Wonga embarrassment for Welby

The Archbishop of Canterbury told Wonga the Church of England wants to "compete" it out of existence. It was then revealed the two are linked.

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The Church responds to news its linked to Wonga

After a national newspaper revealed the Church of England has links to pay-day lender Wonga, Lambeth Palace has responded. This follows the Archbishop of Canterbury's promise to take on pay-day lenders like Wonga.

"We are grateful to the Financial Times for pointing out this serious inconsistency of which we were unaware.

"We will be asking the Assets Committee of the Church Commissioners to investigate how this has occurred and to review the holding in this pooled investment vehicle."

"We will also be requesting the Church Commissions to investigate whether there are any other inconsistencies as normally all investment policies are reviewed by the Ethical Investment Advisory Group (EIAG)."

– Lambeth Palace

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