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Low interest rates eroding self-reliance

The Bank Of England.
The Bank Of England.

Sir, – I am bemused by the letter I have just received from my bank which informs me that the new rate of interest on my business reserve account is 0.01%.

At this generous interest rate, to earn £1 before tax, one would need to leave £10,000 in the account for a year.

To pay for a single latte in a coffee house, and allowing for tax, the £10,000 would need to sit for nearly four years.

A great many people rely on their savings and investments to fund their retirement, whether these are held directly or through a private pension.

The lower the Bank of England’s base rate and hence all other interest rates, the slower that people’s nest eggs will grow and the lower their incomes in retirement.

Of course, there is a rational for these ultra-low rates. They are a consequence of governments choosing a policy of living beyond their means and of failing to allow the market to adjust to circumstances.

They also help to sustain the prices of homes beyond the reach of so many working people.

It should not be forgotten that saving is a form of deferred consumption and a moral act.

We should save, if we can, in order to provide for ourselves and our families in adversity and retirement.

Ultra-low interest rates and easy credit deter people from this desirable behaviour.

It is high time that we moved away from Keynesian economic orthodoxy towards more moral policies.

Otto Inglis.
6 Inveralmond Grove,
Edinburgh.

Listen to Scots voters

Sir, – I am sure that most people would agree with me that Ms Sturgeon’s “biggest listening exercise” and “national survey” is just another ploy to build momentum for a further referendum on independence.

However, what is far more concerning is that, with her obsession for so-called independence she would be flouting not one but two democratic referendums.

For example, a majority of people recognise that the Scottish independence referendum was tailored to SNP demands as only eligible people domiciled in Scotland could vote.

Indeed, Alex Salmond was so pleased with the one-sided terms he eagerly signed the Edinburgh Agreement and stated it was a “once in a generation event”.

Then we had the second referendum but this time on the future of EU membership.

On this occasion, understandably, it was UK-wide as the special terms for membership (opt-out clauses including sterling and so on) were specific to the UK as a whole and not available to an independent Scotland.

To pretend otherwise is laughable. But there lies the crux of the problem for the SNP; neither of the outcomes of the referendums suited the nationalist cause so they now want a re-run on independence with the lame excuse there is a “democratic deficit” allowing Scotland to be “dragged out” of the EU.

However, the real democratic deficit is that the SNP does not appear to understand that in a democracy, acceptance of a referendum result should not be conditional on the SNP winning.

Indeed, until the SNP finds answers on currency, hard borders, how they would deal with the crippling deficit, or trade with a Brexit UK, all their summer initiatives will not be worth a jot and their independence hopes will remain a pipe dream.

Ian Lakin.
Pinelands,
Murtle Den Road,
Milltimber.

Time for SNP to walk the walk

Sir, – There was the usual lack of detail in the SNP’s plans for the next year at Holyrood apart from an oft-stated ambition to finally sort out Scotland’s entrenched educational disadvantage.

Well that would be, as they say, a neat trick but forcing universities to accept more state school pupils with low grades looks an uncomfortable fit with places of academic excellence.

In fact, Nicola Sturgeon has focused on a second referendum to the detriment of the day job and she needs to deliver on the central promises she made when she became First Minister.

She has talked the talk, now she needs to walk the walk on the economy, public services and a fairer society, yet few of this year’s grandiose plans are really pointing in that direction.

Rev Dr John Cameron.
10 Howard Place,
St Andrews.

Tories must fight ideology

Sir, – Labour wants to restrict the named person scheme to those under 16.

This illustrates the fact that Labour does not oppose the core principles of the SNP’s approach.

Leftist liberal philosophy teaches that children should be primarily governed by two authorities: their own wishes and the state.

This is in direct opposition to my view that children should be primarily governed by their parents in the family.

The state’s role is to protect the family. The role of parents is to allow the child to develop autonomy within the family.

As well as appointing agents of the state to interfere in family life and draw away the loyalty that should usually be reserved for parents, there is also a campaign to undermine parental authority by influencing the mindset of children.

Schools are now forced to emphasise children’s rights incessantly and convey to children the impression that the primary function of the adults in their lives is to meet their requests.

Thus over-empowered, children will tend to resent perfectly reasonable assertions of parental authority and be tempted to report their “uncooperative” parents to the very state officials that taught them how parents should really treat their kids.

Will the Conservatives step up to the mark and actually fight the ideological battle on every front, or just chase votes on the back of the unpopularity of the named person scheme?

Richard Lucas.
11 Broomyknowe,
Colinton,
Edinburgh.

Threat to racial harmony

Sir, – I wholly agree with your correspondent William Loneskie who objected to female police officers wearing the hijab on Scottish streets.

This deflects from racial harmony and is a cynical ploy to woo the Muslim vote.

Peter Stuart.
Westwood,
Kenmore Road,
Aberfeldy.

Drivers should show patience

Sir, – With reference to the letter, Freeloaders on our roads (September 3), I was interested to read the opinion that cyclists cause delays to professional drivers and delay people heading to medical appointments and carers on their rounds.

As a cyclist, I agree I do cause cars to slow down. An average delay I assess as less than six seconds before they speed off.

While driving I am also guilty of causing delays for drivers. This is as a result of insisting on driving at the speed limit.

As a pedestrian, I bring the entire road system to a halt by using the pedestrian crossings.

By all means, complain about cyclists but sometimes just consider how long you have slowed down for. It may seems like an eternity but it is likely to be very little.

Stephen Hughes.
16 Castle Park,
Ceres.

Lions’ den in Carse of Gowrie

Sir, – I was interested to read that the fire- damaged Commercial Hotel in Errol could be restored.

This was once the business and, I believe, home of former Dundee FC manager and Lisbon Lion Tommy Gemmell.

If memory serves, another Lion, Jimmy Johnstone, stayed there for a spell during his short stint at Dundee.

Bob Ferguson.
North Muirton,
Perth.