Economic growth "expected"

UK emigrants who make international payments to mortgages on Europe-based properties may continue to benefit from low interest rates, it has emerged.

In a recent report, the European Central Bank (ECB) recently announced it will keep rates at one per cent, which may have a positive impact on the finances of expats who make money transfers to assets on the continent.

Jean-Claude Trichet, president of the ECB, explained that the bank is keen to invigorate the economy, which is expected to bottom-out this year.

"Economic activity over the remainder of this year is expected to remain weak," he said.

"Looking ahead into next year, after a phase of stabilisation, a gradual recovery with positive quarterly growth rates is expected."

Meanwhile, financial expert Markit recently concluded that Europe's manufacturing sector may soon experience "modest growth".

The firm looked at the purchasing managers' activity index, which examines the output and order numbers of businesses.

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By John Mills