Michael SmithThe United Kingdom has a new government. It is a historic moment. The youngest prime minister, in David Cameron, aged 43, in 200 years; the first genuine coalition government, between his Tory party and the Liberal Democrats, since World War II.

Outside the door of No 10 Downing Street, Prime Minister Cameron, straight from his appointment by the Queen at Buckingham Palace, spoke to the world’s media and to the nation. He emphasised three values: ‘rebuilding family, rebuilding community and, above all, building responsibility in our country’. He said: ‘I want to try to help build a more responsible society here in Britain. One where we don’t just ask: “What are my entitlements?” but “What are my responsibilities?” One where we don’t ask: “What am I just owed?” but more, “What can I give?”

This echoed the historic words of America’s young President John F Kennedy, in his inaugural address on 20 January 1961: ‘Ask not what your country can do for you—ask what you can do for your country.’ It also reflected the long-standing debate between human rights, enshrined in the United Nations Charter of Human Rights, and human responsibilities.

So, too, David Cameron said: ‘Real change is not what government can do on its own; real change is when everyone pulls together, comes together, works together; when we all exercise our responsibilities to ourselves, to our families, to our community, and to others.’

Prime Minister David Cameron and his Lib-Dem Deputy PM, Nick Clegg, have already declared that the new government will run for a full five-year term. Instead of on a date chosen by the prime minister, the next general election will be held on 7 May 2015. This is a mark of how determined they are to make their coalition work. The rapport, trust and 'chemistry' between the two men, and their wives, will be critical to the success of the coalition. Already the signs, including their public banter, look good. But the real tests will come as they hammer out fundamental differences in policy.

Earlier, a full-page editorial in The Times, 6 April, asked what kind of nation we want by 2015. It also emphasised responsibility, as well as justice, freedom and ambition. But it said next to nothing about the nation’s moral, ethical or indeed spiritual climate. Both Cameron and Clegg are only too well aware of the moral challenges: the need to reform parliament, including the voting system, following last year’s scandal of MPs' dishonest expenses claims. Indeed the new parliament has a record intake of 232 new, young first-time MPs who are untainted by the past.

Both leaders are also aware of the need to address the gross excesses of the banking and financial services industry, away from a culture of greed. They will have to grapple with what is needed for an ethical basis for capitalism. As Dr Peter Heslam of Trinity College, Cambridge, writes in his booklet Transforming capitalism (Grove Books, 2010), ‘Intangible factors such as worldviews, beliefs and virtues can have considerable impact on economic development.’ He highlights the need for thrift, in the original sense of the word, meaning thriving; thrift in the sense of cutting out waste whilst also encouraging generosity. ‘Thrift, grounded as it is in the two cardinal virtues of prudence and moderation... gives rise to behaviour that is fundamental to the kind of commercial enterprise that embodies, exemplifies and helps build social capital, which includes institutional, relational, moral and spiritual dimensions, all of which are necessary for a thriving economy.’

Indeed all of us are going to have to practice such thrift at a time when the new government wants to cut the budget by £6 billion this year alone in order to reduce the public sector debt. And we can all recognise that our virtues, or vices, do have an impact on economic development and the economy as a whole. Moral and spiritual disciplines, whether from our faith traditions or from a secular worldview, strengthen creativity, imagination and productivity in our economic lives. The loss of such disciplines dulls our output. Anyone, for instance, who consistently wakes up with a hang-over due to binge drinking is likely to be less productive than the clear headed. Those who cheat their way to the top, or who cheat on their spouses, destroy trust when they are inevitably found out. And there is an economic cost to broken relationships.

To his credit, the new prime minister wants to strengthen the ties of family. Both party leaders want to build the green economy, in which we all play our part through our lifestyles and our thrift. The new prime minister is right to emphasise that we all have a personal responsibility for the economic and social wellbeing of the nation. It is, indeed, a global message.

Michael Smith is the author of ‘Trust and Integrity in the Global Economy’ and a coordinator in the UK of Caux Initiatives for Business.

NOTE: Individuals of many cultures, nationalities, religions, and beliefs are actively involved with Initiatives of Change. These commentaries represent the views of the writer and not necessarily those of Initiatives of Change as a whole.