A no-deal Brexit would boost the UK economy by £1.1 trillion over 15 years, Jacob Rees-Mogg has said, arguing that crashing out of the EU is preferable to Theresa May’s Chequers plan.

The leader of the 60-strong European Research Group of Conservative Eurosceptic MPs said there is nothing to fear from a no-deal Brexit, as Britain’s trade with World Trade Organisation countries has grown four times faster than trade with countries that have a deal with the EU.

He also claimed that trading on WTO terms would reduce food prices by up to 8 per cent, providing the biggest benefit to the least well-off.