“The Archbishop of Canterbury has warned the online lender Wonga that the Church of England plans to force it out of business - by competing against it.
The Most Rev Justin Welby told Wonga boss Errol Damelin the Church planned to do this by expanding credit unions as an alternative to payday lenders...
..."I said to him quite bluntly that 'we're not in the business of trying to legislate you out of existence; we're trying to compete you out of existence'."
He said of Mr Damelin's response: "He's a businessman; he took that well."
BBC News - Church plans to 'compete' Wonga out of business”
The Most Rev Justin Welby told Wonga boss Errol Damelin the Church planned to do this by expanding credit unions as an alternative to payday lenders...
..."I said to him quite bluntly that 'we're not in the business of trying to legislate you out of existence; we're trying to compete you out of existence'."
He said of Mr Damelin's response: "He's a businessman; he took that well."
BBC News - Church plans to 'compete' Wonga out of business”
Fantastic, way to go Rev Welby!
Now this is something the Church really could do to up it's profile and make it's mark as a focal point for the local community. A trusted and ethical credit union.
I've just emailed Rev Welby and asked him if the C of E would consider starting a search engine....
seems that the Church has indirectly funded Wonga just 24 hours after announcing plans to go head to head with them as per the above!
