Slavery Ties Revealed: Church of England Announces £100m Fund
Written by GRB on 13/01/2023
The Church of England has announced that it will be committing £100 million to addressing past wrongs, following the discovery of historic links between its investment fund and slavery.
The funding will be used to create a more just and equitable future for all, particularly for those communities affected by historic slavery. A report released last year revealed that the Church had invested significant amounts of money in a company that transported slaves.
The Archbishop of Canterbury, Justin Welby, has said that it is now time for the Church to take action to address its past.
The investigation, which was conducted by the Church Commissioners, a charity responsible for managing the Church’s investment portfolio, examined the Church’s investment fund, which in the 18th century was known as Queen Anne’s Bounty.
The report found that by 1777, Queen Anne’s Bounty had invested £406,942 (equivalent to approximately £724 million in today’s terms) in the South Sea Company.
The South Sea Company is estimated to have transported 34,000 slaves in inhumane conditions during its 30 years of operation.
As a result, the Church Commissioners have announced that they will be committing £100 million over the next nine years to a new program of investment, research, and engagement.
This will include funding further research into the Church Commissioners’ history, as well as supporting dioceses, cathedrals, and parishes to research and address their own historic links to slavery.
he growth of the fund will also be used to provide grants for projects that aid communities negatively impacted by historic slavery.