An official report into the “serious and lasting” effects of the economic downturn also warns that clergy may have to make “significant” increases to their pensions as stock market turmoil reduces the value of their retirement funds.
Officials are now carrying out urgent reviews of all aspects of Church finances and future budgets, which will be discussed in detail at the July meeting of its governing body, the General Synod.
In total, the Church spends just over £1bn a year in salaries and pensions for clergy as well as the upkeep of its historic buildings.
This is happening everywhere, across denominational lines.