Wonga 'embarrassment' shouldn't have happened

The Archbishop of Canterbury has spoken on BBC Radio 4's Today programme of his "embarrassment" after it was discovered the Church of England's pension fund had indirectly invested in payday lender Wonga.

It comes a day after the Most Reverend Justin Welby told Wonga the church wants to "compete it out of existence" by supporting credit unions:

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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.