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".

Photograph: Getty Images
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The NS Podcast #113: Europe's refugee crisis

Plus: Terry Pratchett's last Discworld novel.

This week, we ask whether Cameron will respond to the growing refugee crisis in Europe, discuss the Labour leadership as the election grows ever closer, and discuss Terry Pratchett's final posthumous work.

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