The British economy has been floating on a sea of debt for far too long. It seems that this latest massive reduction is designed to ensure it continues to do so.

The wise and prudent who have managed to save will see the value of their savings reduced in order to bail out those who've borrowed and spent excessively. The boom and bust cycle will continue as long as the short-sighted fall for the same popularist trap of keeping money cheap to prop up a sick economy.

Until we accept the bitter pill of recession, where our economy is allowed to shrink to a realistic and sustainable size, we'll continue to live in a fool's paradise.

Right then, I'm off to blow all my savings on the fripperies of modern life (made in China) then apply for a few credit cards to help keep this great nation afloat.

From: John Douglas, Spey Terrace, Edinburgh.

IT'S truly shocking that the Bank of England has slashed interest rates, presaging a fall in the rates paid to savers by the high street banks.

At a time when these banks are questionably solvent – surely savers investing their hard-earned funds in these dodgy enterprises should receive an increased interest rate reflecting the risk involved?

Or does capitalism no longer work like that in Mr Brown's Britain?

From: Monika Close, Hallcliffe Crescent, Horbury, Wakefield.

THERE has been a lot of talk about how the latest cut in interest rates affects those with a mortgage and debts or extended credit. Nobody ever speaks of all those people who have savings.

There are a lot of pensioners out there, being affected by high prices just as much as everybody else. Having worked hard and saved all their working life to supplement their meagre pension, they are now having to make do with even less money.


Young people need to know about war dead

From: David Quarrie, Lynden Way, Acomb, York.

SOME people are concerned that not enough young people are wearing red poppies. They are now suggesting that everyone is forced to wear a poppy as a mark of respect to our war dead and injured.

Forced respect is not the same as genuine respect. We need to educate the young in a better way so as they understand what has happened in the past.

Older generations fought to counter dictatorship, which must mean that wearing a poppy should always remain a matter of choice.