Archbishop of Canterbury Justin Welby
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Archbishop 'embarrassed' by Wonga funding

26 July 2013 Last updated at 08:55 BST

The Church of England is to hold a review into its investments after it emerged that it indirectly helped fund the launch of the controversial payday lender, Wonga.

The Archbishop of Canterbury, Justin Welby, had said he wanted to force Wonga out of business by expanding a network of credit unions to compete against it.

The archbishop told the Today programme's John Humphrys that he was embarrassed by the revelations.

He said that he was "irritated" but added that it was an "incredibly complex business".

First broadcast on BBC Radio 4's Today programme on Friday 26 July 2013.