Banks need to become more 'moral' institutions, says Archbishop of Canterbury Rt Rev Justin Welby as he warns that Britain is in 'some kind of depression'
The Archbishop of Canterbury argued tonight that Britain was suffering not recession but “some kind of depression”.
In comments that will dismay ministers, the Rt Rev Justin Welby called for “very major” reforms to revive the economy.
He told an audience of MPs and peers: “Economic crises are a major problem when they are severe. When they are accompanied by a financial crisis and a breakdown in confidence they become a generational problem.
“Historically, the great failures in banking have led to very long periods of recession at best and I would argue what we are in at the moment is not a recession but some kind of depression and therefore it will take something very major to get us out of it.”
The Archbishop, who is a member of the Parliamentary Banking Commission, was speaking at an event in Westminster organised by the Bible Society. His comments came ahead of figures on Thursday which will show whether Britain has slumped into its first “triple dip” recession.
Stressing he was speaking in a personal capacity, he argued that banks needed to become more “moral” institutions with roots in their local communities.
He said: “The easiest way to do that would be to kill two birds with one stone and recapitalise one of our major banks and break it up into regional banks.”
- 1 Games of Thrones actor Lena Headey makes emotional promise to her unborn daughter
- 2 Isis burns woman alive for refusing to engage in 'extreme' sex act, UN says
- 4 Female Muay Thai champion hustles coaches to give them a beating
- 5 Picture of couple posing with beached dolphin 'that later died' causes outrage
Isis burns woman alive for refusing to engage in 'extreme' sex act, UN says
Purity balls: Girls in the US making virginity pledges as fathers vow to 'protect purity'
Puerto Rico, island of lost dreams: People are leaving the debt-hit territory in droves as near neighbour Cuba's star rises
Female Muay Thai champion hustles coaches to give them a beating
16-year-old girl beaten and burned alive by lynch mob in Rio Bravo, Guatemala
As a white man, I'm surprised more women aren't tweeting the hashtag #KillAllWhiteMen
Scotland may have to leave the EU even if it votes to stay in, David Cameron confirms
Report finds that Britain's wages are the most unequal in Europe
The day that Britain resigned as a global power
Almost a third of school pupils believe 'Muslims are taking over our country', study claims
SNP fury as HS2 finds 'no business case' for taking fast train service to Scotland
£40-50K: Guru Careers: We are seeking an experienced Software / C# Developer w...
£35 - 40k + Benefits: Guru Careers: We are seeking a Software Developer (JavaS...
£18000 - £23000 per annum + Commission: SThree: As a Trainee Recruitment Consu...