Letter: The advantages of depreciation

Sir: The few of us left in manufacturing industry with a high percentage of exports welcome low interest rates and therefore a so- called weak pound.

Our City friends who sell our currency want a strong pound and therefore high interest rates.

The questions are: Who are their buyers? Are their interests our interests? How many people do they employ?

Low interest rates and a 'weak' pound make imports expensive and relieve the cost of mortgage interest and other debt from my employees.

What is wrong with that?

Yours faithfully,

ALAN ROUTS

Managing Director

Sheen Instruments Ltd

Teddington, Middlesex

25 August