- Oct 28, 2007
- Reaction score
- Political Leaning
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.
Archbishop Welby, a former financier who sits on the Parliamentary Commission on Banking Standards, has previously lobbied for a cap on high interest rates charged by loan companies.
"I've met the head of Wonga, and we had a very good conversation," the archbishop told Total Politics magazine.
"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'." link.
About time too, nice to see the Church of England become aggressive against companies like Wonga etc
Local credit unions used to be popular and community friendly ways to make sure poor people could get low cost loans but they have largely faded into the background from their earlier position in the community.