Home › T19 Categories › * Anglican - Episcopal › Break up large bank to create regional lenders, argues Archbishop of Canterbury Justin Welby
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Break up large bank to create regional lenders, argues Archbishop of Canterbury Justin Welby
Speaking at a Parliamentary event on “finding long-term solutions to the financial crisis”, Archbishop Welby said there needs to be a “revolution in the aims” of banks to ensure they serve society rather than “self-regarding interest” or even just shareholders.
“What we’re in at the moment isn’t a recession but some kind of depression,” he said. “It needs something very, very major to get us out of it, in the same way it took something very major to get into it.”
The Archbishop, who sat on the recent Banking Standards Commission but said his ideas were not those of the Commission, also called for professional banking standards to be introduced as a way of transforming ethical standards in banking.
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