Towards a New Economy

by Michael Ford last modified 23 Apr, 2012 09:59 AM

Delegates heard calls for a reform of the national economy during Diocesan Synod at St Nicholas Church, Corfe Mullen on Saturday (18 February).

Towards a New Economy

The Revd Antony MacRow-Wood speaks at Diocesan Synod, Saturday 18 February 2012

Canon Andrew Studdert-Kennedy, the Revd Antony MacRow-Wood and Canon Dr Peter Dominy spoke of the need to rethink the current financial system and supplement it with Credit Unions.

Referring to the Stock Market, Canon Studdert-Kennedy said, “90% of financial transactions are speculative: they are bets on the market moving up or down… Fractional reserve banking is inherently unstable.”

Addressing the responsibilities of shareholders, the Revd MacRow-Wood said, “The answer is to strengthen the owners to make the banks behave more responsibly.” He indicated a need to curb corporate and individual greed, as well as abandoning the “addiction to growth”.

Dr Dominy recommended a step-by-step approach to reform: “Not just banks, but the whole system. Regulation should be carried out in an ethical way: not for profit, but for the benefit of all that use this money.”

Parish representatives also debated and voted against adopting the worldwide Anglican Communion Covenant by 48 votes to 31.


Diocesan Synod: main page 
Anglican Communion Covenant: main page
Presidential address by the Bishop of Salisbury 

Further information contact
Michael Ford, Communications Co-ordinator
01722 438651, 07500 836989,


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