How was the building of Britain's original railways funded?

[whole diary]

[JayMac]

A major study by University College London has shown that the source of much of the money that was invested in the nascent railways in the United Kingdom came from a somewhat shameful source. The profits from, and abolition compensation for, slavery. The UK^▸ (United Kingdom) government provided £20m in compensation to slave owners in the 1830s. Equivalent to £17bn today. The amount of compensation given to slaves for the barbarity they were subjected to? Zero. Zilch. Nada.

Those 1830s millions found there way into investments in railway companies. The (original) GWR^▸ (Great Western Railway) alone received £6.5m directly attributed to e slavery compensation and from investors who made profits from slavery.

An excellent summary of this piece of history from Paul Whitewick on YouTube.

https://youtu.be/hY-y_41gl3Q?si=7gftP7zXxU1Z6MZY

[Witham Bobby]

Why was Britain's "abolition" of slavery shameful?  (I use quote marks because slavery is far from abolished.  It exists in may parts of the world, including here in the UK^▸ (United Kingdom); imported slaves are detected quite often here, including into the produce industry around Evesham, in spite of employers taking very careful precautions)

Britain's role in the abolition started in the 18th century with the Abolition of Slavery Act, and in the 19th century, with ordinary people deciding not to buy slave-grown sugar; huge campaigning; William Wilberforce, Thomas Clarkson and all; the Slave Trade Act of 1807 and the Slavery Abolition Act of 1833; coercing other nations (such as France, Spain, and Portugal) into signing treaties to end their slave trades and deployed the Royal Navy's West Africa Squadron to intercept slave ships, freeing approximately 150,000 to 160,000 Africans between 1808 and 1860.

I agree that slavery was and is shameful.  And it's acknowledged that Britain's role in the slave trade was shameful.  But we need to remember that this country recognised this far earlier than many, and spent much by way of blood and treasure to right this grievous wrong.  Something that we should all stop and celebrate, once in a while

[JayMac]

I think the most shameful thing here is where the compensation went. Multiple billions in today's money. Yes, I understand that's a moral position and not one of economics and politics. Making lots of rich folk bankrupt is not good for society as a whole. Bubbles and market crashes have shown that. But surely some compensatory funding by way of an Assistance Act alongside the Abolition Act at least. That not being done is what's shameful. The compensation given to slave owners amounted to 40% of the UK^▸ (United Kingdom)'s annual budget. FORTY! And not a penny to the previously enslaved.


Edited to add:

This isn't just 200 year old history. Subsequent UK governments (ie taxpayers) were still paying interest, until 2015, on the loan the government at the time took out for the Abolition Act.