GETTY Mervyn King said the pre-referendum scaremongering was just "speculation"

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Melvyn King, Baron King of Lothbury, dismissed the pre-referendum scaremongering by the Remain campaign as simply “speculation”. He said: “An unfortunate aspect of the campaign was the government forecasts of what the consequences of Brexit might be, which inevitably were highly speculative, in particular for the long run. “The problem is that the long-run judgement then feeds back to the short-term forecast because it was assumed that people would anticipate the long-run.”

While the value of the pound has dropped, the FTSE 250 and the FTSE 100 have both soared since June’s Leave victory, boosting confidence and sparking investment. Lord King also added the decrease in value of the pound was actually good for the British economy, as it helped facilitate an essential re-balance.

GETTY Lord King said Brexit was economically beneficial because of a necessary "rebalance"

He said: “The UK economy has to be rebalanced one way or another, Remain or Leave. We need a level of the exchange rate much closer to the level we had in the middle of 2013. “We are now in a better position to rebalance the UK economy.” The Remain campaign were responsible for an onslaught of economic scaremongering in the lead-up to the 52 to 48 per cent Leave victory, warning of recession and every household losing £4,300.

GOOGLE The FTSE 100 is now at a higher level than it was before the referendum

In mid-June, Mr Osborne also threatened to introduce an emergency budget, nicknamed a 'Punishment Budget', in the wake of a Leave victory. Despite this, the FTSE 100 and the FTSE 250, which consists of the biggest companies on the London Stock Exchange, are both now higher than they were before the referendum.

GETTY George Osborne was responsible for a "counterproductive" scaremongering campaign, according to King