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ECB chief Draghi 'upbeat' about UK's economic outlook

Mario Draghi thinks there are encouraging signs coming out of the UK.

The European Central Bank (ECB) president, who was speaking as part of a visit to London, said the improvements in the country's economy are "tangible".

Previously, the ECB has said it will step in if the European economic recovery becomes stunted, but Mr Draghi now seems optimistic this course of action will not be required.

The UK recently avoided a triple dip recession after it recorded growth of 0.3 per cent for the first three months of 2013, but it requires a consolidated period of growth if trade is going to return to pre-recession levels.

Mr Draghi also believes the UK needs to remain a member of the EU, in a remark that is sure to infuriate Conservative backbenchers keen to force a referendum on the nation's membership of the bloc.

"The answer to the crisis has not been less Europe but more Europe," the official said.

By Gary Cooper