GNV News, 22 September 2026

New research on the history of slavery in the United Kingdom has revealed that from the 17th to the 18th century, the Bank of England and the British financial system were deeply involved in the enslavement of millions of Africans and in human trafficking across the Atlantic.

According to investigations by historians, dozens of financiers who heavily invested in the transatlantic slave trade were involved in the establishment of the Bank of England, which has been a government-owned central bank since its nationalization in 1946. The investigation found that 24 directors of the bank invested in the trade of enslaved Africans, and according to the register, the last of them, Christopher Pullein, was also a carrier of weapons for the slave trade and served as a director of the bank for 11 years until his death in 1789. “Institutions such as banks and insurance companies provided the financial services that underpinned the transatlantic slave economy and generated vast fortunes from it,” said Dr. Michael Bennett of the University of Sheffield in an interview.

The Bank of England itself and the Treasury played a central role in paying £20 million at the time in compensation to slave owners under the Slavery Abolition Act of 1833. Meanwhile, no payments whatsoever were made to the people who were victims of human trafficking.

In recent years, several developments have taken place. First, prompted by the Black Lives Matter (BLM) protests* in 2020, a number of major banks and financial institutions acknowledged their historical involvement in slavery. The Bank of England admitted and apologized for the involvement of its former governors and directors in the slave trade. The Treasury, on the other hand, has not issued a public apology. This appears to be in line with the government’s stance of avoiding discussions on reparations and refusing to accept responsibility for human trafficking.

Then, in March 2026, the UN General Assembly adopted a resolution submitted by Ghana on behalf of the African Union (AU) member states, declaring the trafficking of enslaved Africans and the racially discriminatory chattel slavery imposed on people of African descent as “crimes against humanity of the highest order.” About three months later, a meeting titled “Next Steps” was held, bringing together heads of state and government, ministers, representatives of civil society, historians, researchers, and legal experts from more than 80 countries. A total of 123 countries voted in favor of the proposal, while three countries—the United States, Israel, and Argentina—voted against it, and 52 countries abstained, including the United Kingdom and all 28 member states of the European Union (EU).

The transatlantic slave trade continued for roughly 400 years, from the early 16th century to the late 19th century. Since previous efforts by African countries had generally remained fragmented, the adoption of the resolution by the UN General Assembly and the holding of the meeting marked a groundbreaking turning point. The process aims to further develop these efforts by calling for the “prompt and unhindered” return of valuable cultural heritage and other property.

Learn more about the current state of slavery on the African continent → “38th Ordinary Session of the African Union Concludes: Reparations and the Situation in Congo Among Key Agenda Items”

Learn more about modern human trafficking → “The Dark World of Human Trafficking Entrenched in Nepal”

* A movement opposing violence and racial discrimination against Black people

Exterior of the Bank of England (Photo: Acediscovery / WIKIMEDIA COMMONS [CC BY 4.0])