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Wonga left at the altar as Church of England departs

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Wonga left at the altar as Church of England departs

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Published by Max Salsbury for 24dash.com in Communities and also in Finance

Wonga left at the altar as Church of England departs Wonga left at the altar as Church of England departs

The Church of England has terminated its embarrassing financial ties to payday lender Wonga.

Last year, it was revealed that the Church had invested around £75,000 in the controversial company - days after the Archbishop of Canterbury, Justin Welby, declared his intention to "compete [the company] out of existence" by expanding credit unions.

However, the religious organisation has now ended all ties with Wonga, something the archbishop told the BBC he was "absolutely delighted" about.

The Church Commissioners for England, which run the CoE's investments, have tried to downplay the connection to Wonga, saying "at no time have the commissioners invested directly in Wonga or in other payday lenders" and that the investment was "considerably less than 0.01% of the value of Wonga".

Payday loan companies have been described as "legal loan sharks" by Labour's Stella Creasy, who has long campaigned for the sector to face tighter regulation.

The MP has highlighted the enormous levels of interest charged on payday loans and the home credit market, in some cases the equivalent of 10,000%.

Last year, the Archbishop launched a new credit union for clergy and church staff, while the Church also announced plans to inspire members with finance skills to volunteer at credit unions.

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