Can somebody please explain to me how raising interest rates will help curb inflation?
We’re asked to show restraint when considering wage increases and to accept we will be “a bit poorer” to bring inflation down - but I think we’ve long ago passed the point of most people having disposable income for luxuries.
It concerns me that sooner rather than later there will be mortgage foreclosures and fixed rate mortgages coming to an end, meaning an enormous hike in payments.
Also, businesses will have to increase their prices, if only to cover their costs, let alone make a profit. To me it seems to be a never-ending merry-go-round of rises to help the banks, not the ordinary person.
Shirley Broadbent, Leeds
