Lord Young resigns following recession gaffe

He told the Daily Telegraph: "For the vast majority of people in the country today they have never had it so good ever since this recession - this so-called recession - started, because anybody, most people with a mortgage who were paying a lot of money each month, suddenly started paying very little each month. That could make three, four, five, six hundred pounds a month difference, free of tax."

He also claimed that in 30 years people would look back on the Government's spending cuts and