A business which imposes thousands of stealth taxes onto its suppliers, customers and employees would soon go bust. The UK is the same. It is time to dismantle the stealth tax system that has been overlaid onto the UK. Better to destroy the stealth taxes than allow the UK economy to be destroyed.

Michael, Lowestoft, Suffolk

If the BoE were truly "independent" of political influence they would already have raised rates without hesitation. You can bet your bottom dollar the government will be lobbying for no increase because they are inept and self serving when everyone else can see it is badly needed.

Rob, Warfield, England

Maybe if Gordon could encourage the banks to bring back Mortgage Equity Withdrawal. It seems to have dropped off their menu and has been propping up many sectors of the economy. I doubt it will happen though.

Mike, UK,

Raise rates now by 50 bps. The last three rate cuts were a mistake !! What good was it to stimulate growth when higher inflation was going to destroy it !!.

The property market could have absorbed the higher rates. Now we have the inflation virus to deal with. And its getting out of control.

Mani, london,

Any chance that some of the jobs going will be in the House of Commons?

No, I thought not. The title of this report should be 'Thousands of Productive Jobs Go.'

Donna Walker, Effingham, England

L Mckay and Clint are so right.

David M, Colchester, UK

Interest rates must be cut to allow people to keep there homes and young people the oppertunity to buy one,savers will not struggle nearley as much.

jeremy, huddersfield,

Chris Ely - what are you on about? The UK is broke - not by any EU, or immigration policy but by the British people up to their ears in debt. Go learn that you don't get something for nothing! And as for close the boarders, such an outdated but quaint policy which reflects UK narrow mindedness.

Richard, Plymouth,

"NO! Raise rates, help the SAVERS, get inflation under control."
Bob Travels, Stevenage,

No, Bob. You do not SAVE, but SPEND your way out of a supply-driven recession. You cut taxes (especially duty on fuel, whose costs drives all prices up) and ease credit to restore consumer confidence.

Roger, Milan, Italy

Consumer confidence is low because price inflation is so high. Cutting the base rate and thus devualing Sterling further will push inflation even higher. The very last thing this country needs is more rate cuts. We need a strong currency to attract investment.

Paul, Coventry,

Interest rates must be raised, not cut, if necessary to control inflation. High inflation is a dreadful tax on savers, on pensioners and other people on low and/or fixed incomes. Cutting rates to bale out relatively well-off homeowners who have taken out excessive mortgages is morally unacceptable.

Matt, Letchworth, Herts,

Interest rates have no effect on LIBOR borrowing rates. Cutting them will merely increase imported inflation and push investment away from the UK. Anyway don't worry, Gordon will be back soon to tell us he has created low inflation, low interest rates, low unemployment. You've never had it better.

Edward, London,

Help the DEBTORS!!!

NO! Raise rates, help the SAVERS, get inflation under control.

Bob Travels, Stevenage,

No our jobs are going, our boarders must be shut to immigrants, as their no longer any jobs for them.

Chris, Ely, England

Base rate cuts will do little to help the indebted, as has been shown over the last 6 months. What rate cuts would do is to further erode sterling and stoke inflation.

The US cut rates to 2% it has not brought down the cost of borrowing there. Such a policy here would wipe the UK out.

L Mckay, North Shields, UK

Can we have a "Revised Forecast" from say the "Item Group"?without waiting months! The ordinary person knows what is happening! They have no "Discretionary Money" so what will be will be!

paul, Newtown, Powys, UK

Socialist chickens are coming home to roost. The real problem is that all the jobs lost will be in the productive sector. Government jobs, almost half of all, will not be lost because we have to pay for them through our taxes. That's one reason, of many, why the recession will be worse in Britain

George, Bolton, England

Always just before the MPC decision on rates there is a clamour from vested interests to cut rates.
The real danger is inflation,lurking furtively,but now growing more aggressive.
I simply can not believe the MPC will cut rates this week.
It would be disastrous.

nic, paphos, cyprus

Inflation is racing out of control. Cutting interest rates will only make this worse. Medium term pain is the only way forwards - the BoE must stand firm and hold or even increase rates.

Clint, Brighton, UK

Where is a cheery David Smith article to counterbalance all this bad news and dispel the gloom - he always put a smile on my face with his irrepressible optimism.

helene, sydney,