Lord Young quits after 'so-called recession' gaffe

A spokeswoman for the Prime Minister said David Cameron had accepted the peer's resignation. Lord Young of Graffham was recorded saying the Bank of England's decision to keep the base rate at a record low of 0.5% since March 2009 had left many homeowners up to £600 a month better off since the start of the "so-called recession". Earlier, the Prime Minister sought to draw a line under the row, telling reporters his adviser was "extremely embarrassed" and has apologised. "I mean, he's not a member of the government, he doesn't speak for the government and I think he'll be doing a bit...