It does not have any information about the likely course of the economy over the next few years that is not available to the rest of us. Heathrow is humming.The decision to cut interest rates – a month or three late – was a welcome recognition that the weight of evidence has shifted in favour of the need to protect the economy from recession, and away from the need to worry about inflation. And the advantage of interest-rate changes is that they are flexible and responsive, and will have a more immediate effect than any decisions the Chancellor could make about taxes and public spending, which would take years to work through.But yesterday’s cut does not mean that the Monetary Policy Committee thinks we are actually entering a recession. And, although October car sales were down a touch, they were still running only just below last year’s record levels.For the innumerate majority, most of the informal indicators are holding up well Empty London taxis are hard to find in the rush hour The nation’s restaurants are still full.

THE STOCK market’s response to yesterday’s half-point cut in the interest rate was a classic example of modern market psychology. First it shot up, on the good news of cheaper money and a lower pound. A few moments later it dropped, as traders began to worry that if the Monetary Policy Committee of the Bank of England thought things were bad enough to warrant a big cut, instead of a little cut, then things must be really bad. The rest of us should keep a sense of perspective about the moment-by- moment panics that rule the City of London. Yesterday’s clatter of statistics suggest that the economy is weakening, and yet still chugging along at a reasonable pace. Manufacturing output is falling, several prominent retailers have announced falls in profits, and the outlook for jobs is mixed, to say the least.

But the outlook is not yet gloomy enough to justify talk of crisis.
Marks & Spencer’s lower profits, for example, are partly attributable to the company’s decision to stock clothes that people do not want to wear. How did economies cope during the fixed exchange rate years of Bretton Woods (1940s to 1970s)? These were the most prosperous years for a century for most developed nations which were part of the currency system – including Britain.
The sooner we can get away from sweeping assertions which are just not borne out by history or basic economics, and those against EMU face the real advantages in lower interest rates and inflation, greater stability and better planning, the better.Richard BrayLondon W5. Sir: John Phillips (letter, 4 November) asserts that, “in the medium to long term the EMU is bound to fail”, on the basis that “the only mechanism for a natural improvement” in a national slump is currency devaluation. In a live discussion, this decision rests with the BBC’s representative on the spot, the interviewer.
In this case it was right to allow Peter Mandelson’s sexuality to be discussed, given the context. When the issues surrounding Ron Davies’ resignation are clouded by homophobia and the inability of the Cabinet of which Mr Mandelson is a senior member to take a clear position, his sexuality and the Government’s attitude to it is very relevant.The BBC gag goes much further, however: it prevents mention of any aspect of Mr Mandelson’s private life, regardless of the context: that is to say, before anyone can know whether or not it is in the public interest to mention it in a particular situation.I understand the BBC’s mandate is to “inform, educate, and entertain” It is not to censor.Cameron SmithGlasgow. This requires the BBC to analyse a situation and decide for the public whether or not it is in the public’s interest to know about it. He claims the BBC was simply enforcing its standing policy, which avoids discussing the private lives of public figures when doing so is not “serving the greater good”.

Conversations with friends and colleagues have revealed that many experienced travellers feel the same.I understand the commercial pressures which force airlines to try to ensure that their planes are full, but if passengers’ views were publicised I wonder how long it would be before similar commercial considerations forced BA to treat their customers with a bit more respect.Professor Peter MathiesonUniversity of Bristol. Sir: Philip Harding’s attempted justification for the BBC’s gag on discussing Peter Mandelson’s private life is disturbing, coming as it does from a public broadcaster (letter, 3 November). I was told I would be compensated and I was given a pounds 4 voucher for the airport restaurant. When I was later condescendingly informed that I would after all be fortunate enough to be granted the place which I had booked (and for which I had paid pounds 565), the staff seemed to expect my undying gratitude.
Instead they have convinced me that the “world’s favourite airline” has such a complacent and self-righteous attitude that I would be better to travel with alternative carriers in future. It is regrettable that the same cannot be said for the manner in which BA treats its paying customers.

When I checked in at Heathrow, I was informed that the flight was overbooked and that it was likely that I would have to travel by an alternative (slower) route. The best explanation I was offered was that “It’s just one of those things” since BA policy is to overbook every flight by 10 per cent and I simply had the misfortune to be booked on a flight for which most passengers had turned up. American women’s political role has steadily developed since then. The strength of right-wing forces in the US is such as to require the Democrats to distinguish themselves by emphasising the social issues, health insurance again perhaps pre-eminent among them – the very issue on which Hillary Clinton cut her political teeth.Of course those who detest Bill Clinton feel much the same about Hillary – but if those feelings did not translate into votes this year, with impeachment in the air, why should they in 2000?Neville MaxwellOxford. Sir: Far be it from me to disagree with Egon Ronay (letter, 30 October), but I travelled (economy class) to the US with British Airways last week and I thought that the in-flight food was entirely satisfactory. He might find it necessary to placate them with his choice of vice-presidential candidate, to achieve a “balanced ticket”

For the Democrats, most probably Vice-President Al Gore. A stiff, non- charismatic figure, to win Mr Gore will have to make an inspired choice for running-mate, someone who will counter his stiffness with vibrant informality, and ideally, someone who is already nationally known.