Debt crisis: Osborne backs veto of EU budget 10.29 Greece has also had some PMI figures out this morning and they are not good. October data showed another steep decrease in the level of manufacturing output in Greece, which reflected not only lower demand in the domestic economy but also a further marked drop in export orders, which fell at the steepest rate since early 2009. The Purchasing Managers" Index - a composite indicator designed to provide a singlefigure snapshot of the performance of the manufacturing economy - posted at 41.0 in October, down from September's reading of 42.2, indicating another sharp deterioration in the performance of Greece's manufacturing sector. 10.02 Some reaction to those sluggish PMI numbers here from Victoria Clarke at Investec. It's further evidence of the manufacturing sector being in pretty poor shape, it points to the manufacturing sector continuing to contract. It's pretty difficult to take much of a silver lining from this release. You've got more evidence in there of manufacturing exporters struggling from the weak global backdrop and employment continued to decline as well. So very little there to give you much hope that things are about to get better any time soon. 09.42 And over to Sweden where officials in the town of Soderhamn in partnership with Sweden's national employment office have taken to paying people to look for work in Norway to tackle soaring youth unemployment. The 310-mile "Job Journey" is undertaken by those aged between 18 and 28. After two years on the doll in his hometown Andreas Larsson opted for a "Job Journey" to Norway and now works as a lorry driver in Oslo. "I came here on a Thursday and on Monday morning I had a job, so it was fast," he told Swedish Radio. So far around 100 people have decided to leave Soderhamn 09.38 Back to the UK which has also had PMI figures out this morning which showed that the downturn in UK manufacturing had accelerated at the start of the final quarter. At 47.5 in October, from a revised figure of 48.1 in September, the seasonally adjusted Markit/CIPS Purchasing Manager's Index fell for the second successive month and to its lowest level since July this year. Rob Dobson, senior economist at survey compilers Markit, said: The downturn in the UK manufacturing sector gathered pace at the start of Q4 2012. Production and new orders fell at faster rates as manufacturers faced a quiet domestic market and a further deterioration in new export orders. While the road to an export-led recovery is still blocked by the ongoing difficulties in the Eurozone, it is concerning to hear further reports of the global slowdown hurting trade with other regions such as Asia. All of this is placing manufacturers on a cautious footing, especially regarding costs, which will filter through to the wider economy in the form of manufacturing job losses, lower levels of input purchasing and disinvestment of inventories. A recent return of cost inflation is also squeezing margins at a time of restricted pricing power. There are some pockets of positivity nonetheless. The consumer goods sector bounced back robustly in October to really buck the wider trend. This chimes with ongoing signs that domestic retail sales volumes are holding up reasonably well. 09.12 Good news for Ireland this morning as the manufacturing sector saw growth for the eighth month in a row as the seasonally adjusted NCB Purchasing Managers" Index (PMI) rose to 52.1 in October, from 51.8 in the previous month. 08.50 A quick look at European markets which are a mixed bag in early trading. The FTSE 100 and the DAX are up 0.2pc. The CAC is down 0.1pc and the IBEX is down 0.5pc. 08.46 Staying in the UK, Nationwide has published figures showing that the average UK house price rose 0.6pc during October, but warned that the market remains volatile and sustained growth is still some way off. The average selling price of UK homes rose 0.6pc in October to £164,153, but the lender warned that values had yet to settle into an upward trend as September had seen a 0.4pc fall. 08.38 George Osborne has appeared on the BBC Radio 4's Today programme in the wake of the Government's defeat. He attacked with the line that Nick Clegg will take in a speech later today saying Labour "took a step away from government last night [it was] an opportunistic position." He added that he was confident of negotiating a deal, but would not be drawn on whether that would be a cut: We've got to listen to all Coalition MPs. The real test will come when MPs vote on any deal and that deal will only come if David Cameron thinks a deal is better than no deal.