Project Fear slap down: Britain set to avoid Brexit recession as economy grows

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The campaign launched by Remainers in the run up to the 2016 EU referendum claimed the UK economy would crash if the public voted to leave the bloc. But three years on, data from the Office of National Statistics (ONS) shows the economy has been boosted thanks to a boom in the TV and film production industry. Figures released on Thursday show an improvement from the 0.1 percent growth in the three month leading up to July. 

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The rise comes after the Bank of England last month forecast growth of 0.2 percent in the third quarter. 

This sparked speculation over whether the Bank would seek to cut interest rates to boost flagging growth at its next meeting in November. 

Experts say the latest three-month growth data has eased this pressure on the Bank.

brexit-recessionThe two leaders 'agreed that they could see a pathway to a possible deal' (Image: GETTY)

brexit-recessionExperts say the UK will avoid a 2019 recession (Image: GETTY)

However, during the summer holiday in August the economy shrank by 0.1 percent. 

But according to experts, the UK will avoid falling into a technical recession, which is defined as two consecutive quarters of economic contraction. 

Rob Kent-Smith, head of GDP at the ONS, said: “Growth increased in the latest three months, despite a weak performance across manufacturing, with TV and film production helping to boost the services sector.” 

brexit-recessionProject Fear had claimed the UK economy would slump if the country voted for Brexit (Image: GETTY)

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