The Archbishop of Canterbury has apologised after it emerged the Church of England’s investment fund has links to the transatlantic slave trade.
Queen Anne’s Bounty was a fund to help support poor clergy in the 18th Century – but large parts of its investments supported carrying slaves from West Africa to the American colonies in horrific conditions.
That fund now makes up a part of the Church’s $12.3bn (£10bn) investment fund.
In a snapshot from the late 1730s, for example, research commissioned by the Church itself found it was investing the equivalent of more than $530m in today’s terms in the South Sea Company.
That was responsible for shipping tens of thousands of slaves from Africa to the Spanish colonies. It is estimated around 15% of them died on the torturous journey.
Archbishop of Canterbury Justin Welby has apologised saying it is a source of shame that some in the Church actively supported and profited from the slave trade – and that he prayed for those affected by this news.
The Church of England says a group will now be set up to decide what its response should be. But a spokesperson would not be drawn on whether that included a discussion about reparations.