‘Strong likelihood’ ECB is in dialling back phase, says Lagarde, after first rate cut since 2019 – as it happened

European Central Bank lowers borrowing costs for first time in almost five years, but won't pre-commit to further cuts

• European Central Bank cuts main interest rate by 0.25 points

Newsflash: Britain's construction sector grew at the fastest pace in two years last month.

Data firm S&P Global has reported that growth in the UK construction sector gained momentum during May, with activity and new business increasing at sharper rates than in April.

Particularly pleasing was the broad-based nature of the rise in activity as work on housing projects increased for the first time in more than a year-and-a-half.

Firms are gearing up for further growth in the months ahead, posting renewed expansions in both employment and purchasing activity as workloads increase.