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  Keith - tit for tat does not work, there is experience of this. Protectionism would be an economic disaster for a trading nation like the UK. This is not just theory, these are lessons of history. 'Imbalances in exchange rates' should be turned around to 'imbalances in economies' because this is what they reflect and when you try to artificially smother those imbalances, well look at the Euroland, Greece, Spain etc to see what happens.
  
  You seem to be defeatist on this but there is no need to be. We are authors of our own problems because we have gone over the top in piling on restrictions and red tape that add to cost and taxes that are also a cost and disincentive to business and individuals. Many of our Far East competitors have not made those mistakes.

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