Anglicans hit by recession
The Church of England is turning away trainee clergy for the first time in its history, after losing £1.3 billion of investments in the financial crisis, according to the Daily Mail.
Up to 12 graduates of theological colleges will miss out on their ordination next month and may end up having to seek work outside the church, as there are no parish jobs for them.
The Church Commissioners, who manage the church’s £5.7 billion assets, announced it lost £1.3 billion last year as shareholdings and property prices fell.
Rev. Richard Turnbull, principal of Oxford’s Wycliffe Hall, called the jobs crisis a ‘tragedy’ and said he and colleagues would protest strongly to bishops. He said: ‘The Church of England agrees these individuals are called to the priesthood. It states that they have been trained fully. It says they are ready for ordination as priests. Then it just walks away’.