SIR – Whatever cuts this new administration is going to inflict upon us, I have a radical painless plan to render them unnecessary.

Ask George Osborne, our multi-millionaire Chancellor of the Exchequer, to borrow the money from the ten per cent of people who own more than 80 per cent of the UK’s wealth and pay off our debt, not in five, four, three, two or even one year, but in the next few months, even before Christmas.

Mr Osborne could become Chancellor forever if he pulled it off.

We would agree to pay them back as we did the Marshall Plan over a number of years, with interest of course, let’s say today’s rate, then nobody need suffer any cuts. It would be a fine, patriotic gesture.

Mr Osborne and Mr Cameron say we are all in it together and it’s going to be painful, of course, for us, but how much will they and the ten per cent above suffer?

Why should the 30 per cent of children living in poverty, the poorer pensioners, the unemployed, workers on minimum wages, part-time workers and those using public transport because they can’t afford their own suffer still further for something that isn’t their fault?

Alan Holdsworth, Sandside Close, Parkway, Bradford