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Archbishop of Canterbury 'delighted' to cut Wonga ties

11 July 2014 Last updated at 10:27 BST

The Archbishop of Canterbury has said he is "absolutely delighted" that the Church of England has ended its investment in the payday lender Wonga.

The move ends an embarrassing situation for the Most Reverend Justin Welby, who last year pledged to try to put Wonga out of business by helping credit unions compete with it.

It later emerged that the Church had indirectly staked about £75,000 in Wonga through an investment fund.

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