Entrepreneurs reject Lord Young's resignation

The peer quit his job as the prime minister's 'enterprise tsar' last week after telling The Telegraph that mortgage owners have "never had it so good" during the "so-called recession".

 

But according to a poll of 228 entrepreneurs, 73% think that the former trade and industry secretary should not have resigned. The remaining 27% said he was right to so.

 

BusinessZone.co.uk editor Dan Martin said: "Despite the press outrage about Lord Young's comments, most business owners appear to think it was all a storm in a tea cup. It could also be said that Dragons’ Den judge Theo Paphitis was right when he claimed Lord Young's comments were "technically correct" given that interest rates have remained very low for several months.

 

"The peer has a wealth of business experience having started and grown his own companies which was a positive step by the government in taking advice from people who have been there, done it and bought the entrepreneurial t-shirt. 

 

"Lord Young gave the keynote speech at the grand final of our small business competition The Pitch 2010 four days before he resigned. The majority of the people I spoke to after his speech were impressed by what he had to say about how he intended to work with the government on removing the reams of red tape which hold back business growth.

 

"Lord Young may have delivered his comments in clumsy way but it’s an argument that has been made by others and according to our survey, not one that should have led to him quitting at such an early stage what could have been a very successful role."

 

Comments from poll respondents include:

 

"He may have been slightly insensitive, but his comment was fundamentally correct, and it was about time someone made it. This recession has been made considerably worse by media hysteria when in fact, unemployment is lower than last time round, and those with mortgages have considerably more money to spend. Given a large part of the UK economy is driven by the high street, this is something that should be highlighted, as it stimulates growth."

 

"The economy needs someone like Lord Young to give an honest review of entrepreneurship."

 

"His comments were insensitive and their timing was atrocious. He had no option but to go. We need someone who thinks faster than he talks."