|PIC1|The recession could be the trigger that British society needs to fix its selfish ways, says the head of the Roman Catholic Church in England and Wales.

Speaking to The Times, Cardinal Cormac Murphy-O’Connor said the economic downturn was an opportunity for the country to think about its values.

“It's the end of a certain kind of selfish capitalism,” he said. “This particular recession is a moment - a kairos - when we have to reflect as a country on what are the things that nourish the values, the virtues, we want to have ... Capitalism needs to be underpinned with regulation and a moral purpose.”

He hit out at the “me, me” attitude of modern Britain, saying people had come to regard their wealth as indicator of their worth.

“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,” he said.

“That may be a good thing. I think people did lose their way a bit. It has been difficult to bring up children with the kind of values we want. Let's face it, we now have a ‘me, me' society, a more consumerist society, a utilitarian society, and our values and virtues have become diminished.

“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 Archbishop, who is soon to retire, also criticised the bonus culture of the big banks.

The finance industry, he said, was “so focused on money” and needed to be “underpinned by a moral sense and regulation that makes it clear money is only a tool for living”.

“I hope people have come to their senses. I don't know why they got such big bonuses. I would cut them out altogether.”