Archbishop clarifies on bankers: "They do not come in with horns and a tail burning £50 notes to light large cigars"

Business quote of the day.

The Archbishop of Caterbury, who sits on Parliament's banking standards commission, said at a Bible Society-organised event at Westminster that he had found bankers  "not nearly as bad as one hoped that they would be".

"They do not come in with horns and a tail burning £50 notes to light large cigars," he said.

The problem, he said, had been "slightly unsophisticated" errors,  lending "very, very large amounts of money to people who could not pay them back".

"Those two errors alone are quite enough to bankrupt any bank."

He suggested the solution lay in reconnecting the bank with the community,  and that "at least part of the banking system should be local".

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The Deep Dive podcast: Mandates and Manifestos

The New Statesman's Deep Dive podcast.

Ian Leslie and Stewart Wood return for another episode of the Deep Dive. This time they're plunging into the murky world of election promises with Catherine Haddon, resident historian at the Institute of Government. Together they explore what an electoral mandate means, what a manifesto is for, and why we can't sue the government when they fail to keep their promises.

Plus: Rant or Rave? Find out which podcasts have had our hosts on tenterhooks.

Listen to this episode of The Deep Dive now:

 

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