Yep, just read it on The BBC news site.

Looks like Lord Young misread Cameron's meaning when he said we should be talking up recovery. Sadly, Lord Young thinks everybody has a mortgage hence everybody is doing well out of the low interest rates.

Sadly, with the property market still being over inflated, it just means people with mortgages have larger ones than they would normally get, just in order to tread water. If interest rates went up to what they were when I had a young family to think about, ie 15%, it would cause a collapse of the fragile economy, which is a sanitised way of saying many many households would be destitute.

Mind you, whilst letting leveller have his Nostradamus moment, let's not overlook that Downing St were horrified and Cameron called him reckless. There is a huge difference between asking people to look on the bright side, (perhaps the one thing I admit Cameron and I would agree on) and telling people they have never had it so good in a time of dire straights for many and uncertainty for the vast majority.