When I started this blog a few years ago my
boss was a bit unclear about what he actually wanted me to write about. The one thing he did specify, however, was to
keep off religion and to stay away from politics. Five years down the line, and I have tried, I
really have, to stick to this one caveat, but boy, is it hard.
I don’t want to offend or alienate anyone,
God knows (whoops, probably shouldn’t have said that) but sometimes a story
crops up that is just too good to resist.
Last week, for example, newly-appointed Archbishop of Canterbury, Justin
Welby, was all over the British news for having a go at the PayDay loans
companies, notably Wonga.
Now Mr Welby is not your average
Archbishop: with a career history including eleven years in the oil industry
and a spell serving on the Parliamentary Commission on Banking Standards, he is
possibly better-qualified than most people to comment on ‘sharp’ lending
practices. Financial and business ethics have been a long-term interest for him;
he has written extensively on the subject, including Explorations in Financial Ethics, and Can Companies Sin?
His Grace Justin Welby, Archbiiishop of Canterbury |
In his role as Commissioner he gained a
reputation for being tough on bankers, famously remarking that the banks served
‘no socially useful purpose'. He also
suggested that senior bank executives were guilty of deliberately avoiding
investigating information on shady dealings within their organisations so they could plead ignorance about them later, when the brown stuff finally hit the
fan. To be fair, he did temper this by warning against the temptation to act
like a lynch mob by naming and shaming individual bankers.
‘WongaGate’ first came to my attention when
I heard the Archbishop announcing his intention to ‘compete it out of
existence’ by creating the Church of England’s own credit union companies as an
alternative source of lending for poor people.
‘Great idea’ I thought, ‘I must use this for a blog posting, it will
make a great story’.
As if this wasn’t material enough for a
financial blogger, the story exploded into a media frenzy the following day
when it was revealed that the Church of England was itself an investor in
Wonga! Mr Welby then endured the ordeal of being grilled by John Humphrys on
Radio 4’s Today program, admitting that he was ‘very embarrassed’ by the
revelation. A rich vein of material indeed! Blogger's golddust!
I have to hand it to the Archbishop, he has the guts to get off the fence, stand up and speak out for what he believes
is right. He genuinely wants to provide
an ethical and affordable lending service for hard-up, ordinary, struggling
people currently at risk of getting into appalling financial difficulties. OK, maybe he made a bit of a boob in not
checking out the Church’s investment portfolio before criticising the Payday
loan industry, but that does not make him a hypocrite; it, just means he was somewhat
under-prepared.
I am reminded of the story of Jesus
overturning the moneylenders’ tables in the temple:
And Jesus went into the temple of God, and cast out
all them that sold and bought in the temple, and overthrew the tables of the
moneychangers, and the seats of them that sold doves, And said unto them, It is
written, My house shall be called the house of prayer; but ye have made it a
den of thieves. (Matthew 21:12–13).
And making a whip of cords, he drove them all out of
the temple, with the sheep and oxen. And he poured out the coins of the
money-changers and overturned their tables. And he told those who sold the
pigeons, "Take these things away; do not make my Father's house a house of
trade. (Jn 2:13–16)
So far His Grace the Archbishop has refrained from
giving Wonga a whipping; in fact he has been rather polite about them. Speaking on Radio 4’s Today programme he said:
Funnily enough,
I never took on Wonga in particular. The context was talking about the entire payday
lender movement. Wonga is actually a very professionally managed company. Errol
Damelin, the chief executive, is a very clever man, runs it extremely
well.
Let us not forget another iconic Bible
story, concerning a social outcast, Zacchaeus the tax-collector. Zacchaeus wanted to hear Jesus speak, and being of short stature, climbed up a tree to get a good view above the crowd. Jesus made a point of singling him out and inviting himself to his house for lunch. Subsequently, Zacchaeus repented of his evil,
usurious ways, vowing to repay four-fold all those he had cheated, and to give
half his wealth to the poor.
It just goes to show that, though it may be
easier for a camel to pass through the eye of a needle than for a rich man to
enter the Kingdom
of Heaven , it is
certainly not impossible. After all,
Justin Welby is an Old Etonian and former oil executive, and now he is
Archbishop of Canterbury. That concludes my sermon for today. God Bless you all for reading. Sorry boss, it did contain religion and politics.
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