Julian Welby, who heads Britain’s state church, has accused some bankers of being “absolutely still in denial” about the need for banking reform, according to a report in the Financial Times.
Welby is well placed to comment about the state of being in in denial as it is a requirement of his job. When his brain is switched on he can be in no doubt that the extraordinary feudal privileges given to his church, including the right to appoint legislators, cannot be justified in a democratic order. But these privileges are too convenient to be renounced, even when those who benefit make a point of calling out what they see as the failings of others.
The FT’s report was about the trouble Welby’s church is having getting rid of an £80,000 investment it has in Wonga, a pay day lender it has denounced.