Church of England turns its back on News Corp

The Church of England (CofE) has announced it is selling all of its £1.9 million-worth of shares in News Corporation citing concerns over the phone hacking investigation.

The Church of England is selling its shares in News Corporation Credit: John Giles/PA Wire

Andrew Brown, the secretary of the Church Commissioners which manages the CofE's investment portfolio, said: "Last year's phone hacking allegations raised some serious concerns amongst the Church's investing bodies".

The CofE has three national investment bodies which together hold assets worth in excess of £8 billion. There are already rules that ban investment in military products and services, pornography, alcoholic drinks, gambling, tobacco, human embryonic cloning and high interest rate lending.