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Bank rate benchmark; FEEDBACK.

I AM sure other readers will have noted and thought about the new benchmark for determining the bank rate as the level of unemployment rather than as before the rate of inflation. The bank rate will not go up until the unemployment level drops to seven per cent.

This underlines how serious the economic situation is and particularly for the working population.

The aim of governments in the immediate post war years was full employment. Now any thought of full employment is a pipe dream. In a recent letter, it was suggested that our situation is as bad as it was in the 1930s.

We recovered from that depression but it could be argued that it took the war to achieve it.

In theory if the government were prepared to finance a rearmament drive there would be plenty of work available.

The last thing we need is another war with our recent experiences in Afghanistan and Iraq, so we desperately need a government with a more acceptable policy. To me the challenge political parties have for the general election is convincing us they have the answer.

GEOFFREY BULMER, Billingham
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Title Annotation:Letters
Publication:Evening Gazette (Middlesbrough, England)
Date:Aug 23, 2013
Words:189
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