Simon Jenkins is right

Simon Jenkins is right (Comment, 16 October) to suggest that the government should have issued new credit directly “to pensioners and the poor” rather than exclusively to the banks who are hoarding it. In the form of a time-limited cashpoint card, this credit would be guaranteed to be spent in a few weeks. The government could also spend money into circulation by massive public works on infrastructure, any inflationary effect being sure to show up in raised land prices that could be recouped by a land value tax.

DBC Reed