New James Bond film helps UK stave off recession 

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James Bond helps UK stave off recession as weak manufacturing is offset by booming TV and film production

Britain is likely to avoid recession with help from the film industry.

The economy grew by 0.3 per cent between June and August as weak manufacturing was offset by booming TV and film production, according to the Office for National Statistics.

The UK film industry has grown by 27 per cent in the past year. The latest James Bond movie is among those currently being made.

Bond boost: The UK film industry has grown by 27 per cent in the past year. The latest James Bond movie is among those currently being made

Bond boost: The UK film industry has grown by 27 per cent in the past year. The latest James Bond movie is among those currently being made

The latest figures mean Britain would have to suffer a serious downturn in September to have shrunk across the third quarter of the year.

The economy shrank in the second quarter, by 0.2 per cent, and a further decline in the third quarter would leave the UK in recession.

On the Continent, Germany is widely seen as heading into recession. 

And new IMF managing director Kristalina Georgieva this week warned that the global economy faces a ‘synchronised slowdown’ as trade disputes, Brexit and geopolitical tensions take their toll.

But experts said the latest figures suggest a recession is unlikely in the UK. The National Institute of Economic and Social Research said the economy looks to have grown by 0.5 per cent in the third quarter.

However, the economy remains weak, and output fell 0.1 per cent in August alone, largely driven by a 0.7 per cent slump in manufacturing.

Analysts said a No Deal Brexit could push the economy into recession.

Chris Williamson, chief business economist at IHS Markit, said: ‘The economy is likely to avoid a recession. However, a No Deal Brexit would likely throw the UK into a prolonged recession.’

 

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