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The Knimbies who say No

Church Of England Joins Consortium To Bid For R B S Branches

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A welcome development or something more sinister. Dwindling congregations and collections perhaps means that the CoE has to be more pragmatic in its investments?

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/10146934/Church-of-England-bids-for-RBS-branches.html

The Church Commissioners, which manages a £5.5bn investment portfolio, has joined a consortium lined up by Lord Davies, the former Labour minister and boss of Standard Chartered, which is vying with two other rivals to buy the branches. The other members of the consortium are Lord Rothchild’s RIT Capital; Centrebridge, an American investor, and Standard Life.

Archbishop Justin Welby, who recently sat on the Parliamentary Banking Standards Commission, is one of the Church Commissioners charged with directing the investment fund. However sources close to the deal said that the Archbishop of Canterbury was not involved in the decision to bid for the RBS branches which has been planned over many months....

..The Church Commissioners, who declined to comment, have a stated aim to try to have positive ethical impact on the companies they own. As a shareholder in Barclays, the fund has engaged with the bank’s management to push for cultural changes in the wake of the Libor scandal.

In its annual report, the fund said: “Ethical conduct cannot simply be enforced. We will know that Barclays has truly transformed when it inspires its staff to make sustainable profits through serving its customers and fulfilling its fundamental role in society.”

What would Jesus do?

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They want to compete with payday lenders. http://m.bbc.co.uk/news/business-23459932

and Vince http://m.bbc.co.uk/news/business-23433955

As expected Vince hints at regulation ( the Oft is letting the payday lenders run riot). Sad very sad.

Good thread ressurection. I also read on Twitter that the CoE pension fund has exposure to Wonga of all people. Watch the hands. The cynic in me draws parallels with the BoE playing down inflation while simultaneously moving pension assets to linkers.

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They want to compete with payday lenders. http://m.bbc.co.uk/news/business-23459932

and Vince http://m.bbc.co.uk/news/business-23433955

As expected Vince hints at regulation ( the Oft is letting the payday lenders run riot). Sad very sad.

I've noticed a huge rise in ads for payday lenders and gambling since this government came to power. We're not heading in a nice direction.

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I've noticed a huge rise in ads for payday lenders and gambling since this government came to power. We're not heading in a nice direction.

It's amazing how quickly we habituate to things. Back in the day, the money left over at the end of the month was called 'savings' - any youngsters reading, worry not, this is an archaic term that you do not need to understand as it will never have any relevance to your life.

Now we have the Church of England seeking to compete with a company called Wonga (!!!!!), in order to offer you the best terms for the debt that will arise when last month's pay runs out before next month's pay arrives.

The growth of the payday lenders is surely a symptom of the fact that a huge proportion of the economically active are hanging on by the skin of their teeth. When some clown who purports to be a spiritual leader looks at the current state of affairs and says, "We can offer you credit on better terms" and not "Why don't incomes cover expenses?" you know that shit is very broken - and seemingly just getting more and more broken. :ph34r:

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A welcome development or something more sinister. Dwindling congregations and collections perhaps means that the CoE has to be more pragmatic in its investments?

http://www.telegraph...S-branches.html

What would Jesus do?

Post on HPC while things sorted themselves out and he could buy a manger?

Edited by dances with sheeple

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It's amazing how quickly we habituate to things. Back in the day, the money left over at the end of the month was called 'savings' - any youngsters reading, worry not, this is an archaic term that you do not need to understand as it will never have any relevance to your life.

Now we have the Church of England seeking to compete with a company called Wonga (!!!!!), in order to offer you the best terms for the debt that will arise when last month's pay runs out before next month's pay arrives.

The growth of the payday lenders is surely a symptom of the fact that a huge proportion of the economically active are hanging on by the skin of their teeth. When some clown who purports to be a spiritual leader looks at the current state of affairs and says, "We can offer you credit on better terms" and not "Why don't incomes cover expenses?" you know that shit is very broken - and seemingly just getting more and more broken. :ph34r:

Well said. He might as well dress as a real clown and run about with a water pistol for all the sense he makes.

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It's amazing how quickly we habituate to things. Back in the day, the money left over at the end of the month was called 'savings' - any youngsters reading, worry not, this is an archaic term that you do not need to understand as it will never have any relevance to your life.

Now we have the Church of England seeking to compete with a company called Wonga (!!!!!), in order to offer you the best terms for the debt that will arise when last month's pay runs out before next month's pay arrives.

The growth of the payday lenders is surely a symptom of the fact that a huge proportion of the economically active are hanging on by the skin of their teeth. When some clown who purports to be a spiritual leader looks at the current state of affairs and says, "We can offer you credit on better terms" and not "Why don't incomes cover expenses?" you know that shit is very broken - and seemingly just getting more and more broken. :ph34r:

This way though he'll probably win the praise of the Telegraph and Mail. If he questioned why incomes don't cover expenses he'd be a hand wringing leftie.

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The UK's only state institution willing to push competition in the financial sector?

At least it's a push toward a state bank.

Welby has to have had Queenie's approval for this.

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Credit unions with the church backing behind it will be good ethical competition against the likes of the growing array of pay day lenders that are becoming big business, who are sucking the little spare money out of the hands that hold the least......the credit unions are run mainly by volunteers.....all they need is investment, better organisation and a far improved IT system. ;)

http://www.independent.co.uk/news/uk/home-news/war-on-wonga-were-putting-you-out-of-business-archbishop-of-canterbury-justin-welby-tells-payday-loans-company-8730839.html

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The free marketeer in me says the CofE should be okay to have a go at running any business (or running anyone OUT of business) it likes, as long as it is obliged to operate in the same environment and under the same conditions as anyone else in the free market. I don't know if, for example, the CofE's tax situation is the same as, say, Wonga's, but I imagine it probably isn't... and if it's okay for the CofE to weigh in in that marketplace, they should be subject to the same rules as other players.

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Guest eight

... and if it's okay for the CofE to weigh in in that marketplace, they should be subject to the same rules as other players.

What rules?

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Christ how low can the institutution of this country go?

Its a Sign!

The CoE Lost large in GC1 as they got heavily involved in property speculation.

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The playing field may be at a subterranean depth, but I think it should still be level. :)

....could be they decide it to be non profit making.....paying 0% interest on savings and 0% or very low interest rate on debt, but you first have to show you can save, because savings and debt are much the same thing a monthly commitment that has to be budgeted for. ;)

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Extraordinary ! Jesus threw the money changers out of the temple, now the church is in business competing with them. There is a parable in there somewhere.

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Extraordinary ! Jesus threw the money changers out of the temple, now the church is in business competing with them. There is a parable in there somewhere.

The Church Commissioners have always been about investment.

They look after the Estates of the Church, its cash, its dilapidations, its property sales and purchases, stipends and pensions.

A lot comes from collection tins, but much comes from rent collection on its vast estates, including those in London and other prime areas.

Buying into a firm that deals in making a profit is nothing new for the Commissioners.

As I reported earlier, they made a huge loss in the early 90's....there was SERIOUS concern that pensioners would not be paid.

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A welcome development or something more sinister. Dwindling congregations and collections perhaps means that the CoE has to be more pragmatic in its investments?

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/10146934/Church-of-England-bids-for-RBS-branches.html

What would Jesus do?

set up a moneylending enterprise inside the temple ?

seriously ... The CoE is far removed from what Christianity is supposed to be..

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set up a moneylending enterprise inside the temple ?

seriously ... The CoE is far removed from what Christianity is supposed to be..

The Church and the Church of England are rentiers of old. Probably invented it in fact.

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  • 238 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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