LONDON — Britain's Treasury chief has been accused of reinitiating "dodgy project fear" after he repeated warnings that there would be significant consequences for the economy if the U.K. leaves the European Union without an agreement on future relations.

Philip Hammond's Conservative Party colleagues launched scathing attacks Friday after he told a parliamentary committee that a "no deal" Brexit could reduce gross domestic product by 7.7 percent over 15 years and boost borrowing costs by 80 billion pounds ($103 billion) annually.

Lawmaker Marcus Fysh says in a tweet that the analysis is "sub standard" and "nothing but scaremongering."

Hammond's comments came after Brexit Secretary Dominic Raab on Thursday released a series of papers that downplayed the long-term risks of a no-deal Brexit and focused on a "potential short-term disruption."