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Church of England to pay £1 billion in Reparations to address moral sin of slavery

The Church of England is set to create a £1billion fund to tackle the legacy of slavery after an earmarked £100million was said to be insufficient.

A report from an independent group of advisers ruled that the church should work with other organisations to create the fund that will be used to invest in black-led global businesses and to provide grants.

According to the report, the initial £100million was insufficient “relative either to the scale of the [commissioners’] endowment or to the scale of the moral sin and crime”.

The Church Commissioners – the body which manages the CofE’s financial assets – said it accepts the report but will not increase the £100million investment.

However, the group is hoping to attract co-investors to up the fund’s value and would “at some point in the future consider whether to invest more”.

Gareth Mostyn, chief executive of the Church Commissioners, said £100million was the “appropriate financial commitment… at this stage” to ensure they can commit to other responsibilities with parishes and church activities.

Justin Welby, the archbishop of Canterbury, said the report was “the beginning of a multi-generational response to the appalling evil of transatlantic chattel enslavement”.

In January 2023, the CofE publicly acknowledged its historical benefit from the international slave trade.

 

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