Glasgow Business . 27
www.glasgowchamberofcommerce.com
REBUILD BUSINESS
arena give their views on trust
“A breakdown in trust is not something which can be fixed overnight”
“A low trust society does not work very well:
too much time and effort is then devoted to protecting oneself against malfeasance that may never happen. In such a society, it is particularly difficult to start ventures that require responsible behaviour over an extended period of time. What economists call the “time inconsistency” problem gets in the way. Trust that people will keep their promises and behave as they are supposed to do is the best way to ensure that this danger is avoided.”
Brian Souter Chairman, Stagecoach Group plc
“A breakdown in trust is not something which can be fixed
overnight – it takes work to build it back up. Tere used to be a time when the symbolism of the handshake was enough to ‘seal a deal’, ensuring a job was carried through to completion, but unfortunately this is no longer always the case. However, in my view the problems didn’t stem from the majority of businesses; rather it was the financial services industry which did the damage. “For me, honesty is still the best policy, but the
have to apply very high ethical standards and quality controls. “So trust in my field is hugely important.
Fortunately, I would say that, in comparison with some other areas (banking, finance etc), trust in higher education in Scotland and the UK is still strong.”
Martin Wolf Chief Economics Commentator, Financial Times
“I do not really know whether trust is at an all time low. If so, it might be
partly due to the fact that people are beter informed nowadays. None the less, trust is essential.
private equity culture has damaged people’s perception. Te way forward, to change the unfair view of business which many members of the public now hold, is relationship building and strengthening of integrity. “No mater what, people need to get back to
having faith in businesses, but for this to happen, the business community must ensure it is being open with customers, helping to once again develop the trust which used to be held.”
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