The president of the European Central Bank (ECB), Mario Draghi, has said that they’re “encouraging signs of tangible improvements”, within the UK economy.

The comments were made on a visit to London, which saw the ECB president point to the “impressive” performance of Ireland, Spain and Portugal on their road to economic recovery.

The speech by Mr Draghi can be seen as an attempt to sure up confidence in markets, specifically that Eurozone is recovering with greater stability.

Despite his comments, Europe is still struggling to see renewed economic growth, with Eurozone stalwart Germany seeing shrinking growth. The German economy saw growth of just 0.1 percent in the first quarter.

UK service sector activity reaches eight month high despite Eurozone recession