Slavery and the Bank of England
It has been two years since the global Black Lives Matter Protests, which challenged white-led institutions for perpetuating structural racism. In the wake of this movement, the Bank of England apologised for its “indirect links” to the slave trade, and limited its action to the removal of art of former slave owners. Since then, the Bank has commissioned research into its links with slavery, which was presented in its (recently closed) “Slavery & the Bank exhibition”. The exhibition’s research confirmed what many Black historians have been arguing for a long time: the wealth of modern day Britian was built on the backs of slaves and British colonies. Within the UK, racial wealth inequalities which emerged out of slavery and colonialism persist today, with the median total wealth of a Black African headed household just £34,000 compared to £314,000 for a White British household. In addition, recent data highlighted that Black households will disportionately suffer from the cost of living crisis, with 4 in 5 having less than £1,500 in savings.
Whilst the Bank has finally recognised its role in fuelling slavery and colonialism, it continues to fall short of implementing any truly transformative policies that would
— source positivemoney.org | Nikki Eames, Danisha Kazi, Chloe Musto | Jun 15, 2022