Slave-trade wealth was embedded in Britain’s financial system, research finds
Summary
New research shows that the Bank of England and Britain’s financial system were closely involved in the transatlantic slave trade for centuries. Many early directors and investors in the Bank had direct financial ties to the trafficking of enslaved Africans, and slave trade profits helped build the Bank's initial capital.Key Facts
- The Bank of England was founded in 1694 with many investors linked to the slave trade.
- At least 24 Bank directors were involved in the trafficking of enslaved Africans, including founding members.
- Some involved, such as Christopher Puller, were directly involved in sending enslaved people across the Atlantic.
- Wealth from the slave trade was part of the Bank’s starting funds.
- The Bank provided financial services to companies engaged in the slave trade, like the Royal African Company.
- Research also shows 16 former governors and 26 directors owned enslaved people or plantations before slavery ended in 1833.
- The British government paid £20 million (equivalent to £23 billion today) in compensation to slave owners after abolition, but enslaved people received nothing.
- In 2020, following Black Lives Matter protests, several UK banks publicly acknowledged their historical links to slavery.
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