From The Guardian-The archbishop of Canterbury warned on Monday night that Britain was mired in an economic depression and called for major steps to drag the country out of it, including the breakup of a major bank in order to create regional lenders.
The proposal, which has echoes of a policy recently espoused by Labour, was contained in an address that marked one of Justin Welby's most significant forays into public policy since be was enthroned last month as the new leader of the Church of England.
Speaking just days before key GDP data is expected to show the economy remains stalled, Welby told a Westminster discussion on the financial crisis organised by the Bible Society: "Economic crises are a major problem when they are severe. When they are accompanied by a financial crisis and a breakdown in confidence then they become a generational problem.
"Historically, the great failures in banking have led to very, very long periods of recession at best. I would argue that what we are in at the moment is not a recession but essentially some kind of depression. It therefore takes something very, very major to get us out of it in the same way as it took something very major to get us into it."
More here-
http://www.guardian.co.uk/uk/2013/apr/22/justin-welby-labour-regional-banks
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