The Confederation of British Industry (CBI) released its industrial order books balance on Monday. The CBI industrial order books balance slid to -15 in January from -7% in December.

The index was driven by a weak demand for exports.

"Manufacturers have seen a flat start to 2016 but while we have seen real problems in some industries in the last few months, there are signs that orders and production are stabilising overall," the CBI director of economics Rain Newton-Smith said.

"Uncertainty around the prospects for global growth, uncompetitive energy costs and the strength of the pound have all played their part in UK manufacturers finding conditions tough when trying to sell overseas," he added.