The Bank of England should admit that it has no real control over the inflation rate

SIR – Can we please see an end to the nonsensical idea that the Bank of England has an achievable inflation target? If it really does, how is it so far off it? Is complete incompetence to blame? No, the reason is that it does not control the factors that determine the rate, except marginally.

Current inflation of around 9 per cent is caused by events in the big bad world outside Threadneedle Street. Consider what level of bank rate would be required to tame such inflation. The Monetary Policy Committee should pass a resolution to disband itself. Adrian Hoare

Ascot, Berkshire

SIR – Is it right for the Governor of the Bank of England to be so negative and pessimistic about the British economy? Does it help wealth creation? Does it defend existing jobs, or help create new ones? Does it attract enterprise and capital to this country?

The Bank of England and the Treasury have only a rough idea of the likely economic conditions a year from now, which might very well be better than their gloomy forecasts (which in any case are always wrong, and sometimes by a wide margin).

By all means be straight with the public about the implications of the energy-price shock, together with long overdue rises in interest rates and mortgages, but for heaven’s sake don’t talk the economy down.

Alasdair Ogilvy

Stedham, West Sussex