The UK economy showed further signs that it was closer to recovery than the eurozone, with a business survey pointing to a slower rate of decline in British manufacturing in June.

The UK manufacturing purchasing managers’ index rose to 47.04 from 45.39, its highest level since last May and the fourth consecutive rise, although any level below 50 is still consistent with contraction. The eurozone PMI was revised up to 42.6 from the initial estimate of 42.4 in June, compared to a level of 40.7 in May.