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On Thursday, the Church of England released a statement to say it had withdrawn all its investment in Wonga and would be focusing on funding its own rival credit provider, the Churches’ Mutual Credit Union.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
9:41am Wednesday 29th July 2015
An Oxford street remains closed after canisters containing an unidentified substance were discovered.
10:00pm Tuesday 28th July 2015
FOUR people were killed in traffic accidents in 24 hours on Oxfordshire’s roads.
6:30am Wednesday 29th July 2015
CONFLICT between wheelchair users and parents with buggies has led to problems on the buses across Oxfordshire.
9:00am Wednesday 29th July 2015
POLICE chief Francis Habgood has said “difficult choices” will have to be made about policing across the Thames Valley.
9:31am Wednesday 29th July 2015
A NEIGHBOUR helped an elderly couple to safety after their home was filled with smoke from a burnt-out boiler, the fire service said.
7:00am Wednesday 29th July 2015
A WARD of 30 beds at Witney Community Hospital will shut for seven months to send staff elsewhere in the county and save money, it was announced yesterday.