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| Church turns the tables on payday lenders | Church turns the tables on payday lenders |
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| I have mixed feelings about the archbishop of Canterbury's initiative (Thank God we have an archbishop who views Wonga's loans as modern slavery, Giles Fraser, 27 July). If it enables credit unions to help people in poverty by charging less outrageous interest rates than the likes of Wonga, it will obviously be welcomed by those forced to seek loans. However, it's only papering over the cracks of inequality. If it also succeeds in focusing on the reasons why many people have to seek loans – low pay, high unemployment, high rents and benefit cuts – and the discussion leads to a mobilisation of policies to address inequality, it will have achieved a political end which benefits society. I will be looking for a lead from the Labour. They shouldn't simply welcome the archbishop's intervention. Effective communication with enough voters will be necessary to show it can only ever be a short-term measure and that the structural reasons for inequality need also to be addressed. Michael Somerton Hull | I have mixed feelings about the archbishop of Canterbury's initiative (Thank God we have an archbishop who views Wonga's loans as modern slavery, Giles Fraser, 27 July). If it enables credit unions to help people in poverty by charging less outrageous interest rates than the likes of Wonga, it will obviously be welcomed by those forced to seek loans. However, it's only papering over the cracks of inequality. If it also succeeds in focusing on the reasons why many people have to seek loans – low pay, high unemployment, high rents and benefit cuts – and the discussion leads to a mobilisation of policies to address inequality, it will have achieved a political end which benefits society. I will be looking for a lead from the Labour. They shouldn't simply welcome the archbishop's intervention. Effective communication with enough voters will be necessary to show it can only ever be a short-term measure and that the structural reasons for inequality need also to be addressed. Michael Somerton Hull |
| • Every community has a story to tell about people trapped by the spiralling interest rates payday lenders charge. Over the past 18 months, we have been working with a wide variety of civil society groups to tackle this scourge. Trade unions, credit unions, CAB activists and local churches have been working collectively to win changes at a local level. | • Every community has a story to tell about people trapped by the spiralling interest rates payday lenders charge. Over the past 18 months, we have been working with a wide variety of civil society groups to tackle this scourge. Trade unions, credit unions, CAB activists and local churches have been working collectively to win changes at a local level. |
| At a Movement for Change event in Newcastle last week we heard Chris's story of how she was harassed day and night on the phone, by email and at her office by these companies demanding repayment. It made life for her and her family intolerable. Churches and residents' associations pledged to open credit union accounts, helping capitalise the local credit union, and even the Newcastle United fanzine has offered free fair credit advertising. The archbishop's pledge to place the resources of the Church of England at the forefront of this fight is welcome. The need for people and their local institutions to get organised has never been more urgent. Mike Kane Acting CEO, Movement for Change | At a Movement for Change event in Newcastle last week we heard Chris's story of how she was harassed day and night on the phone, by email and at her office by these companies demanding repayment. It made life for her and her family intolerable. Churches and residents' associations pledged to open credit union accounts, helping capitalise the local credit union, and even the Newcastle United fanzine has offered free fair credit advertising. The archbishop's pledge to place the resources of the Church of England at the forefront of this fight is welcome. The need for people and their local institutions to get organised has never been more urgent. Mike Kane Acting CEO, Movement for Change |
| • The support of Justin Welby for credit unions, and especially the offer of the use of church premises, is a positive and timely response to the increasing problem of debt. Unlike in Ireland, where credit unions have long enjoyed the support of the Catholic church, and in Poland, where trade union support is substantial, the network of credit unions in Britain is a tiny section of the economy, highly regulated and in need of reform of both its professional management and governance. | • The support of Justin Welby for credit unions, and especially the offer of the use of church premises, is a positive and timely response to the increasing problem of debt. Unlike in Ireland, where credit unions have long enjoyed the support of the Catholic church, and in Poland, where trade union support is substantial, the network of credit unions in Britain is a tiny section of the economy, highly regulated and in need of reform of both its professional management and governance. |
| In Yorkshire support for credit unions is increasing among trade unions and faith groups and the bishop of Ripon and Leeds, John Packer, a member and saver with Leeds City Credit Union, has described credit unions as "among the unsung heroes of this generation in helping to deal with the problem of debt". Michael McGowan Former president, Leeds City Credit Union | In Yorkshire support for credit unions is increasing among trade unions and faith groups and the bishop of Ripon and Leeds, John Packer, a member and saver with Leeds City Credit Union, has described credit unions as "among the unsung heroes of this generation in helping to deal with the problem of debt". Michael McGowan Former president, Leeds City Credit Union |
| • Archbishop Welby is to be congratulated on his efforts to support credit union to counter the appalling payday lenders, whose business is worth £2bn. Surely all churches should follow the C of E's lead. If the Roman Catholic, Methodist, Baptist, Congregational and other churches were to allow their facilities to be used by credit unions too, payday lenders would become a thing of the past. Patrick Glass St Leonards-on-Sea, East Sussex | • Archbishop Welby is to be congratulated on his efforts to support credit union to counter the appalling payday lenders, whose business is worth £2bn. Surely all churches should follow the C of E's lead. If the Roman Catholic, Methodist, Baptist, Congregational and other churches were to allow their facilities to be used by credit unions too, payday lenders would become a thing of the past. Patrick Glass St Leonards-on-Sea, East Sussex |
| • Church adviser Gavin Oldman says it's completely unrealistic to "expect the church to disinvest from big British companies despite unethical behaviour" (Church of England's other investments, 27 July). What sort of two-faced church are we talking about? It would be a superb opportunity to actively demonstrate what is right, if the church were to gradually withdraw from unethical companies and reinvest in a future for ordinary people. Green energy and housing come to mind. Christine Hood Richmond, North Yorkshire | • Church adviser Gavin Oldman says it's completely unrealistic to "expect the church to disinvest from big British companies despite unethical behaviour" (Church of England's other investments, 27 July). What sort of two-faced church are we talking about? It would be a superb opportunity to actively demonstrate what is right, if the church were to gradually withdraw from unethical companies and reinvest in a future for ordinary people. Green energy and housing come to mind. Christine Hood Richmond, North Yorkshire |
| • The archbishop of Canterbury is to be congratulated for his campaign against the inordinate interest rates of the payday loan industry. Yet because it depends on private equity firms for part of its investment returns, the church continues to invest indirectly in a variety of industries which many would consider unethical. Perhaps the archbishop should wield the might of the church's £5.5bn funds to find alternative, ethical, ways to provide reasonable returns on its investments, even if at somewhat lower interest rates. There are many people, followers and non-followers alike, who would welcome a lead from the church in developing truly ethical investment schemes. As such, they would be happy to avoid dependency both on private equity, and on some of the industries in which they invest. Among them, one hopes, are the Wellcome Trust and the Universities Superannuation Scheme. John Yudkin Emeritus professor of medicine, University College London | • The archbishop of Canterbury is to be congratulated for his campaign against the inordinate interest rates of the payday loan industry. Yet because it depends on private equity firms for part of its investment returns, the church continues to invest indirectly in a variety of industries which many would consider unethical. Perhaps the archbishop should wield the might of the church's £5.5bn funds to find alternative, ethical, ways to provide reasonable returns on its investments, even if at somewhat lower interest rates. There are many people, followers and non-followers alike, who would welcome a lead from the church in developing truly ethical investment schemes. As such, they would be happy to avoid dependency both on private equity, and on some of the industries in which they invest. Among them, one hopes, are the Wellcome Trust and the Universities Superannuation Scheme. John Yudkin Emeritus professor of medicine, University College London |
| • Rather than people like Vince Cable faintly praising the C of E for trying to compete against payday lenders, why doesn't the coalition just have the guts to draft a bill banning any lender from charging APRs over 50%? Norman Miller Brighton | • Rather than people like Vince Cable faintly praising the C of E for trying to compete against payday lenders, why doesn't the coalition just have the guts to draft a bill banning any lender from charging APRs over 50%? Norman Miller Brighton |
| • Perhaps the answer to the church's ethical investment group's "tricky" dilemma might be to ask: "What would Jesus do?" Not quite an exact parallel, but the spirit of Matthew 21.12 (cleansing the temple of money lenders) might offer the benighted clerics some guidance. Bryn Jones Bath | • Perhaps the answer to the church's ethical investment group's "tricky" dilemma might be to ask: "What would Jesus do?" Not quite an exact parallel, but the spirit of Matthew 21.12 (cleansing the temple of money lenders) might offer the benighted clerics some guidance. Bryn Jones Bath |
| • This archbishop is in danger of giving the church a good name. Marie Johnstone Loughborough, Leicestershire | • This archbishop is in danger of giving the church a good name. Marie Johnstone Loughborough, Leicestershire |
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