First the Archbishop of Canterbury’s systematically-misleading statement: “We’re not trying to legislate Wonga out of business; we’re trying to compete Wonga out of business.” We should be thankful for that we have for Archbishop no Regius Professor of Obfuscation but a man who speaks as we speak in the street. Any reasonable person hearing his plain declaration of intent would conclude that the Church of England is about to compete with the payday loan company Wonga by offering clients lower interest rates on their repayments. Not so. The Church isn’t actually going to lend any money but only to make premises available for the use of credit unions. After the systematically-misleading statement, the scandal: it turns out that the Church itself is an investor in Wonga.
Read it all and there is a clarification from the Archbishop of Canterbury here