William Pettigrew’s book, Britain’s Slave Traders: A Forgotten History, adds a further dimension and depth to our understanding of how entrenched and significant Britain’s involvement in the transatlantic slave trade was. The landmark University College London’s Legacies of British Slavery project previously documented the “compensation” payments to 46,000 persons who, at the time of its abolition in 1834, had a financial interest in slave ownership – the £20m paid out is generally reckoned to be worth around £17bn at 2019 prices, or 40% of total government expenditure in 1834 – a vast national debt that was only fully amortised in 2015.
The earlier study thus highlighted the extensive involvement of sections of the British public in profiting from slavery, and the further financial benefit from “compensation”. The recent study tracks back into the prior history from the beginning of the transatlantic slave trade through the 18th century, and shows how its tentacles throughout that time reached out deep into the economy and society. The economic impact over this whole period should not be underestimated. As Pettigrew observes (Slavery was not a footnote to British history. It helped shape the nation, 14 September), the slave trade provided some of the seed funding for the Industrial Revolution. The flow of income back from the Caribbean sugar plantations provided capital surpluses to fund new industries, through an expanded banking system, not to mention personal wealth. Defending these assets in turn stimulated the growth of the British navy, and its eventual control of the seas.
