Brexit: Project Fear has become Project False now we've voted, claims MP Owen Paterson

Mr Paterson, who was an integral part of the successful Brexit campaign, said he is feeling both positive and optimistic for Britain's future thanks to economic figures released this month.

He said the British economy is faring well based on recent Gross Domestic Product. And he claimed the fall in the value of sterling is yet to have any real impact on prices because the UK's current inflation rate is an already low 1.1 per cent.

"The depreciation was a much-needed correction to our overvalued currency and is proving to be a valuable boost for our food and farming industry and other exporters," he said. "It has been a boon to the tourism industry over the summer with visitors from abroad encouraged to spend more thanks to a favourable exchange rate.

"Also many British people have chosen to holiday at home rather than spend money abroad.

"Before the referendum in June, he said voters were bombarded by Project Fear, full of unrelenting doom and gloomy predictions should the United Kingdom vote to leave the European Union.

"Following the referendum result, these predictions are now being proven false," he claimed as business leaders warned that Prime Minister Theresa May will make the feared UK recession worse if she delays the activation of Article 50, which will kick off the controversial Brexit process.

"Economists had predicted an immediate rise in numbers claiming unemployment benefit," said Mr Paterson.

"Instead, the latest figures show that there was a drop of 8,600 in the number of claimants.

"The employment rate is now 74.5 per cent– the highest since records began in 1971.

"Put simply, consumers have not stopped spending and the economy continues to grow."

However, he conceded that the UK does face difficulties ahead, not least because of the 'ongoing systemic instability of the Eurozone'.