The former Cabinet minister has quit his post in reaction to media criticism of his remarks on the impact of the recession, and the cuts on the horizon, and calls for his departure.

Lord Young, who served in Margaret Thatcher's cabinet in the 1980s, told the Daily Telegraph that 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.Following the statements, David Cameron has accepted the resignation and immediately moved to condemn them, describing them as "unacceptable".

He referred to the savings that ‘most people' had made on their mortgages as a result of interest rates remaining fixed at 0.5% for the past 18 months. In addition he stated that job losses of 100,000 per year over the next four years, as a result of the coalition spending cuts were "within the margin of error"

Lord Young issued an immediate apology for the offense caused for his remarks, describing them as "insensitive and inaccurate".

"Obviously he is extremely embarrassed," Mr Cameron said, when addressing the remarks. "He was very quick to retract completely what he said. It was unacceptable."Prior to his departure, David Cameron stated that his advisor would be doing "a bit less speaking", signalling its inevitability.