Britain's Slave Trade Past: 24 Bank of England Directors Implicated
New research reveals the Bank of England's deep involvement in the transatlantic slave trade, with 24 directors and dozens of founding subscribers implicated in the trafficking of millions of African people
Research has found that the Bank of England and Britain's financial system were deeply involved in the enslavement and transatlantic trafficking of millions of African people. The study reveals that 24 directors of the Bank of England were investors in the trafficking of enslaved African people, with four of the Bank's founding directors in 1694 also investing in the slave trade.
At least 30 of the Bank of England's founding subscribers invested in the transatlantic trafficking of enslaved Africans, including King William III and Queen Mary II, who held shares in the Royal African Company. The Bank of England provided financial services to the Royal African Company and the South Sea Company, further entangling the financial system with the slave trade.
One notable example is Christopher Puller, a director of the Bank of England for 11 years, who was involved in the slave trade as a shipper of weapons and co-owner of a 1786 voyage that trafficked enslaved people from the Gambia to Jamaica. Nine of the 24 Bank of England directors who invested in the slave trade were also governors of the Bank.
## What it means The research highlights the significant role that the slave trade played in shaping Britain's financial system. The fact that dozens of financiers involved in the Bank's foundation were also investors in the slave trade suggests that wealth generated from the slave trade formed part of the Bank's initial capital. This legacy continues to have implications today, with the Bank of England's nationalisation in 1946 by Clement Attlee's Labour administration doing little to erase the institution's historical involvement in the slave trade.
## Why it matters The discovery of the Bank of England's involvement in the slave trade is a significant one, as it sheds light on the ways in which the financial system profited from the enslavement and exploitation of millions of African people. The research serves as a reminder of the need for greater transparency and accountability in the financial sector, particularly when it comes to issues of historical injustice and ongoing inequality. As the UK continues to grapple with its complex and often painful history, this research provides a timely and important contribution to the conversation.
