ECB president Christine Lagarde says she’s ‘determined’ to complete her term, after speculation of early exit to run WEF – as it happened

European Central Bank President Christine Lagarde addressing the media in Frankfurt today Photograph: Heiko Becker/Reuters

4.09pm BST

Closing post

Time to wrap up.

The European Central Bank has lowered interest rates across the eurozone again.

The ECB lowered its key rates by a quarter of one percentage point, bringing its deposit rate down to 2%. It cited the recent fall in eurozone inflation to 1.9%, below its 2% target.

The bank also lowered its forecasts for inflation in 2025 and 2026, and for growth next year.

During a press conference in Frankfurt, president Christine Lagarde revealed that the decision was “almost unanimous”, with just one governing council member opposing the move.

She warned that eurozone growth would be hit by a further escalation in global trade tensions, and associated uncertainties.

Lagarde was also questioned about reports that she had discussed leaving the ECB early to run the World Economic Forum.

Lagarde insisted she would not leave the ECB early, telling reporters:

I can very firmly tell you that I have always been, and am, fully determined to deliver on my mission.

And I’m determined to complete my term.

So I regret to tell you that you’re not about to see the back of me.

In other news:

• The pound has hit a three-year high against the US dollar

• US jobless claims have risen

• Procter & Gamble are to cut 7,000 jobs over the next two years

• Tesla sales fell by third in the UK last month, even as the wider market grew

• UK construction firms are cutting jobs at the fastest rate since 2020

• US fintech Wise is to move its primary stock market listing to New York, from London

4.00pm BST

MPs are questioning whether P&O Ferries can stay afloat despite a written assurance from the company that it has enough money to keep trading, ITV reports.

Last month, Liam Byrne, chair of the Business and Trade Select Committee, wrote to P&O’s chief executive after the company missed a legal deadline to file its accounts and its auditor, KPMG, suddenly resigned.

P&O’s Ferries Holdings Limited 2023 accounts are now eight months overdue - the third year in a row it has filed late.

In a written response, published this morning, the boss of P&O, Peter Hebblethwaite, blamed the delay on “a period of transformation and restructuring” and said the accounts would be published “by early July 2025”.

More here: MPs demand proof that P&O Ferries is a viable business

Earlier accounts filed in late 2024 showed that P&O Ferries spent more than £47m on sacking hundreds of UK seafarers in 2022, and replacing them with low-cost agency staff.

Updated at 4.00pm BST