It's time to increase interest rates

Continuing to reduce interest rates below around 3%, as the Bank of England has done in a frantic effort to boost the economy, won't work. The net borrowers are hardly affected; if they feel any benefit at all through reduced mortgage payments it is marginal - far outweighed by the fear of losing their jobs and so not being able to make the payment at all. The net savers tend to react by saving more, especially as pensions have been so badly hit by falls in the markets. This was exactly the problem faced by Japan in the 90's. So maybe it's time to try something counter-intuitive (from an economist's point of view) and increase interest rates?