 we're expecting this interest rate hike of around half a percentage point it could be more do you think that will be enough to curb this stubborn inflation? Thanks for having me on yes you said it could be 0.5 but also looking like the markets predicting 0.75 percentage points increase which would be the largest rate race since 1989 but we know today's main driver of inflation is it the international gas price which Andrew Bailey the governor of the Bank of England has himself admitted they have no control over so today's rate rise will do nothing to curb that we know that bringing down the energy price cap increase would lower inflation you know the the predictions have already come down a bit after the government's announcement so it makes no sense whatsoever to be raising interest right now especially so aggressively you know driving at the cost of household debt across the country at a time where record numbers are being pushed into until that day it makes a recession much more likely and it may even risk a financial crash it eventually further down the line. So we know that inflation is the biggest eroder of household incomes and obviously it needs to be brought under control if you're saying the Bank of England shouldn't bring down interest rates what should they do what are their other options sorry raise interest rates. So you know we have to deal with the crisis we're facing now which is huge inflation driven by gas prices international gas prices possible fuel prices and to an extent corporate profits is also playing a role in that you know I think we've been having this conversation since the crash that the Bank of England is is out with tools in the same way that many of the economic tools we look to use you know are tools of the past not the present so you know what the Bank of England needs to be doing is exploring alongside the Treasury and the government what are the big challenges of today and what should our approach be but we have to be honest with ourselves you know today an interest rate rise will push people into poverty it will increase insolvency now that is not good for the country's economy it's not good for for living standards and so I think that you know good question is when are we going to have this honest conversation about the fact that that these tools aren't going to do anything useful but in fact they're just going to make what looks like to be quite a really tough winter even worse for a lot of households across the country it looks like the bank are going to be raising interest rates where do you see interest rates going I know you're saying that they shouldn't be rising at the moment but I think it looks like they will be so what do you see happening going forward then we've heard over a third of mortgage holders think that that will make their mortgage repayments affordable obviously we've got really high levels of credit card debt and other forms of household debt and borrowing as people are struggling to get by you know choosing between eating and eating you know so I said as I said this is going to make that debt burden worse and it could push many more people into insolvency obviously already people that have defaulted on their debt and this will make the situation worse so you know it looks like we are headed for quite a deep recession potentially in the UK and you know that financial stability risk is there so you know what we're hearing from both the Bank of England and to an extent the government and the Treasury you know isn't looking at the tools we need to solve the challenges of today and just quickly we're expecting the mini budget tomorrow we've been discussing it this morning what do you want to hear in that tomorrow from the government so I mean we'd love to see less of what's been coming out from the Prime Minister and the Chancellor around you know we need to take away the Bankers bonuses cap we need to de-regulate the city we need to make also they're looking to put tax cuts on the housing market which can fuel a housing bubble and actually we need to see more about what's that support for the people on lowest incomes because they're the people that going to be hit hardest by the the current inflation the current energy cost you know obviously they've brought the cap down but it's still going up you know ideally they'd be reversing the energy price cap to pre-april levels I mean that would be the kind of top the top request but I think on top of that we need to see along the term plans for insulation home insulation in the country we need to see investment and we need to see that support for people on lowest incomes if we're going to curb a kind of wave of intolerance and people getting pushed into poverty and into very difficult situations this winter