A report into the standard of morals and ethics in the financial sector, carried out by St Paul's Cathedral's Institute and delayed by the resignation of Canon Giles Fraser, is being released.

Former Chairman of Lazard International, Ken Costa, who was asked by the Church of England to start a dialogue with the City, explained on the Today programme how he believed the financial industry needed to "reconnect the foundations of capitalism with its moral foundations".

"The creation of wealth, the creation of jobs… is a moral imperative," he said.

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