Conservative MP Anna Soubry demanded to know whether the Brexit supporter had seen the Government’s assessment which suggests a ‘no deal’ with the EU would damage the UK’s economy.
Mr Redwood instantly dismissed the Treasury reports and claimed they simply were not “true”.
Speaking in the House of Commons, Ms Soubry, who is trying to keep the UK tied to the EU’s key institutions, interrupted Mr Redwood’s bold speech.
She said: “Could the quite honourable friend confirm whether he has seen the analysis that has been conducted by the Government that shows apparently it is excellent modelling the Government has done.
“Far better than anything it did in the run-up to the EU referendum that shows if we were to crash out without a deal and rely on World Trade Organisation tariffs our projected increase in productivity and growth for our economy would be reduced by 7.7 percent.
“Do you think that is what his Remain-voting constituents in the majority voted for?”
Leading Brexiteer and Conservative Party MP for Wokingham quickly dismantled the accuracy of Treasury reports.
He replied: “Of course it isn’t and it isn’t true and I have written that on a great length elsewhere with only 10 minutes I don’t have time to go into a detailed rebuttal of those proposals. But we know that the Treasury modelling got entirely the wrong answer for the first 18 months after the referendum.
“Their short-term forecasts, which should be easier to do, were massively wrong, forecasting a recession.
“I and a few others in the referendum put our forecasting reputation on the line by saying there would be growth after an ‘out’ vote rather than the Treasury forecast.
“We were right then. I would like to assure my honourable friend that I haven’t voted for anything that is going to make us poorer.
“We will be growing well as long as we follow the right domestic policies. It is complete nonsense to say there is going to be that kind of hit.
“It implies that we lose over half our exports to the European Union and it doesn’t give proper reflection what would happen to our trade adjustment were anything that big to happen.”
Leaked Treasury reports in January suggested Brits would be worse off under every circumstance when leaving the European Union.
Ms Soubry joined forces with anti-Brexit Labour MP Chuka Umunna earlier this year in a call for fellow MPs to rise up against the type of Brexit pursued by hard-line Brexiteers.
She has also repeatedly called for Britain to remain attached to the EU’s key institutions and suggested Leave voters should have the right to think again about leaving the EU.
Speaking during her landmark Mansion House speech earlier this month the Prime Minister reiterated the UK would be leaving the single market and customs union when reaching an agreement with the EU.
Responding to the speech, the President of the European Council said the only option for the UK was a free trade arrangement, similar to the deal Canada has with the EU.