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| Church of England still owns £80,000 Wonga stake, Justin Welby admits | Church of England still owns £80,000 Wonga stake, Justin Welby admits |
| (34 minutes later) | |
| The Church of England still owns an £80,000 stake in Wonga, despite the Archbishop of Canterbury's criticism of the payday lender in the summer. | The Church of England still owns an £80,000 stake in Wonga, despite the Archbishop of Canterbury's criticism of the payday lender in the summer. |
| Justin Welby was forced to admit on BBC Radio 4 that the C of E had failed to sell off its indirect investment in the company, which came to light in July a day after he questioned Wonga's ethics and vowed to bring it down. | Justin Welby was forced to admit on BBC Radio 4 that the C of E had failed to sell off its indirect investment in the company, which came to light in July a day after he questioned Wonga's ethics and vowed to bring it down. |
| Welby told the Today programme the C of E had completed a review of its investment and was "working out" how to dispose of the stake responsibly, without making a loss for pensioners. | Welby told the Today programme the C of E had completed a review of its investment and was "working out" how to dispose of the stake responsibly, without making a loss for pensioners. |
| In July the archbishop said he wanted to "compete" Wonga out of existence by expanding credit unions to offer an alternative to payday lenders who often charge high levels of interest for quick, short-term loans. | In July the archbishop said he wanted to "compete" Wonga out of existence by expanding credit unions to offer an alternative to payday lenders who often charge high levels of interest for quick, short-term loans. |
| A day later he admitted he was embarrassed and irritated to learn of the Church's stake. | |
| "It shouldn't happen, it's very embarrassing, but these things do happen. We have to find out why and make sure it doesn't happen again." | "It shouldn't happen, it's very embarrassing, but these things do happen. We have to find out why and make sure it doesn't happen again." |
| Asked to rate his embarrassment on a scale of one to 10, he replied, "about eight". | Asked to rate his embarrassment on a scale of one to 10, he replied, "about eight". |
| "They shouldn't be investing in Wonga. We don't think it's a good thing," Welby said at the time, although he added he understood it was "an incredibly complex business". | "They shouldn't be investing in Wonga. We don't think it's a good thing," Welby said at the time, although he added he understood it was "an incredibly complex business". |
| The investment was made through Accel Partners, a US venture capitalist that co-funded the launch of Wonga. | The investment was made through Accel Partners, a US venture capitalist that co-funded the launch of Wonga. |
| A spokeswoman for the Move your Money campaign said it was "disappointing that the Church has not moved more quickly on this issue, as the impact of their financial investments is critically important – particularly when it clashes so painfully with the morals and values of the Church. We must not forget that investments aren't just numbers in a bank account but have a real world impact – particularly when funding predatory organisations like Wonga. | |
| "It is encouraging that Justin Welby is taking such active leadership on this issue, and that is why Moveyourmoney.org.uk is working with councils, charities and others to move their money to local, mutual and ethical alternatives. | "It is encouraging that Justin Welby is taking such active leadership on this issue, and that is why Moveyourmoney.org.uk is working with councils, charities and others to move their money to local, mutual and ethical alternatives. |
| "We're particularly glad to see Justin Welby highlighting the positive role that alternative institutions such as credit unions play across the country." | "We're particularly glad to see Justin Welby highlighting the positive role that alternative institutions such as credit unions play across the country." |
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