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- The Act provided for compensation for slave-owners. The amount of money to be spent on the compensation claims was set at "the Sum of Twenty Million Pounds Sterling". Under the terms of the Act, the British government raised £20 million (£2.020 billions in 2016 pounds) to pay out in compensation for the loss of the slaves as business assets to the registered owners of the freed slaves. In 1833, £20 million amounted to approximately 5% of the British GDP (5% of the British GDP in 2016 was around £100 billion). The names listed in the returns for slave compensation show that ownership was spread over many hundreds of British families, many of them of high social standing. For example, Henry Phillpotts (then the Bishop of Exeter), with three others (as trustees and executors of the will of John Ward, 1st Earl of Dudley), was paid £12,700 for 665 slaves in the West Indies, whilst Henry Lascelles, 2nd Earl of Harewood received £26,309 for 2,554 slaves on 6 plantations. The majority of men and women who were awarded compensation under the 1833 Abolition Act are listed in a Parliamentary Return, entitled Slavery Abolition Act, which is an account of all moneys awarded by the Commissioners of Slave Compensation in the Parliamentary Papers 1837–8 Vol. 48