After the abolition of slavery, Britain paid millions in compensation – but every penny of it went to slave owners, and nothing to those they enslaved. We must stop overlooking the brutality of British history. By Kris Manjapra
On 3 August 1835, somewhere in the City of London, two of Europe’s most famous bankers came to an agreement with the chancellor of the exchequer. Two years earlier, the British government had passed the Slavery Abolition Act, which outlawed slavery in most parts of the empire. Now it was taking out one of the largest loans in history, to finance the slave compensation package required by the 1833 act. Nathan Mayer Rothschild and his brother-in-law Moses Montefiore agreed to loan the British government £15m, with the government adding an additional £5m later. The total sum represented 40% of the government’s yearly income in those days, equivalent to some £300bn today.
