Eurozone debt crisis hits Britain's exports

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A survey by the CBI found manufacturers suffered a setback in June after a signficant improvement in May.

The pound also proved stronger — or less weak — than the euro, making it more expensive for Europeans to buy goods from British factories.

Despite the setback, economists said the recovery in manufacturing was still on track.

Howard Archer, chief UK economist at IHS Global Insight, said: "Manufacturers are still benefiting from recent healthier demand both at home and overseas.

"The key question, though, is can manufacturers sustain healthy growth over the medium term, particularly as fiscal policy is tightened substantially?

"Furthermore, the slippage in export orders in June highlights the fact that UK manufacturers will be desperately hoping that the eurozone debt crisis does not derail growth in the region."

The CBI survey found 19% of manufacturers said orders were above normal in June while 42% said they were below as demand for exports eased.

The balance of minus 23% was worse than the minus 18% reading in May but was still far better than in the depths of the recession.

Ian McCafferty, chief economic adviser at the CBI, said: "The manufacturing sector remains on a path of recovery, with conditions much improved on just a few months ago."