It seems that Microsoft killed Outlook with their critical security patches on Tuesday evening. They’ve released an updated patch with the fix. I’m posting here as Microsoft servers seem slow and it’s two downloads, this is more convenient.
Update (11/12/2015 11:30am): You should be able to just go to Windows Updates and it will detect an update available for KB3097877, install and reboot.
Go to Control Panel – Uninstall a Program – then click “Installed Updates” in the top left. Find the Update KB3097877 and uninstall it. You’ll then need to reboot.
Click on the relevant link to download, un-rar (WinRar Download), install the KB3097877 file.
You may want to repeat the process for KB3101746 as it was re-released as well, but doesn’t seem to effect Outlook.
Some references to the issue: