Lord Ridley took aim at the financial forecasters, such as the International Monetary Fund, who claimed the British economy would plunge into recession if Britons voted to leave the EU during the June 23 referendum.
He declared the Britons "had done the right thing" by liberating the UK from the grips of Brussels and kick-starting a period of growth for the country.
Speaking in parliament's upper chamber, Lord Ridley said: "Let me just take a few minutes of your time my Lords – less than six, I promise to strike a note of hope. Let's call it 'project cheer'.
"Starting with why, I for one, am more sure now than I was on June 24 that the British people have done the right thing.
Lord Ridley slammed Project Fear during the House of Lords
We have seen an acceleration of growth – now the fastest in the G7
"Voting to leave the EU last June has had precisely the opposite effect of what project fear said would happen. Instead of an emergency budget and an immediate, profound shock to the economy, a loss of confidence, drying up of inward investment and a collapse in the stock market – all of which were promised if we voted Leave.
"We have seen an acceleration of growth – now the fastest in the G7 – record highs on the stock market, votes of confidence from Apple, Google, Siemens, Nissan, Snapchat, McDonalds, IBM and many other companies, a manufacturing revival, a narrowing of the trade deficit as exports pick up thanks to a welcome devaluation of the pound."
Lord Ridley moved on to boast of the "humiliation" of the organisations, as part of David Cameron and George Osborne's Remain campaign, told the British public to fear the worst in the case of a Brexit vote.
He added: "And the humiliation of the economic forecasters at the IMF, Bank of England, Treasury, European Commission and elsewhere.
"To those who say we face disaster when we actually leave, I say project fear having failed last year, such warnings cut even less ice with the British public right now."
The peer's statement comes after it was revealed Britain's economy grew even faster than previously thought in the months after the Brexit vote, according to official data.
UK GDP grew by 0.7 per cent in the final three months of 2016 – up from a previous estimate of 0.6 per cent – according to the Office for National Statistics (ONS).
It comes on top of 0.6 per cent growth between July and September, meaning the economy jumped by 1.3 per cent in the six months after the vote to leave the EU.
The upward revision to the final quarter of the year was thanks to a better performance within manufacturing industries initially thought.
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Exports in the three months jumped by a massive 4.1 per cent quarter-on-quarter, amid a weaker pound.
Paul Hollingsworth, UK economist at Capital Economics, said: "Lingering uncertainty about the UK's future relationship with the EU as negotiations get underway may hold back investment.
"Nonetheless, upbeat consumer sentiment and continued low interest rates should ensure that household spending doesn't slow too sharply.
"And the lower pound should help drive a stronger net trade performance than in recent years.
"As a result, we expect growth to come in at about 1.8 per cent in 2017, comfortably above the current consensus expectation of 1.4 per cent."