USA HISTORY

Detailed explanation-1: -The Bank of England was established in 1694 and had a fundamental role to play in enabling Britain to increase its role in the slave trade by underpinning the development of long-term commercial credit, which helped to finance the slave trade and the ensuing industrial revolution.

Detailed explanation-2: -Slave trading was the central business of British companies such as the Royal African Company (RAC) and South Sea Company (SSC). Whilst the Bank of England was not directly involved in this way, it became linked to the slave trade through its role in the wider financial system.

Detailed explanation-3: -Barclays, HSBC, Lloyds Banking Group, and NatWest Group have all been identified as having historical links to slavery.

Detailed explanation-4: -My research demonstrates that commercial banks were willing to accept slaves as collateral for loans and as a part of loans assigned over to them from a third party. Many helped underwrite the sale of slaves, using them as collateral.

Detailed explanation-5: -The financial benefits of the trade extended to the stockholders of the Royal African Company, including the royal family. Indeed, when King James II lost the throne in the Glorious Revolution of 1688–89, he funded his exile in France by selling his stock in the RAC. Major fortunes were made by senior slave merchants.