Wonga bid by Church
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”.