How the OECD experts have been wrong before

In 1990, the OECD said the benefits of Britain joining the exchange rate mechanism were ‘potentially great’. In the event, membership was a disaster, and with the economy on its knees, Britain was forced to withdraw from the ERM on Black Wednesday in September 1992.

In 1999, it said ‘the introduction of the euro delivers a number of benefits’ and was understood to be keen that Britain ditched the pound and adopted the single currency. The euro is now widely seen as a disaster.

In July 2008, it forecast the UK economy to grow by 1.8 per cent in 2008 and 1.4 per cent in 2009. In fact, the ‘great recession’ had already started and output fell 0.5 per cent in 2008 and 4.2 per cent in 2009.

In May 2013, it said the UK economy would grow by just 0.8 per cent in 2013 and by 1.5 per cent in 2014. In fact, Britain clocked up growth of 2.1 per cent in 2013 and 3.1 per cent in 2014.

In September 2016, the OECD said the UK economy would grow by 1 per cent this year. It is now forecasting growth of 1.6 per cent.