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Did I hear correctly that Caroline Spellman said that she asked the PSC to carry out an investigation? This would be technically true, I suppose, but only following 10 years of NOT asking, until Newsnight got onto it. How very typical of a politicians' grasp of the truth.

So many excuses on inflation. Put interest rates up, vastly low rates for vastly too long are what got us in this mess to start with! Encouraging debt. Too easy debt. Reward the good people, savers, not the profligate.

Comes of deceiving us over the inflation numbers all this time deliberately leaving out house prices and the council tax. What now, pretend interest rates can not help over the current causes of inflation of course! What next, will they will cut food and fuel from the figures too!

So will the ³ÉÈËÂÛ̳ stop its attitude that higher rates are 'bad', fat chance.

I thought Michael Crick was on to something a few nights ago as he seemed to be the only one on a rant but he has persisted and it has paid off. After the moral high ground climbing (and deservedly so) of David Davis we are back to grubby politics, allegedly, of Tory grandees. The charge; 'they are all the same' is once again the norm. What a pity, after the Irish 'No' and the 42 day fiasco I thought we were in new territory. Obviously not.

I trust Hazel Blear gets a sound toasting tonight from the team. She was on a few weeks ago over the Scots devolution referendum embarrassment and was distinctly and greasily evasive over whether the issue actually had been discussed in cabinet (least think it was her, toast her anyway just in case).

What is all this Caroline Spelman busniness: a nanny being paid out of Commons expenses or something enormous like that. Well done Newsnight and pleease now give it

cont. -(hitch)

and perhaps go for something

(hitch hitch)

something a little more significant like bank shares being shorted into oblivion by speculators trading on inside information.

A couple of thoughts on the programme, probably not useful but....

Paxo on government success when inflation is low/ its the worlds fault when inflation rises.

A lot of the comments were historical. I am NO economist but aren't we supposed to have a global economy? If in 2030 we have no oil because there is none and the then Chancellor said "Oh we never thought of that!" we'd slap them around. Its a global factor and we have to think globally these days.

On Zimbabwe its clear to everyone including Mugabe (I think) that he is a dictator. So who is the audience he is playing to? Its not the MDC, they know. Its not Zani they know. Its not the West they know. Its not China - they have no minerals I think so they don't care.

I assume its the AU but the puzzle is I don't believe they would create a task force and invade because he was deemed to be a dictator. It would be very painful for them if they had to do that.

Mugabe must believe that there is some light at the end of the tunnel economically as surely they cannot last that much longer? Could that be the key?

INFLATION

it is going to increased to a point of another 1970, 80 in the united kingdom and around the world.

ZIMBABWE

i hope that the bbc and ian pannell took all of the correct steps of protecting the correspondent, during his time in zimbabwe.

robert mugabe, is trying to start another war, with the international community. he is an old-fashioned dictator.

US ELECTIONS

only a "few months" from now, it will be john mccain and or barrack obama...in the elections, who will win?

At 8:12pm on 17 Jun 2008, JamesStGeorge wrote:

" So many excuses on inflation. Put interest rates up, vastly low rates for vastly too long are what got us in this mess to start with! Encouraging debt. Too easy debt. Reward the good people, savers, not the profligate. "

I think I'm a good person. I work for far less as a cancer research scientist than I could for a drug company and my wife works as a receptionist for the NHS. Again not well paid, but good for society.

We saved like demons to get a 5% deposit on a home plus the same again for renovations as the only place we could afford on 3x our salary (because we didn't want to overstretch ourselves) was pretty run down. To save money I did most of the work myself.

3 years after we bought with falling house prices plus rising morgage rates whacking intrest rates up would put our home at risk and still not solve the inflation problem because the BoE can't make food or oil cheaper. Anyone who can afford to save at present can afford to lose a few quid in interest.

Re#11.
Diabolical. As clear a statement as one could hope for of fact that Britain is not run for short or long term benefit of the British people. Insane and inane policies, driven by power-politics and vested interests. Tenth rate and corrupt politicians and largely ineffectual media have brought us to this situation; and half a dozen people from any bus-queue could do better. 6 months of sensible Govt action and we'd have turned the corner.

grumpy-John. Couldn't agree more. If you'd like to support my proposal to make myself Lord Protector of the UK let me know!

Re-#13.
Wilco. As long as you don't wallow in being a son of the Manse like the current occupant of that post (in his own mind anyway.)

11. At 09:53am on 18 Jun 2008, Peter_Sym

Low interest rates made your problem not high ones. Your period saving was hampered by low rates not high ones. House prices they you bought into were silly high because borrowing is, and still is, way too cheap, letting house prices be bid up.

It is far far better for everyone for more of the money available from house byers is directed to interest payments than adding to the house price. House prices are merely a thing to soak up excess wealth. If they did not none of us would need to work half the hours we do! They in no way reflect costs to build. Even with the inflated wages such house prices give building workers.

The boom was deliberately engineered for the 'feel good factor', by penalising savers, even pension funds, and encouraging easy cheap debt.

Higher interest rates will cut the money available in the system, pushing choices towards cheaper food, using less energy etc. it will do the traditional job as it should overall.

I despair at the attitude that those that can save can 'afford' to lose some! For most you are saying they can take a pay cut. It would be Way better to encourage economies on extra available interest to spend in the shops than on debt! That is the heart of the problem.

3 days talking about inflation on all ³ÉÈËÂÛ̳ news programs. Did you not notice a 20% devaluation against the € since 2007 in January.
The £ is even down against the $.
In the sixties we found out devaluation brings higher prices
Like the Government, and the Opposition your journalists seem incapable of demanding responsibility of Goverment ministers.
A 20% devaluation is not a worldwide phenomenon it was created by lowering interest rates to bail out an insolvent banking system.
All the elite is too frightened that the truth. will make your mortages higher, and your investments weaker.
British malaise.