Im sorry Andy North but I don't find the present situation remotely "funny". For those of us struggling to make ends meet, whilst the cost of living continues to rise, it's not funny. It's a nightmare.

Richard, Norwich,

Anton in Wakefield, most of us would happily 'suffer' the consequence of not having a rate cut. Better still, we could 'suffer' from lower inflation if the BoE did what it ought to do and raised the base rate.

Paul, Coventry,

Ha ha ha... bring it on !! Greed is a vicious circle.... everybody was loving it with crazy house price increases; cheap loans; new cars; and cheap foreign imports ! We let Tesco drive down supplier prices whilst makin a Billion. The tax burden goes up supplying everything for those with less..LOL

Martin Sansone, London and LA, UK and USA

Like all sane people in this country they are really fed up with the den of thieves.
I have noticed that although these high fliers who maintain that they could treble their salaries if they were to go out into the "Real World"
Please Please Go and see what offers you would get.
TAX MPs HIGHER First

Royden, Bourne, England (not Scotland)

MPs Don't give a dam

Why should the true wealth earners listen to those who just sqander our money with no real thought

Why can't MPs be subject to the Inland Revenue like the rest of us

I would like to be abl;e to spend £30 a day (£10,800) without having to justify any of that to anyone

Margaret , Bourne, England

Seems somewhat rich when MP's vote themselves huge pension increases and keep the lid on their expenses.
And how some of them can justify a second home when their natural home family base is within reasonable commuting distance from the constituency and Westminster.

Andy, worcester,

Andy,

What are you alluding to exactly? (I think I have an idea but want to make sure:) )

Steve, Cheltenham,

Why doesn't the government and MPs lead by example?

Daisy, London,

It's funny to watch this whole thing unfold

They have been planning this collapse for a long time now and it's being implemented to perfection!

The price of oil is slightly higher than they planned for now, people are slightly more aware of it but the planners are very happy with the progress!

Andy, North, England

"Lets have inflation to erode our debt" says Rob.
His debt is retired peoples' savings. So people who have saved will be worse off, so the debt arising from his spending will be easier to repay.
Moral hazard writ large.
His view might be different when he is 65.

Richard Smith, Truro, UK

Rate Cut in Sept 08
Brown Cut ASAP
or suffer the consequences

Anton Muller, Wakefield,

So Labour proves that when the economy isn't running itself, they have no control or (in the case of their own expenses) moral leadership. Pleading with people to enter poverty to save an economy the government destroyed is despicable.

This government is dead and buried.

Ross, Ripon, UK

A little bit of inflation isn't really a bad thing. The outstanding balance on peoples mortgages/loans etc will become less in real terms(despite potentially having to pay more interest).

Lets have a good bit of inflation and the pay rises to match so we can inflate our way out of debt.

Rob, Bristol,

Pay restraint is fine but not when people have just had their tax increased. I am on strike today because on a very poor wage already, ( nowhere near commensurate with the work that I actually do) I am paying another £9 a month in tax and I will not get it back.

judy, Liverpool, England

Michael - adjustment of interest rates takes 18 months to have an effect. If they take drastic action now, the economy will begin to yo-yo to the opposite position in 18 months.

I am sure that, if workers sit with current pay, prices will not be reduced on these inflated products/services.

TK, London, England

Pay restraint when inflation is low, pay restraint when inflation is high. Does the government have any advice on when the poor old cash cow called the average working man can actually ask for a decent rise. Or are they all reserved for the city paracites & executives?

Pete, St Albans, England

Given this administration's (and Gordon Browns in particular) attitude to pensioners I just wonder if this is a prelude to a further attack on us by renaging on what will be our rightful increase based on the inflation rate later this year.

A.M.Williams, Stafford,

except for MP's of course who have a free run it seems. maybe they will realise soon that people have had enough of them and it is the only way of getting a change of attitude or government. they will probably want to change the law soon and ban political parties or change the election rules...mmm

neil, almere, holland

Perhaps, the Government may like to start by curbing their expenses ?

geedale, Leeds, west yorkshire

So the chancellor who has instructed the BoE to devalue our currency now has the audacity to plead for 'pay restraint'. Why? Inflating away all the mortgage and credit card debt is Darling's plan and Unison and Unite are fully supporting that.

Paul, Coventry,

Greedy Labour, with their punative tax policies pleading for pay restraint. Why? Labour created the inflationary pressures, with beaucratic legislation which they didn't understand. They thought they understood the economy and they didn't. They sold of assests at below market price.

steve tea, manchester, cheshire

Ha! And what pay restraint has there been in the City? They have paid themselves bonuses of 13 BILLION POUNDS so far this year! And they want working people to accept a lower standard of living? We're being ripped-off!

Mike Johnston, Dudley,

What is the point of a 2% inflation target for the MPC? If inflation rises to 4, 5, 6% and the Governor says he can do nothing about it - in the short term. How long does the MPC have? One year, 2 or longer? In the meantime inflation does its insidious damage to those on low and/or fixed incomes.

Michael Sykes, Reading,

The fundamental,critical problem is that interest rates are set based on meaningless inflation data,which is packed with non necessary electrical items. I can not believe the B of E is not insisting this be changed,as it is totally distorting all their decisions on rate movements.It is so obvious.

jackie, paphos, cyprus

And will the glorious incumbants at the Palace of Westminster lead by example and take a pay cut with a zero expenses culture? I very much doubt it.. Another case of do as I say not as I do!

Mike O Connor, Plymouth,

Tax Inflation is a major cause to wage demands. Stop aircraft carrier building; overpaid government staff; fraud & cheating by MPs, MEPs; far too many government layers; NHS; misdirected Social Security. Get real, if not done stopped, the markets will brutally and painfully enforce these controls.

Ron, Oxford,

Inflation-level wage hikes (4%) will not have a very significant effect on the overall rate of inflation, compared with some of the other major factors.
"Oor Gordy" McBroon, BoE and other bodies have been asleep on the bridge while the storm has been developing, then pass the pain to the less rich.

Padraig, Perth, Australia

Dont we have a right to have our wages set so that inflation has less impact on our daily lifes?

Joseph, london,

Everyone knows that inflation on essentials; food, heat & light, housing, transport, council tax, is much higher than the CPI or RPI or whatever spin driven measure of inflation that this Govt trots out. Gordon should have set the Bank of Englands targets firstly on Inflation of essentiatls.

John Goode, Welwyn Garden City, UK

employers are happy to pass through inflationary price increases in the cost of goods and services, so why should employees exercise pay restraint and see their standard of living drop.

David ashworth, Swindon, UK

From MPs who won't change their expenses system to something transparent and honest?

Pot/ kettle Darling?

Let's not forget the Government's "preferred" measurement of inflation excludes mortgage costs (up 20% for me this year) and Council Tax (6%), 3.8% would be nice, but is no way near true

Tim, Bristol,

Given that politicians have just voted themselves an inflation-busting pay rise, One does wonder how the Right Honourable Chancellor managed to keep a straight face while making this plea?

Richard Crow , Warsaw, Poland

The MPC has almost certainly been delinquent.

It slashed rates at every opportunity whenever house price inflation dropped below 9% for at least the last 8 years, regardless of inflation, ignoring pressures by citing alternative "long term targets".

We will suffer, and they will keep their jobs.

Barry, London, UK