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Archbishops join attack on hedge fund curbs
Ross Lydall07.10.09
THR Mayor's campaign to fight off new European restrictions on hedge funds today received unexpected support from the Church of England.
Church commissioners, who are responsible for safeguarding the Church's vast wealth, have "serious concerns" about European Union plans to regulate the complex investment vehicles.
Last month Boris Johnson travelled to Brussels to urge the EU to drop the plans, saying they were a "blatant attack" on London's status as the centre of the financial services industry.
However, hedge funds have been attacked for their lack of transparency, with critics believing they are symptomatic of the risk-taking culture and "soft touch" regulation that caused the credit crunch.
Today it emerged that the commissioners, who include Archbishop of Canterbury Rowan Williams and John Sentamu, the Archbishop of York, had written to a House of Lords committee to complain that restricting hedge funds could harm their £4.4 billion investments. Both archbishops had previously criticised aspects of the City's activities blamed for the financial crisis.
Reader views (4)
I'm sure I remember reading something in a big book about worshipping Mammon and some nasty money changers being kicked out of the temple? Maybe that book should be on the Bishop's reading list.
- Mark, London
Having £4.4 billion in assets whilst people are starving and dying of disease around the world doesn't sound very Christian to me.
- Sarah M, London
The Church of England currently has investments of £4,400,000,000.00.
They know which side their bread is buttered on.
The church has much to answer for - they are as greedy as MP's with their long smelly noses burrowed deep inside the expenses trough.
- Reuben Camara, Morecambe Compound, EUSSR
Hmmm... double standards by the Church maybe? I seem to remember reading only a couple of weeks ago the Church blaming the City/Bankers for all the worlds financial woes but apparently this new Hedge Fund regulation is not good because it hurts their income through investments. Either the Church should be consistent with their views or keep quiet on the subject. Personally I prefer the latter.
- Paul, Chatham, UK
