UK business leads recovery in Europe

Rocketing British business led the way in Europe’s slowly improving economy in July, according to surveys that suggested the eurozone’s lengthy recession may be nearing an end.

Yesterday’s purchasing managers’ indexes (PMIs), which surveyed thousands of companies worldwide, showed the UK services sector expanded at its fastest pace in more than six years last month, topping even the most optimistic forecasts.

In the eurozone, businesses achieved a first, albeit faint rise in activity for 18 months, inspired by a pick-up in manufacturing.