Newcastle City Council says that its pension fund does invest in the payday loan company Wonga, but it has no control over it.
It added that the council has voiced its dislike that the pension fund invests in companies which it believes 'harms the city'.
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A late goal against Crystal Palace gave Newcastle United their first win in four games.
Dr John Sentamu said the waiting period is leaving millions of people who are already in debt with "nothing to fall back on".