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    Howard - interest rates will have to rise soon anyway because of high inflation and this means they will have to rise further and stay higher longer.

    The pound will rise when interest rates increase but remember our rates are really too low now and are only at this level because of a weak economy. Exports would be hit but imports, including raw materials will fall including oil which is priced in dollars. It is very much swings and roundabouts.

    People with a lot of money saved, if its in cash deposit accounts, have been getting a poor deal for a long time so let us not begrudge them that. Inflation has been exceeding cash returns for a long time now so their savings, if in cash, are being hit anyway.

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