Yesterday’s European Central Bank (ECB) could be seen as “significant”, wealth managers have said.

Richard Flax, chief investment officer at digital wealth manager Moneyfarm, explained: “Although the primary goal of the ECB in recent years has been economic stability, inflation remains its key mandate.

“In recent weeks, inflationary pressure has increased, which has cast doubt over the future of hyper-accommodative monetary policy.

“Both expected and real...