Tuesday, the Office for National Statistics said UK's industrial production recorded a monthly decline of 0.6% in March. Economists were looking for a monthly 0.9% drop. Annually, production fell 12.4% in March, smaller than the 12.8% decline expected.

The ONS said manufacturing production was down 0.1% month-on-month, taking annual decline to 12.9%. Economists were expecting a 0.8% monthly decline and an annual 14% fall.

In the first quarter, the index for the output of the production industries slipped 5.3% compared with the previous quarter and was 12.1% lower than the first quarter of 2008.

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