This report identifies the key values relevant to public health policy and outlines the potential conflict and synergies between these values. It sets the scene for the 'Public Health and Public Values' project at the King's Fund. The project aims to engage Londoners in a public debate about how public values relate to current public health issues in the capital. Funded by the NHS Executive's London Region, the project will inform the development of the 'Health Strategy for London'. It aims to provide a deeper understanding of what Londoners feel are important principles for public health and policy decision-making. In Chapter 1, the meaning of public health and the principal strategies available for achieving its goals are reviewed. In Chapter 2, the wide range of ethical and value-based issues found in the public health literature are summarised. Seven specific values which emerge from this analysis are set out in Chapter 3. In Chapter 4, the conflicts and synergies between these values are reviewed. Finally, in Chapter 5, ethical questions relating to involving the public directly in making policy decisions are addressed. [Introduction abbreviated]