Project Fear shamed

REMEMBER those Treasury predictions of the economic catastrophe that would befall Britain if we voted to leave the EU?

Like biblical prophets of doom, George Osborne and his creative numbercrunchers foresaw an ‘ immediate and profound economic shock’ that would drive the UK deep into recession.

In the more pessimistic of their two forecasts, they warned that within two years 800,000 people would lose their jobs and GDP would plummet by 6 per cent.

Two years have now passed and guess what. They were spectacularly wrong.

We are enjoying record employment, steady and sustained growth, and a manufacturing and export boom. And yesterday, it was revealed that Britain has recorded its biggest monthly budget surplus for 18 years.

At the current rate, our deficit this year will be £13billion lower than anticipated – which should allow Chancellor Philip Hammond to loosen the purse strings on the armed forces, police and prisons without the need for tax rises.

But we should never forget that our overall national debt remains a terrifying

£1.8trillion – with the interest alone costing us £40billion a year.

True, yesterday’s figures are highly encouraging. But they have been hardearned over a decade of austerity. They must not be used as an excuse for a public spending spree we simply can’t afford.

As we look towards Brexit and the chance to strike new free trade agreements with the world beyond Brussels, our economy is in excellent shape to thrive – with or without a deal. Let’s keep it that way.