The Most Rev Justin Welby warned of the dangers of abandoning more than 1,000 years of Christianity during his first sermon as Archbishop.
A new chapter in the history of the Church of England began today as Justin Welby was anointed leader of the divided congregation.
The Bishop of Durham will be officially unveiled as the new Archbishop of Canterbury today.
The Archbishop of Canterbury has told Wonga that the Church of England wants to "compete" it out of existence as part of its plans to expand credit unions as an alternative to payday lenders.
The Most Rev Justin Welby told Total Politics magazine he had delivered the message to Errol Damelin, chief executive of Wonga, one of Britain's best-known payday lenders, during a "very good conversation".
“I’ve met the head of Wonga and I’ve had a very good conversation and I said to him quite bluntly we’re not in the business of trying to legislate you out of existence, we’re trying to compete you out of existence.” He flashes that smile again. “He’s a businessman; he took that well.”
The Archbishop of Canterbury announced a campaign to stamp out homophobic bullying in Church of England schools as he warned the faithful of a "revolution" in attitudes to sexuality in society.
He told members of the Church of England's General Synod: "We may or may not like it, but we must accept that there is a revolution in the area of sexuality and we have not yet fully heard it.
"The majority of the population rightly detests homophobic behaviour or anything that looks like it and sometimes they look at us and see what they don't like.
"With nearly a million children educated in our schools we not only must demonstrate a profound commitment to stamp out such stereotyping and bullying but we must also take action".
Pope Francis spoke about shared hopes for social justice as he welcomed the Archbishop of Canterbury the Most Rev Justin Welby to the Vatican for the first time.
Mr Welby was enthroned as Archbishop of Canterbury, head of the Church of England, and leader of the worldwide Anglican Communion, in March, days after the inauguration of Pope Francis.
The Pope said the closeness of their inaugurations meant that they always had a "particular reason to support one another in prayer".
He added: "Among our tasks as witnesses to the love of Christ is that of giving a voice to the cry of the poor, so that they are not abandoned to the laws of an economy that seems at times to treat people as mere consumers."
Mr Welby has spoken of the inspiration he draws from Catholic social teaching.
The Archbishop said in an address after their meeting: "We must love those who seek to oppose us, and love above all those tossed aside - even whole nations - by the present crises around the world."
Mr Welby was accompanied on his visit to the Vatican by the Most Rev Vincent Nichols, Archbishop of Westminster and leader of Roman Catholics in England and Wales.
Earlier, Mr Welby, who was visiting Rome with his wife Caroline, visited the excavations beneath St Peter's Basilica to pray at the tomb of St Peter.
He also prayed before the tomb of the late Pope, Blessed John Paul II, who died in 2005.
Pope Francis has welcomed the Archbishop of Canterbury the Most Rev Justin Welby in Rome. It's the first time the two church leaders have met.
The leader of the Roman Catholic Church said the two men shared a common desire for social justice, peace and the promotion of Christian values in areas such as marriage.
The Vatican's announced that Pope Francis is to meet the Archbishop of Canterbury for the first time later this week.
The Most Rev Justin Welby will be in Rome to visit the head of the worldwide Catholic Church on Friday.
The Vatican said the two clerics have shared interests in global justice, ethical regulation of financial markets and conflict resolution.
Earlier in the day, the Most Rev Welby will visit the excavations beneath St Peter's Basilica to pray at the tomb of St Peter, as his predecessor Dr Rowan Williams did on his first visit to Rome.
George Parker, political editor of the Financial Times, asked during the interview on BBC Radio 4's The Week in Westminster whether the Archbishop of Canterbury saw it as part of his mission to try to inject more morality into British financial life.
My key mission is to lead the church in worshipping Jesus Christ and encouraging people to believe in him and follow him. That's my mission.
The Christian gospel has always had strong social implications and one of them is around the common good and it's one of the key areas in which the Church of England focuses, and so issues of how the City of London, which is so important and so full of very gifted people, how that behaves in relation to the common good is very key, not to the whole thing that I'm about or the church is about, but to how we express the implications of that in day to day life.
The Archbishop denied a suggestion that he meant that the bank to be recapitalised was the Royal Bank of Scotland, saying he would not name a bank.
The Rt Rev Justin Welby has warned Britain's economic activity levels are below where the country was over five years ago.
The new Archbishop of Canterbury's comments follow an interview on Monday in which he stated that the UK's is in an economic depression and could take a generation to recover.
Historically depressions have been recognised as lengthy periods in which the economy did not get back to its previous level of activity before a recession set in. So 1929 to 1932 is the great example. There was a big one towards the end of the 19th century.
We are still significantly below where we were in 2007 in terms of economic activity, of GDP, and that's quite a long time of being below.
Now, I'm not pointing any fingers at anyone in particular and saying it's so and so's fault or so and so's fault, it's simply a measurable fact coming from the national statistics.
It's very much (more) noticeable in London, I have to say, than in the north east where I was living previously. Do I mind ruffling feathers? I think I do mind ruffling feathers, I don't like ruffling feathers - but sometimes feathers get ruffled. I mean that's life.
The Rt Rev Justin Welby, who took over the role last month, returned to the theme of the country's financial woes in a radio interview following his warning on Monday that Britain is in an economic depression and could take a generation to recover.
He said then that it would take something "very major" to restore confidence and drag the country out of the mire. He suggested the Government may need to recapitalise at least one major bank, and urged the creation of regional banks.
Asked on BBC Radio 4's The Week in Westminster whether he minded ruffling a few feathers, he said: "I don't know if it annoyed people in Number 10. They haven't said anything here. I mean they probably would have preferred it not said."
The Archbishop of Canterbury said: "It was with sadness that I heard the news of the death of Baroness Thatcher and my prayers are with her son and daughter, her grandchildren, family and friends.
"It is right that today we give thanks for a life devoted to public service, acknowledging also the faith that inspired and sustained her.”