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26/07/2013
Church Of England Investment Funds Used For Wonga
It has been revealed that the Church of England invest indirectly in online loan company Wonga.
It follows the news yesterday the Archbishop of Canterbury had set out a battle plan to try and force Wonga out of business.
The Most Reverend Justin Welby had yesterday announced that the Church would expand credit union services as an alternative to loan firms.
Archbishop Welby was quoted in Total Politics magazine as saying: "I've met the head of Wonga, and we had a very good conversation.
"I said to him quite bluntly that 'we're not in the business of trying to legislate you out of existence; we're trying to compete you out of existence'."
However the CoE later announced the it invested in funds that provided money for Wonga.
Speaking to BBC Radio 4's Today programme Archbishop Welby said today: "It shouldn't happen, it's very embarrassing, but these things do happen and we have to find out why and make sure it doesn't happen again."
(MH/CD)
It follows the news yesterday the Archbishop of Canterbury had set out a battle plan to try and force Wonga out of business.
The Most Reverend Justin Welby had yesterday announced that the Church would expand credit union services as an alternative to loan firms.
Archbishop Welby was quoted in Total Politics magazine as saying: "I've met the head of Wonga, and we had a very good conversation.
"I said to him quite bluntly that 'we're not in the business of trying to legislate you out of existence; we're trying to compete you out of existence'."
However the CoE later announced the it invested in funds that provided money for Wonga.
Speaking to BBC Radio 4's Today programme Archbishop Welby said today: "It shouldn't happen, it's very embarrassing, but these things do happen and we have to find out why and make sure it doesn't happen again."
(MH/CD)
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Bishop of Durham Justin Welby has officially been named as the next Archbishop of Canterbury. Welby, 56, will take on the Church of England's most senior post at a ceremony at Canterbury Cathedral on 21 March 2013. He only became a bishop a year ago when he took up the fourth most senior post in the Church of England.
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