Showing results for tags 'archbishop'.
The Archbishop of Canterbury has vowed to put payday lenders out of business by using the Church to build up Britain’s network of credit unions. The Most Rev Justin Welby has told Errol Damelin, the founder and chief executive of Wonga, about his ambition to make the controversial lenders redundant – by helping the 500 financial co-operatives, which already provide small loans to their members, play a much bigger role in helping people with money problems. The Church of England has already set up a credit union for its own staff, which will advise the other co-op
Comment: Martin Lewis, founder of moneysavingexpert, opposes Archbishop Justin Welby and outlines the exact changes that he'd like to see made. I pray the Archbishop’s laudable but blundering entrance into the payday loan debate doesn’t hurt more than it helps. The trip-up of the Church’s own investments is a side show – my concern is far more about his original soundbite: "We’re not in the business of trying to legislate you (Wonga) out of existence, we’re trying to compete you out." Wonga and other 6,000pc APR loans are the crack-cocaine of the money-lending world – recent