Oral Answers to Questions

Desmond Swayne Excerpts

Thursday 26th January 2023 Commons Chamber

The hon. Member for South West Bedfordshire, representing the Church Commissioners, was asked—

[Sir Desmond Swayne (New Forest West) (Con)]

6. Whether the commissioners have made an estimate of the proportion of the Church’s assets that may have a link to a historic involvement with slavery.

[The Second Church Estates Commissioner (Andrew Selous)]

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.

[Sir Desmond Swayne]

Can my hon. Friend assure me that the not disproportionate £100 million will be spent to reduce the shocking persistence of slavery in the present?

[Andrew Selous]

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.