Letter: All Greek to me

THE Bank of England says let’s create more debt. Quantitative Easing is putting gilts up for sale to the markets and receiving credit to be consumed.

It’s only £50 billion to add to the previous £275 billion, and by keeping interest rates at effectively zero, will make it so much easier to service our enormous debt at the expense of that section of our populace who want to save.

The Chancellor repeats his mantra about “reducing the deficit”. Receipts from taxation are down; his public sector borrowing has consequently increased. He can throw public sector workers out of work to compensate, and at the end of the financial year the deficit is thrown on to the pile of increased National Debt.

Meanwhile our MPs indulge in meaningless “yah-boo sucks” arguments which are all about posturing in their unreal world, leaving the economy in a worse state than Greece.

Ronald Rankin

Dalkeith

Midlothian