Church fund 'not enough' to right slavery wrongs

The Church of England's planned £100 million investment fund, aimed at addressing its ties to historical slavery, is inadequate, according to a recent report.

This follows a revelation last year of the Church's significant investments in a slave-trading company.

The Church Commissioners charity's report was favorably received, but the Church stopped short of meeting the suggested £1 billion funding goal. The Archbishop of Canterbury, Justin Welby, described the undertaking as a long-term commitment to combat slavery's legacy, having previously expressed shame over the findings.

The report urged for direct investment in black-owned businesses and initiatives promoting education, wealth-building, and health. It also highlighted the Church's investment in the South Sea Company, which transported 34,000 slaves under horrific conditions.

Key recommendations include raising the fund to £1 billion, accelerating fund delivery, and acknowledging the Church's historic racism and its efforts to obliterate African religions.

Professor Kehinde Andrews noted that the true extent of the Church's gain from slavery and its damaging repercussions is immeasurable. The report proposes that the investment program should begin this year, be managed by black communities, and exclude individual cash compensations or government grants.

Bishop Rosemarie Mallett of the oversight group hopes the report spurs other institutions to confront their histories and improve the future for communities affected by slavery. She emphasized the lasting impacts of slavery-induced systemic racism on today's communities.

While the Church Commissioners acknowledged the significance of aiming for a £1 billion initiative for broader reparative efforts, a spokesperson indicated that the existing £100 million is an initial contribution, expected to expand over time.

Chief Executive Gareth Mostyn expressed optimism for transparency in addressing the past and for the fund's potential to inspire co-investment, envisioning a sustained impact.