Bank of England's Slave Trade Wealth Embedded in British Finance 2026

The Bank of England and the British financial system were deeply involved in the slave trade, according to new research on Britain's slavery history. The research, conducted by historians compiling the Register of British Slave Traders, reveals that the scale of the financial system's involvement in enslavement is greater than previously known or acknowledged.

Bank of England's Direct Ties to Slave Trade

Dr. Michael Bennett of the University of Sheffield has conducted extensive research on the Bank's historical involvement in enslavement. He found that 24 directors of the Bank of England were investors in the trafficking of enslaved African people. Four of these were among the London elites who were founding directors of the Bank in 1694. The other 20 served at Threadneedle Street over the next century.

The last of these, Christopher Puller, was a shipper of weapons for the slave trade and co-owner of a 1786 voyage that trafficked enslaved people from the Gambia to Jamaica. Puller was a director for 11 years before he died in 1789. Nine of the 24 were also governors of the Bank, highlighting the deep entanglement of the central bank with the slave trade.

Financial System's Broader Involvement

The research indicates that the Bank of England was not alone; the entire British financial system was complicit. Banks, insurance companies, and other financial institutions profited from and facilitated the slave trade. This involvement was not limited to a few rogue individuals but was embedded in the very foundation of Britain's financial architecture.

The Bank of England, owned by the government since nationalisation in 1946, had dozens of financiers involved in its foundation who were also significant investors in the transatlantic trafficking of enslaved Africans. This dual role as both financial innovators and slave traders underscores the moral complexities of Britain's economic history.

Key Findings from the Register of British Slave Traders

• 24 Bank of England directors were investors in the slave trade.
• 4 founding directors of the Bank in 1694 were involved.
• 9 of the 24 also served as governors of the Bank.
• Christopher Puller, a director for 11 years, co-owned a slave voyage in 1786.
• The scale of involvement is greater than previously acknowledged.

Comparison of Bank of England Directors' Involvement

Implications for Understanding British Financial History

This research challenges the traditional narrative of Britain's financial history, which often glosses over the role of slavery. The wealth generated from the slave trade was not peripheral but central to the development of British finance. It funded infrastructure, supported banks, and underpinned the credit system that enabled Britain's industrial revolution.

Recognizing this history is crucial for a full understanding of how the British financial system evolved. It also raises questions about reparative justice and how institutions should acknowledge and address their historical ties to slavery.

FAQ

How many Bank of England directors were involved in the slave trade?

Research by Dr. Michael Bennett found that 24 directors of the Bank of England were investors in the trafficking of enslaved African people. Four were founding directors in 1694, and the other 20 served over the next century.

What was Christopher Puller's role in the slave trade?

Christopher Puller was a director of the Bank of England for 11 years and a shipper of weapons for the slave trade. He co-owned a 1786 voyage that trafficked enslaved people from the Gambia to Jamaica.

Why is this research significant?

This research reveals that the Bank of England and the British financial system were deeply involved in the slave trade to a greater extent than previously known. It challenges traditional narratives and highlights the need to acknowledge and address this history.

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