Rate rise is no solution

THE idea that a base-rate interest rise will cut inflation is founded on the belief it will reduce the spending power of businesses and individuals.

However, this bout of inflation is not caused by overspending. It is because Covid disrupted supply systems so suddenly that scarce products have a premium value.

Then the war in Ukraine erupted and the cost of oil and gas rocketed, making everything dearer. Neither will be cured by a rate rise. what we

need is a temporary reduction of VAT

on necessities and a bigger cut on petrol taxes. This will have an almost instant downward effect on prices. MIKE WRAY, Leconfield, E.

Yorks.