Holy credit! 2

In the previous post a little fun was had at the expense of the at the Archbishop of Canterbury, Justin Welby, for his idea that the C of E go up against the payday lenders in the U.K. and put them out of business by out competing them. But there is a positive side to the Archbishop's idea. He wants to out compete the current lenders. And what, you have to ask, is wrong with a bit of competition?

This question is asked by Tim Worstall at the Adam Smith Institute blog and he answers, correctly, nothing.

However, underneath the inherent silliness is something much more welcome, a definite antidote to the increasingly shrill calls from the likes of Stella Creasey that payday lending must be abolished by legislative fiat. For what the Rev Welby is actually saying is that he wants to drive these lenders out of business by competing against them, not by hoodwinking credulous MPs into stealing away someone's livelihood. Welby is insisting that such short term and low value lending can be done at much lower prices than the current companies manage it. This would be to the benefit of the consumer, as competition always is, and this would thus be a good thing. And we around here do have a habit of welcoming goods things, whatever direction they arrive from.

So we have to say, good on you bish!