SIR – How magnanimous of Mr Hall to admit that he is only human and capable of “not understanding”.

May I help him to further his understanding of the present financial and economic situation which is quite simple.

The rich – the landowners whose wealth came in large measure from stealing land from the poor (including in China today) – designed the Capital versus Labour, that is money versus the workers, system.

When Mrs Thatcher neutered the workers’ negotiating bodies (Trades Unions) it enabled employers to be even greedier than they already were.

The moderating influence that TUs had on corporate excesses was lifted, hence we have the economic and financial chaos of today.

Too much of our budgeted annual finances are in the hands of too few and too little in the hands of workers who would spend it and keep our economy going.

Several eminent economists agree with this principle. Mr Osborne (pictured) has had to eventually agree with this and in the run-up to the next election will accept that in order to get the economy going again, the minimum wage will have to be increased. He is also having to look at a ‘living wage’ to enhance economic activity.

I do hope Mr Hall can understand this basic simple economic principle as fact.

Alan Holdsworth, Sandside Close, Bradford