25 July 2013 Last updated at 16:30 ET
The Archbishop had delivered a blunt warning to the boss of Wonga
The Archbishop of Canterbury is understood to be "furious" after the Church of England confirmed it invests indirectly in online lender Wonga.
It comes after the Most Reverend Justin Welby told Wonga boss Errol Damelin the Church would try to force the firm out of business by boosting credit unions.
But the Church later said it invested in funds that provide money for Wonga.
Lambeth Palace said an independent inquiry would be launched in to how "this serious inconsistency" occurred.
Source: BBC News - Business http://www.bbc.co.uk/news/business-23459932#sa-ns_mchannel=rss&ns_source=PublicRSS20-sa
