FXStreet (Mumbai) - UK’s manufacturing output in red, declined to -0.1 per cent year on year in October. Month on month it fell 0.4 per cent, lower than expectation. New orders deteriorated at a fastest pace since 2009. Lower oil prices have hurt manufacturers. Manufacturing account for about a tenth of the economy and has dragged on an otherwise solid economic recovery which has been prompted by consumers. Today’s data spells bad news for the BoE which will meet this Thursday to take interest rate related decision. 'The contraction of the sector in 2015 appears to have been a real blow to confidence and the outlook for next year is also rather gloomy”, Richard May, Head of the Manufacturing sector at DLA Piper observed. For more information, read our latest forex news.