Church must offer alternative to mere consumption, says financial expert

Philip Davis, senior research fellow at the National Institute for Economic and Social Research, has called on Christians to be salt and light in the banking system.

Writing in the latest edition of Idea magazine, Davis said the continued functioning of the banking system required an integrity and prudence on the part of the bankers that had been missing in the last few years.

As Britain continues its bumpy economic recovery, Davis said conventional bank regulation could only be part of the answer in ensuring that the country did not return to financial crisis.

He criticised consumer lenders for actively encouraging the build-up of household debt in the run up to the crisis but also apportioned blame to the Government and individuals.

“Governments led the population into believing that economic growth was sustainable and gave the impression that risk had been abolished. And households were by no means obliged to take on so much debt, which for many led to catastrophe,” he said.

Davis, who is also pastor of Penge Baptist Church in London, said the church had a role to play in demonstrating virtues like honesty, diligence and selflessness.

“The church has a clear responsibility to offer a culture that offers an alternative to mere consumption,” he said.

“We must show our neighbours that the desire for more should be tempered by long-term individual interests, wider social needs, environmental concerns and a focus on saving rather than borrowing.”

He challenged Christians to consider whether they had become absorbed by a consumer-orientated culture and urged the church to support the vulnerable and people in financially difficulty.

He concluded: “Banks and governments are often hailed as holding the answers to all our problems. But a biblical analysis of the current situation implies that all of us have a responsibility.

“We must recognise the idolatry in our economic system and condemn the structural injustices it generates.

“The aims of economics – wealth, consumption, power – stand in stark contrast to Jesus’ proclamation of the kingdom of God: the law of love for God and neighbour and responsible stewardship.

“The church should proclaim this vigorously.”