Archbishop of Canterbury, Justin Welby
Media playback is unsupported on your device

Archbishop Welby 'embarrassed' over Wonga funding

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.

  • 26 Jul 2013
Go to next video: Wonga row 'very embarrassing'