		<div class="wpcnt">
			<div class="wpa">
				<span class="wpa-about">Advertisements</span>
				<div class="u top_amp">
							<amp-ad width="300" height="265"
		 type="pubmine"
		 data-siteid="111265417"
		 data-section="2">
		</amp-ad>
				</div>
			</div>
		</div><p><a href="http://londonglossy.com/wp-content/uploads/2010/11/pm-aide-regrets-recession-comments.jpg"><img class="alignnone size-full" title="Lord Young of Graffham said the Bank of England's decision to cut base rates to a record low had left many home-owners better off" src="http://londonglossy.com/wp-content/uploads/2010/11/min-pm-aide-regrets-recession-comments.jpg" alt="Lord Young of Graffham said the Bank of England's decision to cut base rates to a record low had left many home-owners better off"/></a></p>
<p>A senior adviser to Prime Minister David Cameron has offered his &#8220;profound&#8221; apologies after claiming that the majority of British people have &#8220;never had it so good&#8221; since the recession.</p>
<p>Lord Young of Graffham told the Daily Telegraph that low interest rates meant home-owners were better off thanks to the &#8220;so-called recession&#8221; and said complaints about Government spending cuts were coming from &#8220;people who think they have a right for the state to support them&#8221;.</p>
<p>A spokesman for Mr Cameron said the Prime Minister was &#8220;very unimpressed&#8221; by the peer, whom he appointed as his enterprise adviser earlier this month.</p>
<p>The Prime Minister &#8220;believes at this difficult time politicians need to be careful with their choice of words &#8211; these words are as offensive as they are inaccurate&#8221;, said the spokesman.</p>
<p>Lord Young later wrote to Mr Cameron acknowledging that his comments were &#8220;inaccurate and insensitive&#8221; and offering his apologies.</p>
<p>Speaking to the Telegraph, Lord Young said the Bank of England&#8217;s decision to cut base rates to a record low of 0.5% since March 2009 had left many home-owners up to £600 a month better off. And he said swingeing Government cuts, totalling more than £80 billion over four years, would only take state spending back to the levels of 2007, when people were not &#8220;short of money&#8221;.</p>
<p>He dismissed forecast public sector job losses of 100,000 a year as &#8220;within the margin of error&#8221; in the context of the 30 million-strong job market. People will look back and &#8220;wonder what all the fuss was about&#8221;, predicted Lord Young &#8211; Trade and Industry Secretary in Margaret Thatcher&#8217;s administration.</p>
<p>His comments stand in stark contrast to the public comments of senior Government ministers, who have acknowledged the measures being taken to reduce the UK&#8217;s record budget deficit will hit individual voters. In his speech to the Conservative conference last month, Mr Cameron said &#8220;reducing spending will be difficult&#8221;, while Deputy Prime Minister Nick Clegg has said cuts will be &#8220;difficult and painful&#8221;.</p>
<p>In a statement issued after details of his comments emerged, Lord Young said: &#8220;I am not a member of the Government and played no part in the spending review. I deeply regret the comments I made and I entirely understand the offence they will cause. They were both inaccurate and insensitive.</p>
<p>&#8220;Low mortgage interest rates may have eased the burden for some families in this country. But millions of families face a very difficult and anxious future as we come to grips with the deficit. I should have chosen my words much more carefully. I have &#8230; written to the Prime Minister to apologise profoundly for what I said.&#8221;</p>
			<div style="padding-bottom:15px;" class="wordads-tag" data-slot-type="belowpost">
				<div id="atatags-dynamic-belowpost-690313d6a298d">
					<script type="text/javascript">
						window.getAdSnippetCallback = function () {
							if ( false === ( window.isWatlV1 ?? false ) ) {
								// Use Aditude scripts.
								window.tudeMappings = window.tudeMappings || [];
								window.tudeMappings.push( {
									divId: 'atatags-dynamic-belowpost-690313d6a298d',
									format: 'belowpost',
								} );
							}
						}

						if ( document.readyState === 'loading' ) {
							document.addEventListener( 'DOMContentLoaded', window.getAdSnippetCallback );
						} else {
							window.getAdSnippetCallback();
						}
					</script>
				</div>
			</div>
Discover more from London Glossy Post
Subscribe to get the latest posts sent to your email.
