The Prime Minister and Chancellor must hold firm and see their reforms through

SIR – It takes great strength of character and conviction to stand up and face a baying mob, especially a political one. Liz Truss and Kwasi Kwarteng have my admiration.

I always wondered why Boris Johnson did not attempt to enact some of his early policies after Brexit, for which he had great public support. Perhaps he understood how the pro-EU and socialist contingents in Parliament and the wider political world would react, and was fully aware of the force that would be against him.

I wish Ms Truss and Mr Kwarteng good luck. They have shown enough courage in their beliefs to see this challenge through.

Bea Martin

Ferring, West Sussex

SIR – At a time when so many people are having trouble affording the basics of life such as food and energy, how can it be morally, logically or tactically sensible to give the richest of our nation a tax gift?

Anthony Chapman

Morton, Lincolnshire

SIR – Has the looming mortgage crisis not been caused by the Bank of England base rate being allowed to drop to the ridiculously low level of the past few years, allowing people to take on huge, unaffordable mortgages?

If the base rate had never fallen below 3 or 4 per cent, house prices would not be so high and we would not all be panicking now.

Stuart Gould

Peterborough

SIR – The Government seems to be taking a lot of criticism for what is the Bank of England’s fault.

The Bank has persistently failed to forecast and control inflation, advising that it was transitory and would be modest. It fell behind the curve of action and has remained there, while inflation has galloped ahead. Consistent with this has been the failure to raise interest rates to more credible levels. For years it has been happy printing money to the tune of £900 billion, which any GCSE student could tell you leads to currency debasement, inflation and economic ruin.

The Bank has also failed to regulate the pension sector, which has become highly exposed to £1.5 trillion of liability driven instruments that are tied to bonds and low interest rates.

The Bank is failing the nation and the Government. More competent people should be in charge.

Stuart Moore

Bramham, West Yorkshire

SIR – It seems that we have exchanged a prime minister who is a proven election winner, but is not considered a true Conservative, for one who has no shortage of Conservative values but whose chances of winning an election have already been written off by many. I wonder which Conservatives prefer. Peter Snow

Whittlesford, Cambridgeshire