"The Noughties"?

[Carol]

I see that Julie Walters has referred in a recent interview to the
years 2000-2009 as "the Noughties," an expression I've never
encountered before.

Geoff, or any other Brit on the list, how would you pronounce
"noughties" (or "noughty," if you prefor the singular form, which I
can't imagine being used)? Is "noughty" a homonym of "naughty" (which,
to me, sounds exactly like "knotty") or is it more like "nowty"?

Carol, for whom British spelling, pronunciation, and vocabulary are
endlessly fascinating