British Banks Apologies ‘Not Enough’—Caribbean States

Actions weigh more than words

Britain’s financial institutions that had leaned into slavery practices are urged to do more than apologizing for their role in the Atlantic slave trade.

In a Reuters report, institutions such as Lloyd’s of London should instead atone for their sins by funding the Caribbean development.

Following the death of George Floyd in the United States that prompted a worldwide reassessment of racism and the financing of the slave trade, the Lloyd’s of London insurance market offered its apology for its “shameful” role in the 18th Century Atlantic slave trade and pledged to fund opportunities for black and ethnic minority people.

Between the 15th and 19th centuries, more than 10 million Africans were shackled into the Atlantic slave trade by European nations. Those who survived the taxing voyage ended up on plantations in the Americas.

Demands for ‘justifiable actions’

CARICOM Reparations Commission, an alliance set up by Caribbean countries to seek reparations from former colonial powers such as the United Kingdom, France and Portugal, are pushing these entities for more justifiable actions.

They said that Britain’s institutions should do more than simply apologizing and give some of the wealth back to the Caribbean through funding development at the epicenter of the slave trade.

“It is not enough to say sorry,” Hilary Beckles, chairman of the CARICOM Reparations Commission told Reuters from Jamaica.  “We are not asking for anything as mendicant as handing out cheques to people on street corners. The issue of money is secondary, but in this instance the moral discharge of one’s duty does require in a market economy that you contribute towards development.”

There was no immediate reply from Lloyd’s of London to a request for comment.

Banks Should Make Amends

Also a Barbadian historian, Beckles reminded that several British and European banks, as well as a sundry of other institutions in the City of London, used to drink “from the well of Caribbean slavery.”

Aside from Lloyd’s, the Bank of England apologized, too, for its “inexcusable connections” of some past governors and directors to slavery. It promised that it would remove any portraits of them on its premises. 

The history of several other British financial firms, including Barclays (BARC.L), is also under scrutiny from this issue.

“It is not about public relations – it is about a negotiated settlement whereby everyone finds closure within a moral framework,” Beckles said. “To say sorry and issue a press release is disrespectful – it does not fly with the people who were victimized.”

To heal the wounds of the past, British institutions should sit down with Caribbean nations, Beckles suggested. The primary goal is to settle on programs that would encourage funding to development projects, or even consider a sort of “Marshall Plan” to give some of the stolen wealth back.

The CARICOM chairman clarified that he was not calling for litigation of any kind.  

Beckles continued: “The British legacy of slavery and colonization has left the black community in quite a mess. All the institutions that created this mess really have to come and help in practical ways to clean it up.”