The Conservative Party needs a moral reset

A party member recalls that Adam Smith was a moral philosopher as well as an economist.

Jean Kabasomi

Jean is a consultant working with financial and Christian organisations. She also writes and broadcasts.

A statue of a Georgian man looks to the left.

Adam Smith, looking right to left.

Glasgow University.

The election of a new government in the United Kingdom has felt like an opportunity to fix some of the daily challenges faced by the people of these isles. As a member of the Conservative Party, it also presents the chance for those of us who are Conservatives to take stock of what it means to be conservative and how best that definition can serve the people of the UK in a way that benefits the whole and not just specific parts.

Those who follow the internal machinations of the Conservative Party will know that the battle for a new leader has already begun. For the most part, it has focused on whether the Party needs to move to the right to combat the offering by the new kids on the block – Reform, or to the centre in order to block the leaking Shire vote that shifted to the Liberal Democrats. I want to propose a different approach.

For years as I was growing up, probably influenced by the media and how it presents politics, I assumed that the idea of a minimum wage was a socialist idea or what we might today describe as progressive politics. Things changed, when I studied the history and influence of Christian thought on Western economics, as part of a Masters in Biblical Studies at the University of Edinburgh.

Adam Smith is the father of modern capitalism and hero to many conservatives. His foundational text, The Wealth of Nations, was on the reading list. Prior to these studies, I had heard and seen many conservative commentators use that text to support their claims around small government. I had also seen liberal commentators vilify his work for being the source of our broken Western systems. Many claimed that it was the basis for the economic thought and principles of Hayek and Friedman, the prominent economists who influenced the policies of the Thatcher government in the UK and the Reagan government in the US.

It tells us that our dogmatic positions should not prevent us from focusing on what is in the best interest of the people that politics and economics are supposed to serve.

When I read The Wealth of Nations for myself, I was shocked. I couldn’t believe how much of what he had actually said was ignored or had been misrepresented. Reading it for myself changed my assumptions and my learned narrative on capitalism. One of my greatest surprises was that Smith held what I had known to be a socialist policy, the idea of a minimum wage. To him it was such a fundamental truth that it was only briefly mentioned. Perhaps, that’s the reason so many people miss it.

Another shock was discovering that Adam Smith wrote about the place of government in regulating large corporations. For Smith, the wealth of large corporations was to be invested back into the areas from which the company was built. Jobs were to be kept local so that as many people as possible in society benefited from the wealth generated. Smith outlined that government regulation should prevent large corporations from moving their manufacturing operations to cheaper international locations to reduce costs and sidestep local communities.

Adam Smith, the father of capitalism – a protectionist and believer in the rights of workers! But what has this got to do with a discussion about the Conservative Party? It tells us that policies that do not always favour corporations but help workers or local communities are not unnecessarily anti-capitalist and by extension unconservative. It also tells us that our dogmatic positions should not prevent us from focusing on what is in the best interest of the people that politics and economics are supposed to serve.

My party needs to move away from policies that are focused on ideological battles and economics rooted in abstract ideals. And, instead, look to policies that will tangibly help everyday people. Or put differently, the party needs to move away from Oxford Union politics (I have nothing against the Union, I am a lifelong member!) and focus on real-world grown-up politics that improve the lives of the ‘many not the few’!

Lord Cameron tried to move the party to a position often dubbed Compassionate Conservativism. In fact, the origins of capitalism have long been connected to moral principles. Adam Smith not only wrote The Wealth of Nations but also considered issues around morality in his The Theory of Moral Sentiments. For a government to govern effectively and an opposition to oppose properly, morality and the interests of the many must be reflected in policy. And in my humble opinion, it is not unconservative to do so.

Review

Culture

Economics

Trust

21 November 2025

5 min read

Money’s hidden meanings in a contactless age

The Bank of England Museum reveals the symbolism, morality and power woven into the history of money

Susan Gray

Susan is a writer specialising in visual arts and contributes to Art Quarterly, The Tablet, Church Times and Discover Britain.

The Bank of England vaults.

Bank of England.

Our era of contactless payments obscures the symbolism once lavished on money. But the rich history of meaning, morality and power, layered into everyday transactions, is uncovered at an exhibition at the Bank of England Museum

Building the Bank celebrates 100 years of the current Bank of England building, on the site of Sir John Soane’s original structure, completed in 1827. Surveying a century makes past practices seem quaint: until 1973 the institution was guarded by the Bank Piquet military guard. A 1961 photo shows 12 Guardsmen with bearskin hats and bayonets, together with a drummer or piper, a sergeant and an officer, marching into the Threadneedle Streer entrance. Even now, when the wealth of most people in developed countries is contained in data warehouses, 400,000 gold bars are held in vaults deep beneath the Bank.

Faiths have grappled with money’s impact for millennia. Christianity’s relationship with money is tinged with unease, as St Paul’s oft misquoted letter to Timothy illustrates: “For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows.” Personally, the immobilising feeling of envy, particularly if it is towards friends, does feel exactly like being pierced with blinding toxicity.

Contrastingly, in Hinduism pursuing wealth is one of four pillars of faith, called Artha. In Hinduism attempting to attain material wealth is part of attempting to attain salvation.

Herbert Baker, architect of the Bank of England, embodies moral ambiguity around faith and money. Buried in Westminster Abbey, and architect of Church House next door, Baker established his reputation working for Cecil Rhodes, prime minister of the Cape Colony 1890- 96. Vicar’s son Rhodes is now seen as paving the way for apartheid in southern Africa, and imposing an economically exploitive, racist, and imperialist system on the region. Baker also worked with better- known Edwin Lutyens on government buildings in New Delhi from 1912, declaring of the British Raj’s new seat of power “it must not be Indian, nor English, nor Roman, but it must be Imperial”.

After World War One, Soane’s bank was too small to house the increased staff numbers needed to service the ballooning national debt and financial complexity of the Roaring Twenties. Bordered by major roads at the heart of the City of London, the institution’s footprint could not expand, so Herbert created a design incorporating some of Soane’s classical aspects, but with floors at a greater depth and height than its processor.

From grand gestures to tiny details, classical mythology is a key element of the Bank’s design. Sculptor Charles Wheeler modelled doorknobs showing the face of Mercury. Mercury is the patron deity of finance and communication. Tiles for an officials’ lunchroom show a caduceus, with two bright blue snakes, tails entwined, framing Mercury’s face. Caducei are the symbol of commerce, representing reciprocity and mutually beneficial transactions.

Forty caryatids, the classical female form used in place of a pillar in Greek architecture, were salvaged from Soane’s building and reused. Some caryatids are in the area where old banknotes can be exchanged, besides the museum, now the only part of the Bank open to the public.

Outside, on the dome at the northwest corner of the bank, a gilt bronze statue of Ariel, named after the spirit of the air in The Tempest, represents “the dynamic spirit of the Bank which carries Credit and Trust over the wide world.”

The image of banks as depositories of trust and positive relationships took a pasting worldwide during the 2008 Credit Crisis and lean years that followed. But in 2015 former Archbishop of Canterbury, Justin Welby, argues that banking services are a key part of functioning communities, and banks should be able to put people before profit. “At the heart of both these expectations is the value of the person as sacred, and all other things as secondary to human dignity. It is a value rooted in many faiths and especially in our Judaeo-Christian tradition. Of course profits have to be made, but they need to be measured not only in terms of their absolute return on capital employed, but also in terms of the human cost of achieving that return.

“Large institutions with adequate balance sheets working to maximise returns from those who can most afford it do not produce a sustainable society in the long term. Such an approach is narrow-minded and short-termist, because sustainable societies are essential to the large companies within them. It is also an immoral approach.”

Mosaics created by Boris Anrep idealise the Bank’ of England’s sunnier intentions towards the wider community. Anrep also designed mosaics for Westminster Cathedral, Tate Britain and the National Gallery. For the Bank, a tiny coin from the reign of Henry VIII known as the George Noble, the first time St George and the dragon appeared on English coinage, was magnified into a roundel showing the galloping saint, visor up, lancing the prostate dragon at the base. The George Noble was one of 50 designs, based on advances in coinage, gracing the Bank’s corridors.

At the main entrance, a mosaic showing a pillar, representing the Bank, is guarded by two lions, referencing the sculpture from Mycenae. The Bank’s global role, and place at the centre of the then British Empire is shown by the constellations of the Plough and Southern Cross, representing the southern and northern hemispheres.

An image of the Empire Clock Baker made for the Bank, - now disassembled - shows an ornate dial, marked in 24 sections, with the sun representing India and an anchor symbolising the port cities of Singapore and Hong Kong.

In 1946 the Bank of England was nationalised, formalising its role as a public institution, operating in a post war decolonialising world, totally different to the one its building had been designed for just 20 years before.

Systems and symbols around money mutate with the times. Money’s intangibility in our time of app and tap payment, makes its power less distinct than in the days of gold sovereigns. But we fool ourselves if we say money is unimportant, because all of history says otherwise.

Building the Bank, Bank of England Museum, until 2026

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