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Government enterprise tsar Lord Young has resigned from the government after causing an uproar by suggesting people had "never had it so good" despite the recession.
The Tory peer said last night that low interest rates meant that many people had benefited from the "so-called recession".
"For the vast majority of the people in the country today they have never had it so good ever since this so-called recession started," he said in an interview with the Daily Telegraph.
"Most people with a mortgage were paying a lot of money each month suddenly started paying very little each month".
David Cameron branded the comments "unacceptable" and following an intense morning of media coverage he accepted his enterprise tsar's resignation.
Lord Young was elevated to the House of Lords in 1984 and served Margaret Thatcher as employment secretary and Trade and Industry secretary.
David Cameron appointed the 78 year old as the government's 'enterprise tsar' just last month.
Before Lord Young's resignation the prime minister sought to distance himself from the remarks. He said the peer would be doing "a bit less speaking" in future.
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