The Church Commissioners have not tried to draw a direct line from historical investments to current assets, given the myriad inflows and outflows over 300 years. Our forensic accountants estimate that investments linked to the slaving activities of the South Sea Company were equivalent to several hundred million pounds in today’s money. That is deeply shameful to acknowledge, and while no amount of money will ever be enough to repair the horrors of the past, the Church Commissioners have decided to invest £100 million over the next nine years in a better future for all, particularly in those communities affected by historical slavery.
The £100-million fund will enable impact investment grant funding and research in response to the findings in the Church Commissioners’ report. An oversight group will be established to help the Church Commissioners shape and deliver that response. Today the Church Commissioners, as award-winning ethical investors, punch well above their weight in combating modern slavery and human rights violations all around the world.
While we cannot and should never ignore the Church’s historical involvement with slavery, is it not better to focus on the missionary work that churches did over the years, with the spread of the Gospel and the best story ever told: that Jesus Christ came into the world to save sinners?
I do not think it is a question of either/or. When the chief executive of the Church Commissioners was on the “Today” programme recently explaining why we have done this, he was contacted later that day by a global majority heritage individual who had stayed away from the Church for 40 years and is now going to come back again. I say also to the hon. Gentleman that full churches do not tend to fall down.