Friday 26 July 2013

Welby vs Wonga

Welby really is interested in banking, isn't he ?  As well as pontificating, and bidding for RBS branches (can the Coop be far behind ?) the archbishop is leading the CoE into the credit union business.  He intends to "compete Wonga out of business": a very practical churchman indeed.

People may snipe: but his instinct isn't wrong at all.  At the political 'surgery' I assist with, when (as happens from time to time) a gaunt figure shambles in having not eaten in three days because their benefits have been discontinued after a conviction for benefit fraud, the principle institutions one can refer them to are the churches: the alternative is a self-referral to prison.  It might once have been the workhouse, but not today: and civic society has to draw a line somewhere.

Wonga is, of course, de jure an entirely legitimate business.  But it's a symptom of a pretty depressing state of affairs: and at the other end of the spectrum it represents are some very nasty 'institutions' of last resort: loan-sharking, prostitution, crime ...

Welby will doubtless encounter all manner of sniping and practical problems (he already has one awkward little local difficulty to fix).  But the CoE still has a mighty asset base, and if he uses it cleverly (have a word with Prince Charles ...) he might actually do some real good.  The Catholics, Mosques and temples - all of which have their own practical heritages - may not be far behind.

ND

15 comments:

Anonymous said...

All congregations to use the new Welby recessional at the end of services . The organist will play the tune for the Conga, the congregation will sing 'I came I saw and Wongered ' and the out going procession will place hands on hips of the person in front of them and do the funny walk to thr music!

Anonymous said...

"Wonga ... represents are some very nasty 'institutions' of last resort: loan-sharking, prostitution, crime ...". How so? Wonga probably diverts desperate, unbankable borrowers from loan sharks. As for prostitution I imagine that the pimps and madams pay their mortgages and bank their profits with high street banks.

visc said...

I like Welby in that he seems to have enough of his focus in the temporal world whilst knowing his brief, if a little too happy clappy in places.

Whilst not strictly CoE, the church has a lot of history of self help and social infrastructure - think methodism and all it bore.

James S said...

Couldn't agree more. I always shudder when I hear churchmen veering off into secular matters, but this sounds like a really worthwhile option. Good luck to him.

Nick Drew said...

Anon@10:04 - in the true polemical spirit you have willfully misquoted me and slandered Wonga in the process

but we know what you mean

Demetrius said...

In the good old days our ancestors had ways of dealing with usury, often with Church support. Has anyone considered this option?

visc said...

Demetrius - remeber in Mosaic Law debts were forgiven every 7 years ...

Electro-Kevin said...

And so the Church SHOULD step in. This is the very thing they were invented for.

On the back of it they should spread the Gospel - unashamedly so.

Bill Quango MP said...

Webly Wonga and the Cut-rate Usury.

I can see a musical in the works!

"I've got a golden chalice!"
"Pay up Charlie"
"The Everlasting loan repayment terms"
"Pure Incarnation"
"Omm-poor-law...Omm poor-Law. loompardi-do! Ive got an unsecured deal for you!

andrew said...

To me, he has done nothing apart from providing the most enormous amount of free publicity completely FOC to Wonga.

So, he says he will will offer the same service, but cheaper.

Generally 3 ways this end up

(a) they are clever, skim off the good risks and make money. Wonga carries on & makes a bit less profit.

(b) they are not clever, skim off the bad risks and lose money. Wonga carries on & makes a bit more profit

Most likely

(c) all the hot air comes to nothing.

I know making a moral stand / gesture is important, but making Wonga a household name might not have been the intended outcome.

Anonymous said...

@andrew

The aim of the church is to make money from being rich, and then give it to the poor, so they are not meant to reject any "bad risks", i.e. Wonga should make more money.

Graeme said...

I am sorry but Welby comes across here as a bit of a "Hodge". Grand-standing. What does he know about money-lending? What should he know given Jesus's stance? The guy has outed himself as a Richard Murphy/Hodge/style grade A tosser. If someone wqants to bear the losses from bad lending, should that be the CoE?

Electro-Kevin said...

Is this what they mean when they say 'Jesus saves !' ???

Bill Quango MP said...

Mr Wonga should fight back.
Start opening up a few churches. Start a new religion where the congregation can achieve spiritual fulfilment and win big big prizes!

Hymn number Lottery. Reward points for good deeds. And special members only discount rates on payday loans.

The Wongachurch. It's so god it's God!

andrew said...


Or maybe they could retreat from the CofE's advances and diversify...

... into Confectionery and Sex Toys.