THE BIG RETORT

In 1833, the British Empire abolished slavery, a landmark decision that marked the end of a cruel and inhumane practice. However, the legacy of this dark chapter in history continued to reverberate long after the chains were broken. One of the most enduring consequences was the issue of compensation for slave owners.To appease slave owners and ensure a smooth transition away from slavery, the British government offered substantial compensation. This amounted to £20 million, a significant sum at the time, representing approximately 40% of the government's annual expenditure. The money was intended to compensate owners for their "loss" of enslaved people. A Lingering Debt Despite this initial payment, the full financial burden of the slave trade persisted for centuries. The compensation was rolled into a government bond known as an "undated gilt," which didn't have a fixed repayment date. This, combined with the government's economic challenges and the com...