Tory peer Lord Young quits following recession outburst
David Cameron's enterprise tsar resigned yesterday after coming under fire for claiming most people have “never had it so good”.
Lord Young decided he could not remain in his post after reflecting overnight on his comments and the furious reaction they had provoked.
The Tory peer had told the Daily Telegraph that low interest rates meant homeowners were actually better off thanks to the “so-called recession”.
He dismissed the 100,000 job cuts expected each year in the public sector as being “within the margin of error” in the context of a 30 million-strong workforce and said that complaints about spending cuts came from “people who think they have a right for the state to support them”.
The 78-year-old former Trade and Industry Secretary in Margaret Thatcher's Government also said people would look back on the recession and “wonder what all the fuss was about”.
Unusually, Downing Street did not issue any letter from the Prime Minister expressing regret about his departure.