Archbishop Of Canterbury

July 26, 2013 by  

Archbishop Of Canterbury, The Archbishop of Canterbury said he was “embarrassed” and “irritated” that the Church of England invested indirectly in online lender Wonga.

It comes after the Most Reverend Justin Welby told Wonga the Church would try to force it out of business by helping credit unions compete against the firm.

But the Church later said it invested in funds that provided money for Wonga.

Archbishop Welby told the BBC he wanted the Church’s investment rules to be reviewed following the row.

Lambeth Palace said an independent inquiry would be launched into how “this serious inconsistency” occurred.

The amount of Church money indirectly invested in Wonga was about £75,000 out of investments totalling £5.5bn, according to the archbishop.

“It shouldn’t happen, it’s very embarrassing, but these things do happen and we have to find out why and make sure it doesn’t happen again,” Archbishop Welby told BBC Radio 4’s Today programme.

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