LONDON (AP) вЂ” The relationship between Christianity and capitalism is complicated, the archbishop of Canterbury stated Friday, admitting he had been ashamed by revelations that the Church of England indirectly dedicated to a cash advance company he’d pledged to put away from company.
Archbishop Justin Welby, frontrunner associated with the worldвЂ™s 80 million Anglicans, told the BBC he’d urgently review the churchвЂ™s investment after a written report because of the Financial occasions that the pension that is churchвЂ™s had dedicated to Accel Partners, A us investment capital company that led this year’s fundraising for payday lender Wonga.
вЂњI had been irritated,вЂќ he said of learning in regards to the investment. вЂњBut these specific things happen.вЂќ
The total amount of church cash indirectly dedicated to Wonga had been 75,000 pounds ($115,000), away from investments totaling 5.2 billion pounds. However the revelation continues to be embarrassing for Welby, whom told Total Politics mag earlier in the day this week out of business that he was ready to compete with payday lenders in hopes of putting them.
He claims the companies, that provide tiny, short-term loans at sky-high interest levels, victim in the many vulnerable in culture.