Trust in banks collapses

The 2009 Edelman Trust Barometer has found that trust in banks has collapsed while Government is back in favour.

Edelman: 'harder to build our economies'
Edelman: 'harder to build our economies'

The 10th edition of the report, released today, found that trust in banks fell 16 points to 31 per cent, while energy and media both dropped 13 points to 32 per cent and 21 per cent respectively. All three industries enjoyed a trust bounce last year.

Trust in media was lower in the UK than any other country surveyed, with newspapers dropping a further 10 points to 19 per cent.

In contrast, Edelman found that 71 per cent of UK respondents want Government to impose stricter regulations and control on all industry sectors, while 73 per cent think the Government should intervene in the financial industry using whatever means it deems appropriate.

Some 61 per cent said that Government is most responsible for solving the financial crisis - the highest proportion in the EU.

Globally almost two-thirds of informed publics trust corporations less than they did a year ago.

'It has been a catastrophic year for business,' said Richard Edelman, president and CEO of Edelman. 'It's going to be harder to rebuild our economies because no institution has captured the trust that business has lost - trust is not a zero-sum game.'

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