Sterling set for biggest 1-day fall vs dlr since '92

* Stg eyes biggest fall vs dlr <GBP=> since 1992 ERM crisis

* Sterling/dollar down 3.5 pct on the day at $1.4841

* UK manufacturing PMI at record low, mortgage lending falls

* BoE seen slashing interest rates further on Thursday

LONDON, Dec 1 (Reuters) - The pound slid broadly on Monday, heading for its biggest one-day loss against the dollar since September 1992, as weak UK manufacturing and mortgage data raised the stakes for a bold Bank of England interest rate cut.

The pound also took some influence from tumbling UK stock markets that reflected investor caution as shrinking output elsewhere, including the euro zone and economic powerhouse China, stoked worries about a global recession [TOPWRAP].

The low-yielding yen gained sharply as shares slumped, with UK equities .FTSE down 4.5 percent, while the currencies of countries where central banks are expected to cut interest rates later this week came under pressure, including the European Central Bank and Reserve Bank of Australia.

"Risk aversion is increasing, equities are lower and risky assets are selling off. In these circumstances, sterling tends to do relatively badly," Barclays Capital chief sterling strategist Paul Robinson said.

At 1538 GMT, the pound had fallen 3.5 percent against the dollar <GBP=> to $1.4841, on track for its biggest one-day percentage fall since its decline of around 5 percent when it dropped out of the European exchange rate mechanism in 1992.  Continued...