Welby: Wonga 'embarrassment'

The Archbishop of Canterbury has admitted he is "embarrassed" and "irritated" after learning the Church of England indirectly invests in online lender Wonga - the focus of Justin Welby's criticism over payday loans yesterday.

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Welby: Church shouldn't have invested in Wonga

Talking about the revelation that the church's pension fund had invested in payday lender Wonga, the Most Reverend Justin Welby has said the business is "incredibly complex" and explained of a £5.5bn portfolio, £75,000 was invested indirectly in Wonga without his knowledge.

Archbishop of Canterbury the Most Reverend Justin Welby. Credit: Press Association

Speaking on BBC Radio 4 Today's programme, he said: "It shouldn't have happened, it's very embarrassing but these things happen and we have to find out why."

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