Back to the future with a ‘virtual devaluation’

I PROPOSE we have a ‘virtual devaluation’ of our economy through renegotiating Towards 2016.

A time in the past would be selected and it would be agreed that all incomes and prices (excluding stocks, shares, land and buildings) be reduced to what they were at that time.

The reductions in interest rates, rents, oil and house prices, and the relative value of the pound and dollar would help to get prices down.