Britain gained rather more out of slavery than the retrospective joy of abolishing the trade in slaves, celebrations of which obscure the role rebellious slaves themselves played in their emancipation. The Industrial Revolution would have been impossible without the wealth generated by slave labour. Britain’s major ports, cities and canals were built on invested slave money. Several banks can trace their origins to the financing of the slave trade. Apart from the Barclays Brothers, who were slave traders, we also know of Barings and HSBC which can be traced back to Thomas Leyland’s banking house. The Bank of England also had close connections to the trade. Hundreds of Britain’s great houses were built with the wealth of slavery (pdf) and the Church of England also acknowledges its pecuniary gains from slavery. As an excellent project at University College London is showing, not only many contemporary millionaires and politicians but also perfectly ordinary middle-class people come from families which were compensated for the loss of slaves. The freed slaves, of course, never received such compensation and their families inherited, instead, the poverty and landlessness which blights them to this day. Capitalism itself, along with cheap beach holidays, would have been impossible without slavery.
The Foreign Office responded to the invitation to discuss reparations with the patronising suggestion that we concentrate on “identifying ways forward”. That’s great if you benefited, however little, from slavery. How exactly does “moving forward” work if the slave past holds you and your society back in poverty? It’s a mistake, however, to think of the question of slavery as something that only pertains to its direct victims, past and present. Sensationalized tabloid reports about paying out to foreign countries have stoked an understandable, if false, resentment among the less well-off in Britain who don’t themselves feel particularly advantaged by the legacies of slavery.