Lord Young of Graffham will not now assist the government with the implementation of his report on the ‘compensation culture’ after quitting his advisory role this afternoon, Downing Street has confirmed to the Gazette.

The government backed the Tory peer’s report, Common Sense, Common Safety, and had previously said on its publication that Young would stay on to advise on its implementation.

But Young stepped down from his government advisory role this afternoon, following pressure from Prime Minister David Cameron over comments Young made to the Daily Telegraph in an interview published yesterday evening

In the interview Young said: ‘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, because anybody, most people with a mortgage who were paying a lot of money each month, suddenly started paying very little each month.’