Interesting letter on the BBC website about how unevenly the effects of the credit crunch and high inflation are being felt.
I don't agree with the main point of the letter which seems to be that it is only fair to allow inflation run rampant to compensate overstretched mortgage holders as happened in the 1970s. I think that would damage our currency, which would add to consumer price inflation. And the manufacturing sector here has been so badly damaged it is hardly in any position to take advantage of that situation.