The Church of England’s parish funds crisis has been well exposed to the public in recent reports; however, the crisis may be even more of a worry than previously expected. In a desperate effort to raise extra finances for the struggling parishes, the denomination is reportedly considering investing millions of pounds into industries that it had previously considered as morally questionable.

The treasury of the Church of England – The Church Commissioners – manage assets worth approximately £3.9 billion. They are currently reviewing the ethics behind their investment policies, to ensure that their returns are maximised to the fullest.

Any significant changes could, however, be seen as extremely controversial to the General Synod, admitted clerical insiders, as they have traditionally been very sensitive with regards to the size and use of the church’s holdings.

The Synod had recently considered the idea of Bishops taking a pay cut. The commissioners have stated that the Church was facing serious financial problems, and reported that the constraints imposed on it by its ethical investment policy had shockingly cost them an estimated £70 million over the past six and a half years.

The new considerations have come about as some of the Church’s financial advisors have stated their belief that the guide lines imposed on them are particularly over-scrupulous and that companies they had kept away from in the past had since reformed their images.

Some sources have indicated that the commissioner are likely to stand firm on their stances against the arms trade and tobacco, but they may consider compromising on their current attitude towards newspapers and more worryingly alcohol.

However, sources have also indicated that although the commissioners would look at whether certain sectors of the market could be included in its investment targets, the Church would never stop investing ethically.

The source said, “Things are always changing. There is now a binge-drinking culture which we do not with to encourage. But one might be able to distinguish, for example, between companies which make alcohol and those which sell it.”

This position has, however, seemed unclear to some concerned at the new direction being considered, and it has been thought worrying that the line of ethical morals may be blurred if such distinguishing is put into practice.

The commissioners have previously been entangled in controversy. In particular in the early 1990’s the Archbishop of Oxford, Rev Richards Harries took the commissioners to court over their ethical policies. This case was highly embarrassing for the Church of England, as Bishop Harries was a commissioner, plus the commissioners actions were largely acquitted by the courts.

The present day climate in the Church sees it in a perilous state financially, and dioceses across the country are cutting clergy posts in a bid to survive.

The Church spokesman, however, said that the commissioners had been highly successful in managing the holdings despite the turbulent financial markets.