Lord Young has quit as the Prime Minister's enterprise adviser after he told a newspaper many Britons had "never had it so good" despite a "so-called recession".
A spokeswoman for the Prime Minister said David Cameron had accepted the peer's resignation. Lord Young of Graffham was recorded saying the Bank of England's decision to keep the base rate at a record low of 0.5% since March 2009 had left many homeowners up to £600 a month better off since the start of the "so-called recession". Earlier, the Prime Minister sought to draw a line under the row, telling reporters his adviser was "extremely embarrassed" and has apologised. "I mean, he's not a member of the government, he doesn't speak for the government and I think he'll be doing a bit...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
