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'Financial sector is unbalanced' - Church of England

25 July 2013 Last updated at 12:19 BST

The Archbishop of Canterbury has warned the online lender Wonga that the Church of England plans to force it out of business - by competing against it.

The Most Rev Justin Welby told Wonga boss Errol Damelin the Church planned to do this by expanding credit unions as an alternative to payday lenders.

Dr Malcolm Brown, Church of England's director of public affairs, said: "The whole financial sector is unbalanced - we have a very small set of mainstream banks which don't serve the needs of people who want short-term fairly small loans."