COMMENTARY

Peter Burgess

Richard Branson: 'Capitalism has lost its way' ... Virgin entrepreneur and new owner of Northern Rock says he wants businesses to transform themselves along ethical lines

IMAGE Richard Branson: 'The short-term focus on profit has driven most businesses to forget about the long-term role in taking care of people' Photograph:Everett Collection/Rex Feature

Capitalism has 'lost its way' and financial profit should no longer be the main driving force behind big business, says Richard Branson, the Virgin Group founder who bought the formerly nationalised bank Northern Rock.

Branson makes the assertion in the foreword of his book, Screw Business As Usual. In it, he says he wants to reflect 'a vibrant and marked sea change from the way business always used to be done, when financial profit was the only driving force'.

At the book's press launch in London earlier in the week, Branson said: 'This may not be a popular statement at the moment so please bear with me.

'I truly believe that capitalism was created to help people live better lives, but sadly over the years it has lost its way a bit. The short-term focus on profit has driven most businesses to forget about the important long-term role they have in taking care of people and the planet.'

Branson also offered words of sympathy for the Occupy protesters. 'Rightly so, people all over the world are no longer accepting this short-term approach [to profit] and are demanding that business as usual changes,' he said. Writing in the Guardian Work section, Branson outlines his vision in which he urges businesses to transform themselves along ethical principles.