The Archbishop of Canterbury has admitted he is "embarrassed" and "irritated" after learning the Church of England indirectly invests in online lender Wonga - the focus of Justin Welby's criticism over payday loans yesterday.
Mayor of London Boris Johnson backed the Archbishop of Canterbury's plans to compete payday lenders "out of existence" and said it was an "interesting interpretation of the gospels".
"I think it's a wonderful idea," he told Channel 4 News.
"Wonga is a perfectly legitimate business but there's no doubt their rates are usurious. There are people who find it very, very difficult to repay the loans once they get into trouble.
"He's not turning over the tables of the money lenders, he's bringing in his own money lending tables. It's a very interesting interpretation of the gospels."
The Archbishop of Canterbury has told Wonga that the Church of England wants to "compete it out of existence" by supporting credit unions.
The Church of England plans to expand credit unions as an alternative to payday lenders - but what are they?