New Research Links More Bank of England Directors to Slave Trade

The case for reparations from the British government to African and Caribbean communities over the atrocities of the transatlantic slave trade continues to build. New research compiled by historians and reported by The Guardian reveals that 24 Bank of England directors were direct investors in the slave trade, depositing their profits straight into Britain’s central bank—further proving that British wealth was built on the backs of enslaved Africans.

Part of this research was led by historian Dr. Michael Bennett from the University of Sheffield, who has been investigating the Bank of England’s role in the transatlantic slave trade since 2022. According to The Guardian, Bennett’s latest findings show that four of the 24 directors were members of London’s ruling class and among the founding directors of the financial institution in 1694.

This links the bank’s foundational capital to the exploitation of enslaved Africans as Positive Money—an organization working to redesign economic systems for social justice—points out that to become a director of the Bank of England, individuals had to invest in the bank as private shareholders.

Digging deeper into the Bank of England’s history, the research also concluded that 30 of the bank’s founding subscribers held direct investments in the transatlantic slave trade. That list includes royal ancestors King William III and Queen Mary II, who were tied to the Royal African Company, a prominent English slave-trading enterprise, per The Guardian.

Related: Jamaica Takes Push for Reparations Straight to King Charles III

This isn’t the first time the Bank of England’s role in the transatlantic slave trade has been confronted. In 2020, during the height of global Black Lives Matter protests following the murder of George Floyd, the institution acknowledged its historical ties in a formal statement:

“There can be no doubt that the eighteenth and nineteenth century slave trade was an unacceptable part of British history. As an institution, the Bank of England was never itself directly involved in the slave trade, but is aware of some inexcusable connections involving former Governors and Directors and apologises for them,” the statement read in part.

Though the Bank of England claimed it was never “directly involved in the slave trade,” research done by Bennett proved that the Bank of England owned over 500 slaves across two plantations, according to The Guardian.

In 2022, the institution went further in acknowledging its history by mounting an exhibition that explored how the bank and all of Britain benefited from the transatlantic slave trade.

However, while the Bank of England has apologized for its past, it aligns with the British government in refusing to pay reparations to African and Caribbean nations. Instead, the British government has argued that it should not be held liable for lawful actions of the past.

Yet, it’s important to note that the Bank helped manage a £20 million compensation package given to slave owners under the 1833 Slavery Abolition Act to repay them for the loss of their “property,” according to the Bank of England. Those government debt payments were not fully cleared until 2015.

The full records detailing known slave traders can be found on the Register of British Slave Traders, “a database to learn who financed the British slave trade, where they lived, what legacies they made, which other businesses they were involved with, and which organizations they were connected to,” per the website.

The findings that 24 Bank of England directors were direct investors in the transatlantic slave trade offer further proof that British wealth was built on the backs of enslaved Africans. While former slave owners received financial compensation for “lost property,” African and Caribbean communities around the globe have yet to receive reparations for the trauma endured.