Archbishop of Canterbury Justin Welby attacks The City's 'culture of entitlement'

Asked about his political pronouncements, Welby said: 'sometimes feathers get ruffled'

The Archbishop of Canterbury has criticised what he sees as a "culture of entitlement" in The City.

Speaking to the Financial Times, the Rt Rev Justin Welby also suggested "serious consideration" be given to the idea of setting up a professional banking body to regulate standards.

The Archbishop, a former oil industry executive and now a member of the cross-party Banking Standards Commission, said it would take something “very major” to restore the nation's economic confidence.

Welby acknowledged that standards in London's financial hub are higher than in the past, but said: “In banking, in particular, and in the City of London, a culture of entitlement has affected a number of areas – not universally by any means – in which it seemed to disconnect from what people saw as reasonable in the rest of the world.”

“Part of an ethical approach is transparency and reality about recognising where you are. The lesson from Japan is if you’re going to bite the bullet, it’s better to bite it sooner rather than later.”

His views are thought to enjoy support on the commission, which is engaged in a wide-ranging debate on the best ways to improve practices in The City. The Chancellor George Osborne has promised to incorporate proposals from the commission into draft legislation.

Rev Welby said: “Banks are incredibly complicated things. The idea that people can hold hugely responsible positions in them without any kind of formal training seems to a number of us quite surprising.”

The Archbishop also repeated his comments from last week that Britain is in an economic depression and from which it could take a generation to recover.

Asked on Radio 4’s The Week in Westminster whether he minded ruffling a few feathers, he said: “I don’t know if it annoyed people in Number 10.

"They haven’t said anything here. I mean they probably would have preferred it not said.

“Historically depressions have been recognised as lengthy periods in which the economy did not get back to its previous level of activity before a recession set in. So 1929 to 1932 is the great example. There was a big one towards the end of the 19th century.

“We are still significantly below where we were in 2007 in terms of economic activity, of GDP, and that’s quite a long time of being below.

“Now, I’m not pointing any fingers at anyone in particular and saying it’s so-and-so’s fault or so-and-so’s fault, it’s simply a measurable fact coming from the national statistics.

“It’s very much less noticeable in London, I have to say, than in the north east where I was living previously. Do I mind ruffling feathers? I think I do mind ruffling feathers, I don’t like ruffling feathers – but sometimes feathers get ruffled. I mean that’s life.”

In his interview the Archbishop was asked whether he saw it as part of his mission to try to inject more morality into British financial life.

He said: “My key mission is to lead the church in worshipping Jesus Christ and encouraging people to believe in him and follow him. That’s my mission.

“The Christian gospel has always had strong social implications and one of them is around the common good and it’s one of the key areas in which the Church of England focuses, and so issues of how the City of London, which is so important and so full of very gifted people, how that behaves in relation to the common good is very key, not to the whole thing that I'm about or the church is about, but to how we express the implications of that in day to day life.”

Start your day with The Independent, sign up for daily news emails
PROMOTED VIDEO
Have you tried new the Independent Digital Edition apps?
ebooks
ebooksA year of political gossip, levity and intrigue from the sharpest pen in Westminster
Life and Style
Suited and booted in the Lanvin show at the Paris menswear collections
fashionParis Fashion Week
News
i100
Arts and Entertainment
Kara Tointon and Jeremy Piven star in Mr Selfridge
tvActress Kara Tointon on what to expect from Series 3
Voices
Winston Churchill, then prime minister, outside No 10 in June 1943
voicesA C Benson called him 'a horrid little fellow', George Orwell would have shot him, but what a giant he seems now, says DJ Taylor
News
i100
News
An asteroid is set to pass so close to Earth it will be visible with binoculars
news
News
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs General

Austen Lloyd: Private Client Solicitor - Oxford

Excellent Salary : Austen Lloyd: OXFORD - REGIONAL FIRM - An excellent opportu...

Austen Lloyd: Clinical Negligence Associate / Partner - Bristol

Super Package: Austen Lloyd: BRISTOL - SENIOR CLINICAL NEGLIGENCE - An outstan...

Recruitment Genius: Sales Consultant - Solar Energy - OTE £50,000

£15000 - £50000 per annum: Recruitment Genius: Fantastic opportunities are ava...

Recruitment Genius: Compute Engineer

Negotiable: Recruitment Genius: A Compute Engineer is required to join a globa...

Day In a Page

Syria crisis: Celebrities call on David Cameron to take more refugees as one young mother tells of torture by Assad regime

Celebrities call on David Cameron to take more Syrian refugees

One young mother tells of torture by Assad regime
The enemy within: People who hear voices in their heads are being encouraged to talk back – with promising results

The enemy within

People who hear voices in their heads are being encouraged to talk back
'In Auschwitz you got used to anything'

'In Auschwitz you got used to anything'

Survivors of the Nazi concentration camp remember its horror, 70 years on
Autumn/winter menswear 2015: The uniforms that make up modern life come to the fore

Autumn/winter menswear 2015

The uniforms that make up modern life come to the fore
'I'm gay, and plan to fight military homophobia'

'I'm gay, and plan to fight military homophobia'

Army general planning to come out
Iraq invasion 2003: The bloody warnings six wise men gave to Tony Blair as he prepared to launch poorly planned campaign

What the six wise men told Tony Blair

Months before the invasion of Iraq in 2003, experts sought to warn the PM about his plans. Here, four of them recall that day
25 years of The Independent on Sunday: The stories, the writers and the changes over the last quarter of a century

25 years of The Independent on Sunday

The stories, the writers and the changes over the last quarter of a century
Homeless Veterans appeal: 'Really caring is a dangerous emotion in this kind of work'

Homeless Veterans appeal

As head of The Soldiers' Charity, Martin Rutledge has to temper compassion with realism. He tells Chris Green how his Army career prepared him
Wu-Tang Clan and The Sexual Objects offer fans a chance to own the only copies of their latest albums

Smash hit go under the hammer

It's nice to pick up a new record once in a while, but the purchasers of two latest releases can go a step further - by buying the only copy
Geeks who rocked the world: Documentary looks back at origins of the computer-games industry

The geeks who rocked the world

A new documentary looks back at origins of the computer-games industry
Belle & Sebastian interview: Stuart Murdoch reveals how the band is taking a new direction

Belle & Sebastian is taking a new direction

Twenty years ago, Belle & Sebastian was a fey indie band from Glasgow. It still is – except today, as prime mover Stuart Murdoch admits, it has a global cult following, from Hollywood to South Korea
America: Land of the free, home of the political dynasty

America: Land of the free, home of the political dynasty

These days in the US things are pretty much stuck where they are, both in politics and society at large, says Rupert Cornwell
A graphic history of US civil rights – in comic book form

A graphic history of US civil rights – in comic book form

A veteran of the Fifties campaigns is inspiring a new generation of activists
Winston Churchill: the enigma of a British hero

Winston Churchill: the enigma of a British hero

A C Benson called him 'a horrid little fellow', George Orwell would have shot him, but what a giant he seems now, says DJ Taylor
Growing mussels: Precious freshwater shellfish are thriving in a unique green project

Growing mussels

Precious freshwater shellfish are thriving in a unique green project