Euro-bank follows Bank of England in cutting interest rates

The European Central Bank has announced it is cutting the minimum bid rate at its main refinancing operations to 4.5% from 4.75%, less than an hour after the Bank of England cut its base rate from 5.5% to 5.25%.

The ECB's decision follows a meeting of its governing council. Members have also agreed to cut the rate on its marginal lending facility to 5.5% from 5.75%, and its deposit rate to 3.5% from 3.75%.