New research into Britain's slavery history has found that the Bank of England and the wider British financial system were deeply involved in the enslavement and transatlantic trafficking of millions of African people for centuries. Historians compiling the Register of British Slave Traders indicate that the extent of the financial system's involvement is greater than previously understood.
Dr Michael Bennett of the University of Sheffield, who has researched the Bank's historical connections to enslavement, found that 24 directors were investors in the trafficking of enslaved African people. Four of these were founding directors in 1694, with the remaining 20 serving over the subsequent century. Additionally, Bennett's research revealed that at least 30 founding subscribers to the Bank of England invested in the transatlantic trafficking of enslaved Africans, including William III and Mary II.
The Bank of England has acknowledged and apologised for past governors and directors having been involved in the slave trade. A Bank of England spokesperson stated that its connections to enslavement were explored in depth in its 2022 exhibition.