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Archbishop condemns bank excesses Archbishop condemns bank excesses
(10 minutes later)
The Archbishop of Canterbury has told the BBC he fears financiers feel no "repentance" for the excesses which led to the economic collapse.The Archbishop of Canterbury has told the BBC he fears financiers feel no "repentance" for the excesses which led to the economic collapse.
Dr Rowan Williams said the government should have acted to cap bonuses.Dr Rowan Williams said the government should have acted to cap bonuses.
He also warned that the gap between rich and poor would lead to an increasingly "dysfunctional" society.He also warned that the gap between rich and poor would lead to an increasingly "dysfunctional" society.
But Gordon Brown says he is confident an agreement on greater regulation of the world financial system can be reached at next week's G20 summit. But Gordon Brown says he is confident an agreement on greater regulation of the financial system can be reached at next week's G20 summit in the US.
Dr Williams told BBC Two's Newsnight programme: "There hasn't been a feeling of closure about what happened last year.Dr Williams told BBC Two's Newsnight programme: "There hasn't been a feeling of closure about what happened last year.
"There hasn't been what I would, as a Christian, call repentance. We haven't heard people saying 'well actually, no, we got it wrong and the whole fundamental principle on which we worked was unreal, was empty'.""There hasn't been what I would, as a Christian, call repentance. We haven't heard people saying 'well actually, no, we got it wrong and the whole fundamental principle on which we worked was unreal, was empty'."
What we are looking at is the possibility of a society getting more and more dysfunctional if the levels of inequality that we have seen in the last couple of decades are not challenged Dr Rowan WilliamsWhat we are looking at is the possibility of a society getting more and more dysfunctional if the levels of inequality that we have seen in the last couple of decades are not challenged Dr Rowan Williams
When asked if he thought the City was returning to "business as usual" Dr Williams said: "I worry. I feel that's precisely what I call the 'lack of closure' coming home to roost.When asked if he thought the City was returning to "business as usual" Dr Williams said: "I worry. I feel that's precisely what I call the 'lack of closure' coming home to roost.
"It's a failure to name what was wrong. To name that, what I called last year 'idolatry', that projecting [of] reality and substance onto things that don't have them.""It's a failure to name what was wrong. To name that, what I called last year 'idolatry', that projecting [of] reality and substance onto things that don't have them."
He also said that the crisis was a lesson that "economics is too important to be left to economists".He also said that the crisis was a lesson that "economics is too important to be left to economists".
And he went to suggest there was a role for "awkward amateurs" in examining how the City operates.And he went to suggest there was a role for "awkward amateurs" in examining how the City operates.
Dr Williams also said there was a sense of "bafflement" and "muted anger" at the bonus culture.Dr Williams also said there was a sense of "bafflement" and "muted anger" at the bonus culture.
"I think that's one of those things that feeds the... diffused resentment, that people are somehow getting away with a culture in which the connection between the worth of what you do and the reward you get becomes more obscure."I think that's one of those things that feeds the... diffused resentment, that people are somehow getting away with a culture in which the connection between the worth of what you do and the reward you get becomes more obscure.
"What we are looking at is the possibility of a society getting more and more dysfunctional if the levels of inequality that we have seen in the last couple of decades are not challenged.""What we are looking at is the possibility of a society getting more and more dysfunctional if the levels of inequality that we have seen in the last couple of decades are not challenged."
Further warningsFurther warnings
Dr Williams' comments come after a think tank warned the lessons of the economic crisis have not been learned.Dr Williams' comments come after a think tank warned the lessons of the economic crisis have not been learned.
The Institute for Public Policy Research (IPPR) said the rapid return to the City's bonus culture showed real reform has been "very limited".The Institute for Public Policy Research (IPPR) said the rapid return to the City's bonus culture showed real reform has been "very limited".
And those warnings echoed a speech by US President Barack Obama, who warned of complacency in the banking sector.And those warnings echoed a speech by US President Barack Obama, who warned of complacency in the banking sector.
Meanwhile, Prime Minister Gordon Brown and French President Nicholas Sarkozy have called for swift action to cap bankers' bonuses at next week's summit of leaders of the Group of 20 industrialised nations in Pittsburgh. Meanwhile, UK Prime Minister Gordon Brown and French President Nicholas Sarkozy have called for swift action to cap bankers' bonuses at next week's summit of leaders of the Group of 20 industrialised nations in Pittsburgh.
Speaking in Paris, Mr Brown said: "We're working on bonuses and how we deal with this problem, where high bonuses have appalled everyone across the world.Speaking in Paris, Mr Brown said: "We're working on bonuses and how we deal with this problem, where high bonuses have appalled everyone across the world.
"And, we're also working on how we can get together, working together, a strategy for growth for the world in the years to come.""And, we're also working on how we can get together, working together, a strategy for growth for the world in the years to come."