The UK faces further “division and despair” after Brexit if any new settlement is based primarily on economic considerations rather than the needs of people, the Archbishop of Canterbury argues.

Any attempt to renegotiate Britain’s place in the world based on “calculations of dubious material advantage” will fail to resolve the problems the country faces, the Most Rev Justin Welby insists.

The warning comes in his first full-length book, “Dethroning Mammon”, a reflection on the power of money, drawing from his own experience of giving up highly paid job as an oil executive to living on a clerical stipend.