The European Central Bank (ECB) left official interest rates unchanged and at an all time low on Thursday, good news for householders with tracker mortgages.

But, ECB president Mario Draghi issued new forecasts cutting the eurozone’s growth outlook for next year to just 1pc from the 1.6pc predicted three months ago.

Despite that, the ECB chief said he will wait until early next year to assess whether more action is to revive the economy.

The ECB’s Governing Council voted unanimously to take action that could include buying government bonds, if necessary, Mr Draghi told a news conference. “Should it become necessary to further address risks of too prolonged a period of low inflation … this would imply altering early next year the size, pace and composition of our measures.”

And he said that the slump in oil prices will help the eurozone, which is struggling to recover from the financial crash even though the UK and US have powered ahead.

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