Church of England to spend £100m on making amends for "shameful" slave trade links
11 January 2023, 14:21
The Church of England has announced it will spend £100m on a fund that is dedicated to compensating for its historic links to the international slave trade.
The funding will aim to provide a "better and fairer future for all, particularly for communities affected by historic slavery", according to a new report for the Church Commissioners.
Justin Welby, the archbishop of Canterbury, said now was the "time to take action to address our shameful past" after previously labelling the report's interim findings a "source of shame" for the church in June last year.
The report avoids the term "reparations", as the fund will not be used to compensate individual victims, but will instead aim to support projects that will "improve opportunities for communities adversely impacted by historic slavery”.
An investigation looking into the church's past found that by 1777, Queen Anne's Bounty had investments worth £406,942 in the South Sea Company.
This is thought to be around £724m in today's terms.
The company is estimated to have transported 34,000 slaves in its 30-year history.
Mr Welby said: "The full report lays bare the links of the Church Commissioners' predecessor fund with transatlantic chattel slavery.
"I am deeply sorry for these links.
"It is now time to take action to address our shameful past."
The Bishop of Manchester, the Right Reverend Dr David Walker, deputy chairman of the Church Commissioners, echoed Mr Welby's words.
He added: "We hope this will create a lasting positive legacy, serving and enabling communities impacted by slavery."
