The then Chancellor sensationally claimed the country would be left with a £36billion financial black hole by 2030 because the economic hit from pulling out of the EU, according to research released on April 18, 2016.
Mr Osborne heralded the analysis as a welcome dose of “facts” in Brexit debate, which he insisted was “economically illiterate”.
However, just one in 10 key Government forecasts about the frightful impact of the European divorce has come true, according to new research.
The findings exposed the lengths to which the Government-led campaign dubbed Project Fear stooped in its failed bid to frighten voters from backing Brexit.
George Osborne's Project Fear claims have been rubbished a year on
Britain would be permanently poorer if we left the EU
Last year, Mr Osborne released Treasury analysis claiming the UK economy would be six per cent smaller if it left the EU than it would otherwise be by 2030.
The report also forecast 500,000 higher unemployment, claiming uncertainty would reduce demand as firms and households put off spending decisions.
He said “it would be the poorest” who would be ravaged by an EU exit, citing people whose jobs “depend” on the car plants and steel-making factories.
But today Labour MP and Change Britain Chairman said: “The Remain campaign fed the public stories of doom and gloom but this analysis shows why voters were right to see through their scaremongering.
His Treasury report claimed Britain would need to plug a £36bn Brexit black hole
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“Growth continues to be upgraded, employment is at a record high and a number of multinational businesses have made major investment announcements into the UK.
“The British people had the confidence to reject Project Fear and back Project Hope.
“Outside the EU we can begin a process of national renewal and look forward to a strong and flexible economy which benefits everyone across the UK.”
Pro-Brexit Change Britain, to mark the fear-mongering report's anniversary, released their own dossier on the likely impacts of the June 23 vote.
Remoaners Club: These people hate Brexit! Mon, January 16, 2017
Remainers are finding it hard to accept Brexit.
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Just two out of 19 predications made in four major Government peers in the run-up to the referendum can be shown to be true, it claimed.
At the time, the former Chancellor said: “The conclusions could not be clearer. To the tune of £4,300 for every household in the country.
“That’s a fact everyone should think about.”
He added: “They are the people whose incomes would go down, whose house prices would fall, whose job prospects would weak, they are the people who always suffer when the country takes an economic wrong turn."
Economic growth, however, has continued to grow and the unemployment rate as of January was at an 11-year low of 4.8 per cent, according to the Office for National Statistics.