Douglas is one of the world’s leading economists and was chosen in 2012 from over 300 applicants to become the Gresham Professor of Commerce.



His Gresham lecture series ‘The world’s greatest ever economic event’ looking at the impact of globalisation on the Western economies has attracted widespread attention and large audiences. He covers all aspects of economics but is best known for his work in forecasting, the economics of the IT and telecoms sectors and transport economics and for his knowledge of the Far East economies. He works with clients who are particularly looking for an economist with a public presence to help make their case.



After setting up Cebr, he was our Chief Executive for 20 years. Previously he was Chief Economic Adviser to the Confederation of British Industry and Chief Economist for IBM UK. Douglas is famed for his communications skills and is one of the most widely quoted economists.

A leading economist is to step down as executive chairman of an influential City think-tank amid drug abuse allegations.



Professor Douglas McWilliams, 63, revealed last night that he is to leave his role at the Centre for Economic and Business Research after footage emerged of him allegedly smoking crack cocaine in a north London drug den. The think-tank, which he founded in 1992, confirmed he will take a five-month sabbatical.



Professor McWilliams, who has also advised London Mayor Boris Johnson on housing, said last night he was ‘taking time off to deal with issues I have not had the chance to address fully when I have been in full-time work’.



It comes just two weeks before the launch of his book The Flat White Economy which tells how London swapped the City’s champagne and supercars lifestyle for bicycles and trendy flats.

One of Chancellor George Osborne’s senior advisers on economic policy has been captured on video smoking crack cocaine in a drugs den. Prof Douglas McWilliams, who last year ­estimated we would all be £165 a year better off by the election, is seen inhaling it through a glass tube at a flat in North London.



The executive chairman of influential City think-tank the Centre for Economic and Business Research then slumps dazed on a sofa after repeatedly smoking on the makeshift crack pipe involving a miniature Martell Cognac bottle.



Red-faced and slurring his speech, he later told the dealer he had “too much” and that he had spent the day on a binge.



Two rocks of the deadly drug can clearly been seen on a table beside the dazed professor. The grainy footage, seen by the Sunday Mirror, will heap embarrassment on the Chancellor and raise serious ­questions about his choice of adviser.



A source said: “Last Sunday McWilliams turned up at the den around 10pm and was there about a hour and a half. There were two rocks of the drugs. He smoked it over a table and then sat there all spaced out.



“He was in a suit and started talking about the economy and all that for about 20 minutes. He kept mentioning someone famous he worked with but didn’t make much sense. He was asked if he wanted any more and said ‘I’ve had too much’.”