“In the wake of the economic debacles following 2008, one of the greatest areas of concern among the public was the apparent lack of change in the financial fortunes of those whom they viewed as being most responsible for the banking crisis.”
On 23rd October 2013, the Bishop of Birmingham, the Rt Revd David Urquhart, spoke during the Committee Stage of the Financial Services (Banking Reform) Bill. He spoke in support of an amendment tabled by Lord Turnbull, to require that banks and other financial institutions abide by a ‘remuneration code’, implemented and enforced by the financial regulator. The amendment, based on a recommendation by the Parliamentary Commission on Banking Standards, was not pressed to a vote during Committee Stage.
The Lord Bishop of Birmingham: My Lords, I rise to speak on behalf of the most reverend Primate the Archbishop of Canterbury. He regrets very much that he cannot be in his seat today, but it is seldom that one has the opportunity to offer Christian baptism to a young couple, particularly when their child is a future heir to the throne of this country. None the less, I know that he, like me, would want to echo the support for these amendments, which have been spoken to by the noble Lords, Lord Turnbull and Lord Eatwell. In a sense, I now regret that I am here doing my duty, because I could not have put it better myself.
In the wake of the economic debacles following 2008, one of the greatest areas of concern among the public was the apparent lack of change in the financial fortunes of those whom they viewed as being most responsible for the banking crisis. As we have heard, the salaries of senior bankers seem to remain high and bonus levels have quickly regained their old levels, while for many ordinary people and ordinary businesses across the country, it has been a matter of tightening the belt and looking very seriously at difficult household and commercial budget decisions. The submission of the Church of England’s Mission and Public Affairs Council to the banking commission said of this disparity between what I am going to talk about as two cultures that it,
“has gravely harmed the public perception of banking”. Continue reading “Bishop of Birmingham supports amendment to Banking Reform Bill”