We must stop 'demonisation' of banks, says CBI president

The president of the Confederation of British Industry (CBI), Sir Roger Carr, has called for an end to the "demonisation" of banks, energy companies and the defence industry.

In a speech at the annual CBI conference yesterday, Carr, also chairman of energy giant Centrica - which owns British Gas - said such businesses should be valued by the country, rather than hated.

"Big business is not bad business," said Carr. "We need to encourage all those in positions of authority - government, opposition, regulators and commentators - to stop the demonisation of industry: banking, energy or defence."

According to a report in the FT, Carr said business was the engine of growth, and said it should be "valued, not vilified" if the country is to find its way out of the tough economic environment.

"By all means punish where appropriate, legislate or regulate where necessary, criticise the shortcomings when warranted, but base these actions on an objective assessment of the country's long-term best interests, not short-term populism," he said.

However, he added businesses also needed to work hard to win back the support of the public.

He said firms must ensure that the negative aspects of business are stamped out - so that business regains the respect of society.

He pointed to the entrepreneurs in the BBC show Dragons' Den as an example of successful businesspeople who have the support of public.

"To the millions of viewers of Dragons' Den, the Dragons appear competent, focused and able risk takers. No one objects to their wealth: they aspire to it, in their case it's seen as fair reward for entrepreneurial endeavour and hard work, not fat cattery."

He concluded businesses needed to act responsibly in the way they were paid, and governed.