SIR – In his letter (T&A, August 20), Philip Bird continues to display his political and economic myopia He seems to genuinely believe that politicians, banks and the Bank of England are actually working in the best interests of the majority.

A few facts: UK interest rates are subject to status which is inversely proportional to an individual’s wealth. So that banks, corporations and politicians can borrow at very low or zero per cent interest rates. Poor people borrow from legalised loan sharks at interest rates of up to 5000 per cent.

The only genuinely low interest rates are the ones being applied to savings. This is because banks no longer need customer savings.

Successive governments have allowed banks such leeway that they currently create 97 per cent of the UK money supply out of nothing (for loans and mortgages) and then charge interest on it. They can also go to their own personal Bank of England and have some printed, or can borrow at 0 per cent. Despite the juked official figures, UK inflation is currently running around 7 to 8 per cent, and certain to rise How else can this Government address their world-class borrowing of the last three years, which has almost doubled the national debt?

Christopher Hindle, Osterley Grove, Bradford