Roger Berry made two assertions – that austerity would not affect the well-off and that Cameron lacks an understanding of how economics work.

The first is true. 'Sir Fred the Shred' with his huge pension will live in luxury while his victims pick up the bill.

Ask yourself Roger, did the wicked Tories give him the money or was it New Labour, always cosy with the super rich?

Lack of understanding of economics did reach its limit when there was the announcement that "boom and bust" had been abolished.

Mr Berry, I seem to recall, taught economics when he was young. Did he also tell students that the ubiquitous cycles that permeate economic life could be abolished. In one country? In the whole world?

Few politicians, regulators or journalists have demonstrated understanding of economics recently for this demands judgement plus some knowledge of business and economic history.

Doubtless Cameron and Osborne are as ill-qualified as Brown and Darling but all is not lost. Mr V Cable, almost alone, has got it right. Mr Berry could do worse than read the wisdom of Vince in the Mail on Sunday.

Of course, he knows that macro-economics is too political to be an exact science, unlike dear old Roger.

F Gardner, Chew Magna.