City of London to Remove Statue in London Financial District Linked to Slave Trade

[Image source= EPA Yonhap News]

[Asia Economy Reporter Park Byung-hee] The statue of William Beckford, who served twice as the Lord Mayor of the City of London, will be removed from the London financial district due to his involvement in the slave trade.

According to the Wall Street Journal, members of the City of London, the financial district of London, voted on the 21st (local time) to remove the statues of 18th-century traders Beckford and John Cass.

Beckford amassed wealth through large-scale plantations using slave labor in Jamaica and was recognized for his contributions to the development of the London financial market, serving as Lord Mayor of London in 1762 and 1769. Cass was a key member of the Royal African Company, which profited greatly from the slave trade, and also served as a member of Parliament. The prestigious Cass Business School in the UK was named after John Cass. The Cass Business School plans to change its name in the future.

Since the death of George Floyd in the United States last May, the global Black Lives Matter movement condemning racial discrimination has spread worldwide. The City of London has declared its participation in this global trend through this decision.

A City of London official said, "The City of London seeks to embrace many perspectives and diversify," adding, "Members of the City of London believe it is important to remove statues related to the slave trade and replace them with new ones."

The City of London is a financial district in London densely populated with financial companies. The Lord Mayor of London has been appointed since 1179 as a representative figure of the City of London. The Lord Mayor travels around the world promoting London as a financial hub. It is an unpaid, non-political position representing the UK’s financial industry domestically and internationally, and is treated as the second highest in protocol after the monarch at all events within the financial district.

This decision by the City of London is expected to intensify debates regarding the UK's historical involvement in the slave trade.

The UK Conservative government holds a negative stance on the removal of statues related to figures involved in the slave trade, aiming to appease protesters against racial discrimination. Prime Minister Boris Johnson has expressed concerns that such actions could distort history. Johnson has called for providing more information about the slave trade rather than removing statues.

Last year, the city of Bristol removed the statue of Edward Colston, a 17th-century slave trader. The UK government is currently pushing for legislation to curb such actions by local governments.

The statue of Sir Cecil Rhodes at Oxford University is also controversial, as Rhodes served as the Prime Minister of the Cape Colony from 1890 to 1896. The university has stated that it currently has no plans to remove the statue.

British financial companies such as Barclays and Lloyds, as well as the Bank of England, have acknowledged their historical connections to the slave trade and issued apologies. They also recognized that London was able to offer low financial costs, such as cheap insurance premiums, thanks to the use of slaves, which helped grow the financial industry. However, financial companies have expressed difficulty in addressing monetary compensation issues like politicians.

This content was produced with the assistance of AI translation services.