It was not the ideal start to the Archbishop of Canterbury's grand initiative to bring a new morality to Britain's banking sector. 

Just months into his tenure at the head of the Church of England, the Most Rev. Justin Welby, Archbishop of Canterbury, last week announced plans to use the Church's clout to take on a controversial new breed of money lender and "compete [them] out of business." With the financial clout and moral authority of the Church of England behind it, the proposal was not made lightly.

Then came the revelation a few days later that the church’s own pension fund holds a stake in one of those very lenders, Wonga. It was, as Archbishop Welby himself admitted to the BBC, "very embarrassing."

The Christian Science Monitor | Ben Quinn read the article at www.csmonitor.com

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