Peer resigns after claiming Britons 'have never had it so good' despite the worst recession in living memory

Lord Young has quit over his gaffe that Britons ‘have never had it so good’ in ‘this so called recession’.

Following the comments, reminiscent of former Prime Minister Harold Macmillan remarks on the nation in 1957, the peer came under intense pressure before handing in his resignation.

He was refering to the low interest rates that have kept mortgage payments affordable, however, his comments offended millions of Britons struggling in the worst recession since the 1930s.

Only last month the peer released his long-awaited review into health and safety legislation.

He called for a clampdown on claims farming advertising and a reduction in the health and safety compensation culture.