ETHICAL purity when it comes to financial investments is “hard to achieve” in the modern day, the Bishop of Oxford has claimed.
His comments follow an announcement that the Church of England will sever all ties with payday loan company Wonga.
Rt Rev John Pritchard told the Oxford Mail: “I’m delighted that the Church of England has been able to sort out this anomaly.
“The problem is that with the multi-layered complexity of financial investments today it’s hard to achieve the ethical purity any of us may seek.
“However, we’ve been able to do it and continue the programme of encouraging credit unions rather than pay day loan companies which, as we know, can drive poorer families to despair.”
On Thursday, the Church of England released a statement to say it had withdrawn all its investment in Wonga and would be focusing on funding its own rival credit provider, the Churches’ Mutual Credit Union.
It is also expected to bring in tighter controls on its venture capital scheme as a result of criticisms made when it first emerged that it had holdings in Wonga.
That prompted the admission from Archbishop of Canterbury Justin Welby that the association was “embarrassing”.
- Do you want alerts delivered straight to your phone via our WhatsApp service? Text NEWS, SPORT and JAYDEN depending on what services you want, and your full name to 07767 417704. Save our number into your phone as Oxford Mail WhatsApp and ensure you have WhatsApp installed.
Our top stories
7:18pm Sunday 23rd November 2014
THERE are delays of up to half an hour on the M40 after an earlier vehicle fire.
6:21pm Sunday 23rd November 2014
A woman has been sexually assaulted in a pub car park in Kidlington.
2:26pm Sunday 23rd November 2014
A HORSE was killed after it collided with a car near Steeple Aston yesterday.
2:17pm Sunday 23rd November 2014
OXFORDSHIRE is set for a cold snap tonight and tomorrow with temperatures as low as -2C expected in some parts of the county.
11:51am Sunday 23rd November 2014
A WOMAN from Witney has been missing since Friday.
6:24pm Saturday 22nd November 2014
TWO men were assaulted in Oxford city centre last weekend.