LONDON, March 19 (Reuters) - British factory orders fell in March at their sharpest rate in 17 years, a survey showed on Thursday.
The Confederation of British Industry said its monthly total order book balance fell to -58 in March from -56 in February. Analysts had forecast a reading of -55. That was the lowest since January 1992.
Firms expect to cut output sharply in the coming months with the expectations falling to -48 from -44. That was the lowest since September 1980.
"Manufacturers will take further action to reduce their stocks leading to further sharp falls in output over the coming quarter," said Ian McCafferty, chief economic advisor to the CBI.