Key facts
- The Church of England's historical investments in the South Sea Company, involved in slave trafficking, have come under scrutiny.
- The Church announced a £100 million fund to address its links to slavery, primarily supporting black-led enterprises.
- Critics question the extent of the Church's direct involvement in slave trading, suggesting investments were primarily in government bonds.
- Supporters argue for the necessity of acknowledging and making amends for the institution's historical role in slavery.
- The debate highlights broader institutional reckonings following the murder of George Floyd in 2020.
The Church of England is grappling with its historical ties to the slave trade, particularly through investments made by its predecessor endowment fund in the South Sea Company. This company was involved in trafficking enslaved Africans across the Atlantic.
Recent investigations, spurred in part by the global reaction to the murder of George Floyd in 2020, have brought these historical financial links to light. Rochester Cathedral, for instance, has uncovered evidence of direct investments in a slave-trafficking company that funded significant renovations. Similarly, the Church Commissioners found that their historic fund, the Queen Anne's Bounty, invested heavily in the South Sea Company between 1723 and 1777.
In response to these findings, the Church announced a £100 million 'social impact' fund, Project Spire, aimed at making amends, primarily by supporting black-led enterprises in the UK. The then Archbishop of Canterbury, Justin Welby, issued an apology for the institution's "shameful past."
However, the plan has become a focal point of contention. Critics, such as Professor Richard Dale, argue that the Church's investments were primarily in government bonds (South Sea Annuities) rather than directly in the slave-trading business itself, questioning the scale of the historical entanglement. Supporters, including Bishop Rosemarie Mallett, a descendant of enslaved Africans, maintain that the evidence clearly demonstrates a deep connection to chattel slavery and that tangible repentance is necessary.
The dispute raises broader questions about institutional promises made in the wake of George Floyd's murder and the ongoing will to address historical injustices.