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Archbishop Welby 'embarrassed' over Wonga funding

26 July 2013 Last updated at 19:00 BST

Archbishop of Canterbury Justin Welby says it is "very embarrassing" that the Church of England's pension fund indirectly invested in controversial payday lender, Wonga.

The revelation came a day after Archbishop Welby had said he wanted to force such firms "out of business" by expanding a network of credit unions to compete with them.

On Friday, he said there would be a review of the Church's investments - but acknowledged that it had to live in the real world.

Robert Pigott reports.

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