The pressure on the Church of England to ditch its slavery reparations plan
Summary
The Church of England has admitted it profited from investments in the historical slave trade, including the South Sea Company, which brought in large returns in the 18th century. The Church promised to use £100 million from these profits to fund social projects as a form of reparation, but this money has not yet been spent amid debate about the Church's responsibility and the politics around these payments.Key Facts
- Rochester Cathedral’s archives revealed profits from slavery-linked investments helped fund major renovations in the 18th century.
- The Church of England’s endowment fund historically included shares in the South Sea Company, known for slave trading.
- These investments yielded profits equal to about £1.4 billion today, which were incorporated into the Church’s current funds.
- Archbishop Justin Welby apologized in 2023 for the Church’s links to slavery and pledged £100 million for a social impact fund.
- The £100 million reparation money remains unspent as of now amid disagreement about the Church’s role in slavery compensation.
- The issue reflects wider institutional reckonings with historic racism and injustice following George Floyd’s murder in 2020.
- Many British institutions, including universities and museums, reexamined their ties to slavery after global protests.
- The debate continues whether the political and public will to follow through on reparations still exists six years after George Floyd’s death.
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