The continued ‘occupation’ by demonstrators camping in front of St Pauls has already achieved one of its main aims – in prompting wider debate on the ethics and morals of the banking profession. While Canon Giles Fraser has resigned his post, it seems likely that the public will hear more from him on this subject over the coming months.
Meanwhile, the St Pauls Institute has published the results of its survey into the perceptions of 515 professionals working in the City. Among its more startling statistics is the finding that more than two-thirds (69%) of those interviewed did not know that the financial Big Bang happened in 1986, and 1 in 3 disagreed with the statement that banks had been deregulated.
Ken Costa, former chairman of Lazards International has agreed with St Pauls to lead a dialogue between the City, the Cathedral and the protestors, to ‘reconnect the financial and the ethical’. More details are set out in Mr Costa’s recent pieces in the Daily Telegraph and in the Financial Times. Events are moving closer to an exercise which widens public understanding of the workings of the financial system, while exposing bankers to the views and values of the UK public, as advocated by this website.