OSBORNE’S ERRORS

BORROWING

George Osborne warned that a vote to leave the EU would force the government to borrow up to £77.8billion last year as the economy tanked, tax receipts dwindled and the welfare bill soared.

In fact, the Government borrowed £39.4billion in 2017-18 and is now on course to borrow about £24billion this year as tax receipts flood in.

JOBS

Before the referendum, Treasury analysis claimed that unemployment would rise by up to 820,000 in the two years after a Brexit vote, pushing the jobless rate up to 7.6 per cent.

Instead, in the two years since the referendum, unemployment has fallen by 280,000 and employment has risen by 651,000. The unemployment rate now stands at a 43-year low of 4 per cent.

GROWTH

In the Treasury dossier of doom, Mr Osborne declared: ‘A vote to leave would represent an immediate and profound shock to our economy. That shock would push our economy into recession.’

But there has been no recession since the referendum, with the economy instead clocking up two years of steady growth.

INFLATION

Mr Osborne warned that two years after the Brexit vote, inflation would be as high as 4.7 per cent as the fall in the pound pushed up the cost of imports.

In reality, although inflation did rise, it peaked at 3.1 per cent in November last year and now stands at 2.5 per cent.