After reading from Acts 4: 32-37, Archbishop Justin said:

Now, first of all, if you'll excuse me being quite impolite, the trouble with New Wineskins is that they get older. I'm looking around. I look in the mirror. It's a bit frightening. That may seem shocking and rude, but I'm afraid it's true, and it is the pattern of all renewal in the Church. As they get older, they accumulate bits and pieces that attach to them; they get baggage.

On Friday, the Archbishop told Radio Four's Today programme that he was "embarrassed" and "irritated" by the news - uncovered by the Financial Times - but that he had "no illusions" about the complexity of investment.

Lambeth Palace said that they had been unaware of the investment. "We will be asking the assets committee of the Church Commissioners to investigate how this has occurred and to review the holding."

As major cultural shifts take place it is always necessary to be self-critical. Have I, have we, been wrong? The church itself has many embarrassing skeletons in the cupboard. One of the oldest Anglican mission societies once owned slaves in the West Indies; only three weeks ago the General Synod offered an apology for the Church of England's failures over the issue of child abuse in decades past.

He added: "I want, as I have already done, to acknowledge the pressure that our Muslim friends and colleagues have faced over the last few weeks.

"There have been terrible attacks, I know that the vast majority of those in this country and especially people of faith would join me in condemning utterly any act of violence against anyone because of their faith.