David Cameron’s enterprise adviser Lord Young resigned his position on Friday after the Daily Telegraph quoted comments from him that played down the impact of the recession.
The peer misread the political mood when he told the paper on Thursday that the recession’s low interest rates meant that people with mortgages have “never had it so good” during the “so-called recession”.
Discussing the current round of spending cuts, he suggested that in time, “People will wonder what all the fuss was about.”
Cameron was said to be embarrassed by the comments that he viewed as “unacceptable”.
The following day Lord Young wrote to the prime minister, “I have considered my position overnight and in view of the reaction to the reporting of the interview I gave earlier this week feel that it would be right to resign forthwith from my position as your adviser.”
Earlier this week, Lord Young delivered the keynote speech at the grand final of BusinessZone.co.uk's competition The Pitch 2010. In an exclusive interview after the address he outlined how he intended to help to make life easier for small firms.
Lord Sugar held a similar role under the previous government. He was criticised after referring to small business owners as "moaners" and posted a Tweet suggesting that Lord Young was out of touch with small businesses. The star of the BBC’s The Apprentice series will no doubt now enjoy the pleasure of pointing at his successor and saying, “You’re fired.”