‘Timely reminder’ How CBI has been wrong on the EU

1987 CBI backs Britain joining the Exchange Rate Mechanism, arguing that the discipline of a more stable exchange rate could help to increase share of world trade.

1992 Britain crashes out of the ERM after interest rates hit 15 per cent, sending home owners into negative equity.

1999 CBI backs the UK joining the euro, saying it would deliver significant benefits to the UK economy.

2009 A financial crisis sweeps across several countries in southern Europe that are tied to the euro. Britain – which is not in the euro – can devalue sterling and help it to return to economic growth. March 2016

CBI backs remaining in the EU ahead of the referendum warning that Brexit would cause a “serious economic shock”, potentially costing the UK £100billion and nearly one million jobs.

June 2016 Britons vote by 17.4million to 16.1million to leave the EU. October 2017

Experts at the OECD warn that, while Brexit could “stifle growth for years to come”, the economy will grow by one per cent in 2018 even if the UK leaves without a deal in 2019.