Church plans to 'compete' Wonga out of business
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.
In an interview with Total Politics magazine, the Most Reverend Justin Welby said he had a "good conversation" with Wonga chief Errol Damelin.
The archbishop has criticised such companies for what he calls excessive rates of interest.
He said the Church could help non-profit lenders do more.
It has already set up a non-profit credit union for clergy and staff.
"I've met the head of Wonga, and we had a very good conversation," the Archbishop told the magazine.
"I said to him quite bluntly 'we're not in the business of trying to legislate you out of existence; we're trying to compete you out of existence'."
(continued, beware the heavy crucifix on your nugget if you don't cough up your weekly payment)
