Wonga loans rescue plan
Archbishop of Canterbury Justin Welby is expected to lead a not-for-profit bid to buy the £400million loan book left by collapsed payday lenders Wonga.
Welby will bring investors and charities together in an effort to protect 200,000 borrowers who may face hardship if their debts go to another firm that chcharges high interest rates.
It comes after it emerged ththe Church of England had a £10million investment in AmAmazon after Welby acaccused the online giants of “leechingle off the taxpayer”.