David Cameron’s enterprise adviser on Thursday night offered his “profound” apologies after he claimed the majority of British people had “never had it so good” since the “so-called recession”.

Lord Young of Graffham, a former cabinet minister under Lady Thatcher, told the Daily Telegraph newspaper that many people were better off as a result of lower mortgage payments, thanks to lower interest rates following the financial crash.

He said complaints about government spending cuts were coming from “people who think they have a right for the state to support them”.

A spokesman for Mr Cameron said the prime minister was “very unimpressed’’ by the peer, whom he appointed as his enterprise adviser earlier this month.

Mr Cameron “believes at this difficult time politicians need to be careful with their choice of words – these words are as offensive as they are inaccurate’’, said the spokesman.

Lord Young wrote to Mr Cameron acknowledging that his comments were “inaccurate and insensitive’’ and offering his apologies.

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