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Christian Socialists echo call for power with responsibility

Labour leader links bank crisis, MP expenses and phone hacking
CSM calls again for bank reform

CSM has echoed Labour leader Ed Miliband's call for power to be exercised responsibly. Citing the banking crisis, the row over MPs' expenses and the current phone hacking scandal, Ed Miliband said in a speech on Monday that all three were linked by the "irresponsibility of the powerful".

Calling for change, Mr Miliband said "This issue of responsibility is one which must be tackled throughout British society."

CSM spokesperson Stephen Beer said:
"Ed Miliband highlighted the collapse of confidence in banks, parliament over MP expenses, and the media. In all three, values were unchallenged and, for a few, became distorted. Christians on the Left of politics have long believed that power should be more fairly dispersed in society, and better held to account. Everyone should keep the common good in mind."

CSM highlighted the power of the banks in a submission to the Independent Commission on Banking (ICB) earlier this month, which was published last week.

In its submission, CSM stated that "the banking sector (or any sector of the economy) should not be permitted to exercise undue power."

CSM repeated its call for banking operations to be separated between retail banking and riskier investment banking. The sector proved in the crisis that it cannot control itself and regulation alone is not enough.

The submission can be found on the ICB website

Stress tests of European banks and the continuing sovereign debt crisis in Europe show the shockwaves from the financial crisis continue to be felt.

Banking reform, and indeed reform of any institution, should focus on "the macro picture and the common good."

This item was first published on the CSM website, on 19 July 2011.
Stephen Beer, 20/07/2011

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