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ECB cuts rates for seventh time since October

Thursday, 7 May 2009

The European Central Bank has cut interest rates for a seventh time in as many months.

The bank announced today that it was reducing its main lending rate to 1%.

The rate was 4.25% last October, but has been repeatedly reduce in an effort to boost economic activity in the euro-zone.

Today's cut is expected to be the last reduction for some time.

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16:32 Williams inspires Quins win
15:32 Suarez a disgrace - Ferguson
15:32 Police seize spoof poster fanzine
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