European Central Bank cuts interest rates for eighth time 

ECB's Christine Lagarde said she was determined to complete her term as central bank president amid speculation she may cut her tenure short for a role with the World Economic Forum

The decision is good news for tracker mortgage holders and business customers whose interest rates are pegged to the ECB’s main refinancing rate. (Photo by DANIEL ROLAND/AFP via Getty Images)

The European Central Bank (ECB) has cut interest rates for the eighth time in just over a year as it seeks to prop up an economy widely exposed to impending tariffs from US President Donald Trump. 

Following an almost unanimous decision by the governing council, the bank announced a 0.25% interest rate reduction on Thursday, which brings its benchmark deposit rate down from 2.25% to 2%.