Former Environment Secretary Mr Patterson took a swipe at the so-called Project Fear doomsday reports that state grim predictions for the UK if it leaves Brussels in March without a deal. He told The Daily Telegraph: “You would be forgiven for taking such analysis with a pinch of salt. The Treasury has a track record of remarkably inaccurate predictions. He added: “The Government’s assumptions are that Brexit will cause a large, permanent increase in UK-EU trade barriers and it has taken negligible notice of any benefits from improving regulations at home. It is highly pessimistic on trade with the EU and utterly despondent as to any opportunities elsewhere. “In other words, the Treasury assumes that the UK will be less open post-Brexit, contrary to what the vast majority of Brexiteers have said they want.”
A shock prediction by Mark Carney of the Bank of England yesterday told how the UK will plunge into the worst economic crisis since the Second World War in the event of a no-deal Brexit.
The Canadian said in a doomsday report that the pound would crash, inflation would soar and house prices would fall by 30 percent.
But his warnings were blasted by MPs who accused the banker of meddling in British politics.
Conservative MP and Brexiteer Jacob Rees-Mogg accused Dr Carney of talking down the pound, saying the Bank of England’s warnings “lack all credibility”.
Mr Rees-Mogg said Project Fear had now become “project hysteria”, adding: “Before the referendum we were threatened with the plague of frogs. Now they warn of the death of the first born. The Bank of England has gone from being discredited to being hysterical.”
Tory MP and fellow Brexiteer Priti Patel also chipped in on the row and said: “The Bank of England is undermining its credibility and independence by giving such prominence to these extreme economic forecasts and scenarios.”
Mr Patterson added: “For Brexit to succeed, we cannot remain slavishly bound in the EU’s onerous regulatory regime.
“If we are to flourish, we must do so independently, free to co-operate with allies right across the world in building a more prosperous future.”
Today it was announced that Brexiteer MPs will get a chance to amend Mrs May’s Brexit deal in a marathon five-day Commons debate.
MPs will vote on attempts to alter Brexit during all-day sittings before Prime Minister Theresa May’s deal is put to the Commons on December 11.
The deal, which got the nod from EU leaders over the weekend, has been heavily criticised by Brexiteer MPs as it keeps Britain shackled to the EU customs union and single market.
Mrs May urged the British public to get behind her deal and insisted it is in the UK’s national interest.