Recession 'could cut selfishness'

The recession could pave the way for moral values to replace selfishness within capitalism, the leader of Catholics in England and Wales said.

Cardinal Cormac Murphy-O'Connor claimed the financial crisis exposed the problems of a consumerist society where people had become possessed by money.

"It's the end of a certain kind of selfish capitalism," he told The Times.

"One feels very sorry for those losing their jobs but in times of recession people have to rely on friends and neighbours and families and things that really matter to them. That may be a good thing.

"I think people did lose their way a bit. Some of it has got to do with having too much. If your worth just depends on your wealth, that is not healthy. Your worth should depend on who you are."

The Cardinal, 76, who is widely expected to retire as Archbishop of Westminster and leader of an estimated 4.2 million Roman Catholics in England and Wales, criticised the bonus culture in the City and said the best people, however rich, wanted to share their money.

But he argued it was not just bankers who had fuelled the situation.

He told the paper: "Everyone was cashing in. People kept borrowing as well as bankers lending. People kept shopping. I think shopping fills a void."

It was "awful" to see hundreds of unused toys, he said, arguing children needed security and love, not huge amounts of money.

The Cardinal expressed his admiration for Gordon Brown for his strong feelings on the widening gap between rich and poor but said he had suggested to the Prime Minister that "pouring money into things is not the only answer".