It was all going so well for the ABC. Justin Welby’s policy of putting Wonga out of business through old fashioned market-based competition had won him plenty of admirers. Certainly pushing his capitalist credentials a lot more convincingly than his predecessor, who no doubt backs a more statist solution. Even Ed’s guru Maurice Glasman was on board. Then an almost perfect scoop from the FT: the Church invests pension funds in Wonga through Accel, a US venture capital firm.

Pressed on its investment in Wonga, the CofE is "grateful to the Financial Times for pointing out this inconsistency". You're welcome.

— Janan Ganesh (@JananGanesh) July 25, 2013

Welby has been in full crisis comms mode on Today this morning. Awkward…