'Not enough to say sorry': British firms should pay reparations for slave trade, say Caribbean nations

‘British public morality has caught up with its own institutional history of slavery,’ says head of 12-nation alliance

Bank of England and deserted streets of the financial district of the City of London (Francis Dias / NEWSPIX INTERNATIONAL)

British financial institutions that benefited from slavery should go further than saying “sorry” for their role in slavery and commit to reparations by funding development in the Caribbean, an alliance of countries in the region has said.

The Lloyd’s of London insurance market apologised on Thursday for its “shameful” role in the 18th-century Atlantic slave trade and pledged to fund opportunities for black and ethnic minority people.

The Bank of England also apologised for the “inexcusable” ties former governors and directors had to slavery and said it was “committed to improving diversity”.

But a representative for an alliance of 12 countries – including Jamaica, Trinidad and Tobago and Barbados – said leading British institutions should take part in a “negotiated settlement” to give some wealth back to the Caribbean.

“It is not enough to say sorry,” said Hilary Beckles, chairman of the CARICOM Reparations Commission set up 2013 to seek reparations from former colonial powers such as the UK, France and Portugal.

“We are not asking for anything as mendicant as handing out cheques to people on street corners,” Mr Beckles told the Reuters news agency.

British institutions, he suggested, should sit down with Caribbean nations to fund development projects or consider something similar to the Marshall Plan – a reference to the US aid given to Europe after the destruction of World War Two.

Mr Beckles said the forerunners in charge of many British banks and accompanying institutions in the City of London “drank from the well” of Caribbean slavery.

Lloyd's building, home to Lloyd's of London (Reuters)

“Unfortunately, one cannot go back and remake the history but you can make atonement: it is not enough to make your apology as a public spectacle, it is not enough to present it as public relations exercise,” he said.

“It is not about public relations – it is about a negotiated settlement whereby everyone finds closure within a moral framework. To say sorry and issue a press release is disrespectful – it does not fly with the people who were victimised.”

Barclays is also under fresh scrutiny following analysis released by University College London researchers earlier this week. A manager, one founder subscriber and three directors of the Colonial Bank – which merged with Barclays in 1917 – are listed as claimants or beneficiaries of the slave trade.

A Barclays spokesman said: “We are committed as a bank to do more to further foster our culture of inclusiveness, equality and diversity, for our colleagues and the customers and clients we serve.”

More than 10 million Africans were shackled into the Atlantic slave trade by European nations between the 15th and 19th centuries. Those who survived the often brutal voyage ended up toiling on plantations in the Americas.

While the history of Europe’s scramble for African slaves has been widely known for centuries, the death of George Floyd in the US has prompted a sweeping global reassessment of racism and the financing of the slave trade.

“The British legacy of slavery and colonalisation has left the black community in quite a mess,” Mr Beckles said, adding that his organisation was not calling for litigation of any kind. “All the institutions that created this mess really have to come and help in practical ways to clean it up.”

On Britain’s broader reassessment of its past, Mr Beckles said public consciousness was “catching up with history”, with statues of slavers such as Edward Colston and Robert Milligan coming down in Bristol and London.

“Public consciousness is catching up with history: that moment has come. British public morality has caught up with its own institutional history of slavery.”