The Institute of Economic Affairs’ Kristian Niemietz has released a report that will send the Twitterati spiralling: that Empire and slavery did not make Britain rich. The detailed report finds that colonialism was a best a “minor factors” in Britain’s prosperity, and may even have actually been a net loss. Anti-capitalists won’t like that…

The report reveals profits from colonial trade profits were only around 7% to 15%. Instead, most economic activity came from Western Europe and North America. Meanwhile, slave-based sugar plantations added just under 2.5% to the British economy at its peak, less than the share of sheep farming. Kemi Badenoch chimed in:

‘This clear-headed analysis from the IEA is a welcome counterweight to simplistic narratives that exaggerate the significance of empire and slavery to Britain’s economic development.’

Perhaps now the likes of Justin Welby can rest easy knowing all this. That £1 billion he wants the Church of England to give to “address the legacy of slavery” could actually go to the Church instead. They’ll have to find something else to feel guilty about…