Dealing with the skills shortage is the key to kick starting the economy - Yorkshire Post Letters

What I don't fully understand when the Governor of the Bank of England keeps increasing the bank interest rate is that people are bound to have less money to spend in their pockets.

My defence in not understanding this is that I got a CSE grade 2 in Business studies at a secondary modern school in Blackpool in 1973.

For those who have mortgages, and who rent in the private sector, by increasing the interest rate month on month it leaves less money to buy items on the high street which is bound to affect sales in shops as families have less money to spend each week or month.

Likewise it is of no surprise to me that less mortgages are being taken out from banks and building societies resulting in a downturn in both new and old house purchases.

This is bound to affect new house builders sales, as well as for those families who are having to stay in their homes as they are unable to move to a bigger house and want to extend by building a new room or upgrade their kitchen but because of increased interest rates cannot take out a loan from a bank or building society.

Not so long ago there was a shortage of skills in the construction industry so why doesn't the government during this downturn take the opportunities for those builders who have been temporarily laid off to re-skill them in other jobs in the construction industry, thus making them less reliant on other tradesman in order to complete building projects.

This government could also invest in training up both young people and those who want to change careers by investing in apprenticeships at local colleges.

Hopefully when these newly skilled apprentices have qualified the economy will have improved and the construction industry kick started again.

We read in the press that there has been bigger increases in grocery prices from the German supermarkets, again this is not surprising, as manufacturers are having to pay more for business loans from banks in order to buy basic materials like wheat and barley cereal as an example from the farm gate to manufacture food for the table.

The government funded energy watchdog Ofgem says that the cost of energy has reduced, but it could well 'spike' up again, due to world external factors, like the war in the Ukraine or countries who produce oil having reduced the volume of barrels of oil produced each day.

However I am pleased that the government's intervention with the four supermarkets about profiteering at the petrol and diesel pumps is having an effect as the fluctuations in oil prices are being passed onto the customer more quickly at the pumps.

I never did see the published figures promised by Prime Minister, Boris Johnson, shaming the petrol and diesel who made huge profits when the government reduced the fuel duty.

I suspect that this was another promise made by Boris Johnson which never materialised.