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  I should also point out that higher interest rates would also drive up sterling further damaging exports. As it is, the weakness of the dollar and Euro already means that sterling has been appreciating and ideally we need action to weaken sterling a little. This though is a difficult balancing act, another tranche of QE might do the job but a lot of pain will accompany that in a couple of years.
  
  Our best hope for growth is a proper resolution of the Eurozone crisis but that does not seem to be on the cards. A planned and orderly break up of the Euro is the only way to support Europe's own austerity measures.
  
  Our problems are of excessive government spending here and in Europe, doing more is just pouring petrol onto the fire that is already consuming us.

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