Shared Faiths response to the credit crunch

Last year Faiths in London's Economy (FiLE) published a shared faiths response to the credit crunch which calls for: non-interest bearing transactions; mutual societies; business accountability to a wider range of stakeholders than shareholders alone; transparent and ethical business practices; and recognition of the role that artists and communities play in generating real wealth.

The document was picked up by the Faith Engagement Team in the Department for Communities and Local Government and posted on the G20 London Summit site as part of the Faith Debate section. The full text of our ‘Shared Faiths response’ was published in the ‘Faith in Business Quarterly,’ an article on the document was prepared for the Three Faiths Forum newsletter, the document informed a consultation on the issue undertaken by the East of England Faiths Council, and a Faiths Conference organised by the Basildon Faiths Forum.

Stephen Timms responded to the shared faiths response to the credit crunch in a speech to the East of England Faiths Council. In this speech, he focused on two aspects of the Shared Faiths response:

Firstly, he said that the paper is right to highlight how the faiths value work – how: “The work ethic is seen as a noble endeavour in many faiths.” Secondly, he focused on what we describe as the ‘breakdown in the relational aspects of the economy’. "You say ‘many faiths reflect on transparency and the hidden (often in terms of the imagery of light and dark’) suggesting that where actions can be hidden, injustice and wrongdoing often occur’. Rowan Williams said earlier this year: “our faith depends on the action of a God who is to be trusted; God keeps promises.” I think you’re right. Hiddenness, and a lack of transparency, has been one of the causes of this crisis."

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Gillian Welch - Everything Is Free.