William Pettigrew's new book, "Britain’s Slave Traders: A Forgotten History," provides additional insight into the deep and significant involvement of Britain in the transatlantic slave trade. The book builds upon previous research, such as University College London’s Legacies of British Slavery project.
The UCL project previously documented compensation payments totalling £20m in 1834 to 46,000 individuals who held financial interests in slave ownership at the time of abolition. This sum is estimated to be worth approximately £17bn at 2019 prices, representing 40% of total government expenditure in 1834. This substantial national debt was not fully paid off until 2015.
Pettigrew's study traces the history of the transatlantic slave trade from its beginning through the 18th century, demonstrating its far-reaching influence on the economy and society. The economic impact over this period is highlighted, with observations that the slave trade contributed to the initial funding of the Industrial Revolution. Income from Caribbean sugar plantations generated capital surpluses that helped finance new industries through an expanded banking system and contributed to personal wealth. The defence of these assets also stimulated the growth of the British navy.