Watch: MP Owen Paterson accuses BBC of 'Project Hysteria' over Brexit and denies he will stand to be PM

The North Shropshire MP's comments came after David Cameron's decision to step down following the referendum result, which he stressed was not a return to the "Austin Allegro Days".

Mr Paterson said he has absolutely no intention to stand, as names for the top job were mooted in Westminster, including: Theresa May, Jeremy Hunt, Liam Fox, Stephen Crabb and Boris Johnson.

"No, no I don't think so - although everyone asks," he said.

"I hope there will be a small number of people put forward and then I will decide, so no, don't ask me who I think it should be."

He claimed that Project Fear had now turned into Project Hysteria and that Britain was not returning to the days of the 1970s and the Austin Allegro.

Made by British Leyland between 1973 and 1983, the car was plagued with so many design problems, it was dubbed the "All-aggro".

One example of its poor construction was that it was more aerodynamic when travelling backwards than when it was being driven forwards.

Mr Paterson said:"Brexit does not mean a return to the Austin Allegro days, lamb isn't suddenly stringy and difficult to eat. We can get better trade deals."

Following his appearance on the BBC's Daily Politics Show, Mr Paterson said:"I have just had a go at the BBC about their hysteria which is irresponsible."

Earlier Jo Coburn had asked him: "When you accuse the Remain campaign of Project Fear about the pound slumping, about credit rating agencies downgrading Britain, pension annuity rates are down, infrastructure projects are put on hold and there have been these reports of racist incidents, was that your plan?"

"No," said Mr Paterson, "but hang on was it the BBC's plan to completely overhype the hysteria on this?"

Jo Coburn said: "No hang on, hang on, hang on, I'm asking you a legitimate question about where we are now, and I'm just asking you was that your plan?

"It wasn't Project Fear was it? It has come true."

Mr Paterson said: "Of course it wasn't and you have moved into Project Hysteria. The relentless hyping of figures when we know major players in the city financial institutions took a huge punt on Remain and they got it wrong, so it dropped.

"Now we are seeing this morning that the bank share is coming up, we are seeing the FTSE (100 index) coming up, we see the pound come up and all this is being massively hyped up and and it is irresponsible.

"One point we should make to Herr Junker (Jean-Claude Juncker, head of the European Commission) is that while we are here and until the treaties change, nothing has changed in law - we are all participants, all the treaties remain intact."