Wonga bid by Church

The People - - NEWS FEATURES - By Stephen Hayward

THE Arch­bishop of Can­ter­bury is ex­pected to lead a not-for-profit bid to buy the £400mil­lion loans left by col­lapsed pay­day lender Wonga.

Justin 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 charg­ing high in­ter­est rates.

Labour MP Frank Field had urged the Church of Eng­land to buy the loans with some of its £7bil­lion as­sets. It is thought of­fi­cials may try to set up a res­cue con­sor­tium in­stead.

This comes af­ter the Arch­bishop faced charges of hypocrisy as it emerged the Church had a £10mil­lion in­vest­ment in Ama­zon.

Mr Welby had ac­cused the on­line gi­ant of “leech­ing off the tax­payer”.

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