Britain looks set to escape a recession, according to new figures from the Office for National Statistics.

The economy fell 0.1% in August but overall growth game in at 0.3% over the past three months.

That means the chances of us officially entering recession are now all down to how well things performed in September – a month that saw Thomas Cook liquidated.

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."

Samuel Fuller, Director of Financial Markets Online, said: “Against all expectations, the UK is on course to dodge a recessionary bullet.

"Barring a vertiginous plunge in September’s figures, Britain’s economy now looks set to post some growth in the third quarter."

A country enters recession when its economy has had six months lower than it was the year before – this is month five.

More specifically, the economy needs to contract for two quarters in a row. We already have one quarter lower than the year before but the second is now looking more positive.

Whether we are in recession or not will be confirmed on November 11.

The last time Britain entered recession, it was caused by the 2008 financial crisis and saw interest rates cut by 90%, Government debt balloon, house prices crash and a string of major companies go bust.

That falling economy is exactly what led to the austerity programme that saw most benefits frozen and spending slashed.

We're still recovering now.

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