- The Church of England has set aside more than $120 million in a fund intended “to address past wrongs” related to the institution’s historic links with the transatlantic slave trade.
- The church said the money, which is not being called “reparations” because it will not be going to individuals, will be used to provide a “better and fairer future for all, particularly for communities affected by historic slavery,” according to a Tuesday statement.
- An investigation by the Church Commissioners, a charity that manages the Church’s investment portfolio, examined the Church’s investment fund that dates back to the 18th century and was known as Queen Anne’s Bounty.
- The investigation found that by 1777, Queen Anne’s Bounty had invested £406,942 – which would be equivalent to around £724 million today – in the South Sea Company. The report also estimated that the South Sea Company transported 34,000 slaves in poor conditions over its 30 years of operation.
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