that “Britain will remain a member in the future too.” He noted the government’s unhurriedness in formally triggering the exit process and also said that “the reaction by companies and the financial market is a salutary shock for the country.”

Schelling added that there could be a “partial Brexit,” involving England leaving the EU while Scotland and Northern Ireland — which voted to remain — would stay.

All candidates to lead Britain’s Conservative Party and head the next government have said that the country will leave the EU.

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9.50 a.m.

Former London Mayor Boris Johnson has thrown his support behind Andrea Leadsom in the race to be Britain’s next prime minister amid the tumultuous aftermath of Britain’s decision to leave the European Union.

The Conservatives are holding their first round of voting Tuesday to whittle down the field in race to replace Prime Minister David Cameron, who announced his intention to resign after losing the vote.

Johnson, one of the most prominent figures in the ‘leave’ campaign, says Leadsom has the ” zap, drive and determination” to lead the country.

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9:40 a.m.

Top European Union officials have launched a tirade against leaders of the campaign to get Britain out of the EU, saying they devastated the country and then resigned like cowards.

European Commission President Jean-Claude Juncker told EU lawmakers Tuesday that “the Brexit heroes of yesterday are the sad Brexit heroes of today.”

He said that “Leave” campaign figureheads Boris Johnson and Nigel Farage “are not patriots. Patriots don’t resign when things get difficult, they stay.”

European People’s Party head Manfred Weber said “we don’t know where Mr. Farage is today. Perhaps he’s on an island enjoying himself.” Farage is an EU lawmaker but was not at the assembly in Strasbourg.

Weber said: “This is completely cowardly.”

Liberal bloc leader Guy Verhofstadt likened the resignations to “rats fleeing a sinking ship.”