Live updates


Ex-oil executive Archbishop was on banking commission

  • The Most Rev Justin Welby read law and history at Trinity College, Cambridge and began his career in the oil industry based in Paris and London, where he worked on West African - mainly Nigerian - and North Sea projects.
  • He became a group treasurer in a company called Enterprise Oil, before resigning in 1987 after 11 years in the industry to train for the Anglican priesthood.
  • He has also served on the parliamentary Banking Standards Commission.

Read: Former oil executive Justin Welby heard 'God calling'


Politicians voice support for payday lending alternative

Conservative politicians have been voicing their support of the Archbishop of Canterbury's plans to provide an alternative to payday lending, on Twitter.


I approve of @abcjustin's free-market approach to loan sharks. Don't preach at them; offer more attractive competition.


Justin Welby right that best way to deal with rip-off loans is to offer an attractive but responsible alternative, #creditunions


Archbishop Welby has a point going after the so called legitimate loansharks aka payday lenders such as Wonga. Their rates are rapacious!



Wonga chief: 'I'm all for better consumer choice'

The Archbishop is clearly an exceptional individual and someone who understands the power of innovation.

We discussed the future of banking and financial services, as well as our emerging digital society. There is mutual respect, some differing opinions and a meeting of minds on many big issues.

On the competition point, we always welcome fresh approaches that give people a fuller set of alternatives to solve their financial challenges. I'm all for better consumer choice.

– Errol Damelin, chief executive of Wonga

What are credit unions?

  • Credit unions are small non-profit financial organisations set up by members with something in common to benefit their community.
  • That common factor may be living in the same town, working in the same industry (for example, the Police Credit Union) or belonging to a particular trade union.
  • Roughly 500 credit unions cover the UK offering loans, savings and current accounts to their members. A few even offer mortgages. Almost a million Brits are members.



Welby's plan to 'compete' Wonga out of existence

The Archbishop of Canterbury has told Wonga 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, who has served on the parliamentary Banking Standards Commission, plans to:

  • Expand credit unions
  • Encourage church members with relevant skills to volunteer at credit unions
  • Invite local lenders to use church buildings and other community locations with the help of church members

The Archbishop's remarks come after he launched a new credit union for clergy and church staff earlier this month at the General Synod in York.


Welby: Church is putting its money where its mouth is

The Archbishop of Canterbury says the church is to "put its money where its mouth is" and go head-to-head with payday lenders.

The Most Rev Justin Welby, the Archbishop of Canterbury. Credit: Press Association

The Most Rev Justin Welby told Total Politics magazine the church's plan is to create “credit unions that are both engaged in their communities and are much more professional – and people have got to know about them.”

He added that it would be a "decade-long process".

Read: Former oil executive Justin Welby heard 'God calling'


Full Report: New archbishop takes office

The former Bishop of Durham has been confirmed in his new post, as the leader of the Anglican church worldwide.

Justin Welby becomes the one hundred and fifth Archbishop of Canterbury.

So what lessons will the new Archbishop take with him from the North East to his new role?

Helen Ford has been speaking to those who've worked with him.

You can watch her full report below.

North East people to benefit from new Archbishop

The Bishop of Jarrow, the Rt. Reverend Mark Bryant, has been speaking about the appointment of the new Archbishop of Canterbury - the Rt. Reverend Justin Welby.

The Bishop of Jarrow believes that people in the region are fortunate that a man who knows the reality of difficult lives, and about life in the North East, has taken office as the next Archbishop of Canterbury.

Load more updates


Today's top stories