In a recent announcement, an advisory panel has recommended that the Church of England establish a fund worth £1 billion ($1.27 billion) to confront its historical ties to slavery. This proposed fund is ten times greater than the amount previously set aside by the church.

The independent oversight group, commissioned by the church, deemed the £100 million fund announced last year as inadequate in light of the church's wealth and the gravity of its involvement in African chattel enslavement, which was described as a "moral sin and crime." The Church Commissioners, the financial arm of the church, have accepted the group's recommendations and have set a target of £1 billion "and above" for a fund called the Fund for Healing, Repair, and Justice.

While the church will not immediately increase its initial commitment of £100 million, it plans to distribute the funds over a period of five years instead of the originally planned nine. Gareth Mostyn, the Chief Executive of the Church Commissioners, expressed hope that the funds would be ready for distribution by the end of this year. Mostyn also extended an invitation to other institutions and individuals who wish to address their own connections to slavery to contribute to the fund and "join us on this journey."

The creation of this fund is part of the Anglican church's efforts to confront its historical involvement in the trans-Atlantic slave trade. In 2019, the Church Commissioners employed forensic accountants to investigate the church's archives for evidence of links to the slave trade. They discovered that the church's vast assets derived from Queen Anne's Bounty, a fund established in 1704 to support impoverished clergy. The fund heavily invested in the South Sea Company, which held a monopoly on transporting enslaved individuals from Africa to Spanish-controlled ports in the Americas. Between 1714 and 1739, the company facilitated the transportation of at least 34,000 people on 96 voyages.

Archbishop of Canterbury Justin Welby, the head of the Church of England, has pledged to address the church's "shameful past." He regards the panel's recommendations as the start of a long-term response to the heinous crime of trans-Atlantic chattel enslavement.

The newly established fund aims to invest in disadvantaged Black communities, supporting exceptional social entrepreneurs, educators, healthcare providers, asset managers, and historians, according to the oversight committee's report. However, the commitment falls short of demands from some campaigners who are calling for direct compensation to be paid to the descendants of those who were enslaved.

The oversight group also urged the church to apologize for its past denial of the Black Africans' belief that they are made in the image of God, as well as its efforts to eradicate diverse African traditional religious belief systems.

Bishop of Croydon Rosemarie Mallett, who chaired the oversight group, acknowledged that no amount of money can fully atone for or redress the lasting impact of African chattel enslavement. She commended the church for taking a bold and audacious step towards addressing this historical injustice while urging others to join in these necessary reparative efforts.