Bank of England removes slave trade portraits

THE Bank of England has expressed regret over its links to slavery, and will remove images of governors and directors involved in the ‘inexcusable’ trade.

In a landmark move, the central bank acknowledged its role in the kidnapping and transportation of thousands of people for the first time, lamenting the ‘unacceptable part of English history’.

Amid mounting pressure on British institutions, the Bank said it was reviewing the artwork in its London headquarters. The move came as several of the UK’s largest companies issued apologies and promised to make reparations after their historical links to slavery were laid bare.

The City of London’s past has come under the microscope after the Black Lives Matter protests sparked a debate about how Britain should recognise its slave-trading past. Many directors and governors involved after the Bank’s creation in 1694 had made their fortunes from the slave trade. As well as financing so-called adventurers who were involved in the brutal exploitation of people, the bank financially underpinned British wars in the 18th century to protect the slave colonies.

At one stage, Sir Humphry Morice, a governor of the Bank between 1727 and 1729, owned more slave vessels than anybody else in the country.

The Bank of England said yesterday: ‘The 18th and 19th-century slave trade was an unacceptable part of English history.

‘As an institution, the Bank of England was never itself directly involved in the slave trade, but is aware of some inexcusable connections involving former governors and directors and apologises for them.’

Insurance giant Lloyd’s of London and the pub group Greene King said yesterday they would give substantial financial support to black and ethnic minority charities.

Benjamin Greene, who founded the pub chain in 1799, was a leading proponent of slavery, and managed several sugar plantations in the West Indies.

Royal Bank of Scotland has set up an internal task force to address racial inequality.