It has been one of the key partners in the project, which instigated six nearly six years ago in response to the worldwide Black Lives Matter movement.

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The university has blamed its “financial challenges” for its decisions not to fund the project. Professor Sir Peter Mathieson, principal and vice-chancellor of the university, has been under fire from union leaders representing staff since he announced plans to make £140m worth of cuts in February 2025.

It is understood the £750,000 memorial – which was expected to be partly paid for by Edinburgh’s new tourist tax – cannot proceed unless a £300,000 funding gap is bridged.

Professor Sir Peter Mathieson is principal and vice-chancellor of Edinburgh University. (Image: Supplied)

The university has been one of the key partners in the memorial project, which was initially instigated six nearly six years ago in the wake of the worldwide Black Lives Matter movement.

The creation of a permanent artwork “memorialising the city’s historic links with the slave trade and the Caribbean” was a key recommendation of a city-wide review of Edinburgh’s connections with slavery and colonialism, which was published nearly four years ago.

Makar’s Court in the Old Town had been earmarked for the new slave trade memorial. (Image: Supplied)

The university has confirmed it will not be funding the project less than a year after a review of its own historic links to slavery and racism revealed that it had received the equivalent of at least £30m in “philanthropic gifts” which can be traced to transatlantic slavery.

At the time, the principal said: “The publication of the university’s race review is a landmark moment in this ancient institution’s willingness and determination to learn from its past, as well as its present, in order to shape its future.”

Artist and sculptor Hew Locke was born in Edinburgh and brought up in Guyana. (Image: PA)

It is understood that crisis talks were held this week to discuss the university’s withdrawal from the project and options for how it could be taken forward.

It is hoped a fundraising appeal or philanthropic support may be able to rescue the project, which also involves Edinburgh City Council, Edinburgh World Heritage and the Edinburgh Art Festival, which is funded by the Scottish Government and the council.

The university had been widely expected to match a £300,000 contribution from the new visitor levy, which was approved by councillors in February.

A report on the first round of proposed spending of levy income said: “Bringing this artwork to fruition is a critical step to translating the reviews recommendations into meaningful action and contributing to the city’s public art estate.”

The council is thought to have identified a suitable site for the memorial in Makar’s Court, just off the Lawnmarket section of the Royal Mile, which is near the university’s New College building.

The historic courtyard is home to The Writers’ Museum, which is run by the council, and features the words of numerous Scottish writers carved into its flagstones.

Edinburgh-born artist Hew Locke is understood to have been approached to design the memorial.

Edinburgh World Heritage director Terry Levinthal said: “We have supported the project and allocated funds from several funding pots, amounting to approximately £130,000.

“The funds for the sculptural elements were to be channelled through the Edinburgh Art Festival with some direct support from the trust for improvements to Makar’s Court.

“We were told recently of the university’s withdrawal from the project, which remains on our ‘active’ file pending further discussions which have still to be bottomed out.”

The university insisted it had never “committed” a financial contribution to the project.

A spokesperson said: “The university has been clear about the financial challenges it is facing and we are taking responsible, carefully planned action to secure our long-term stability. This includes needing to make difficult but responsible decisions on costs across all areas, including reviewing funding for external projects such as this.

“We take our colonial legacy, and its contemporary impact, very seriously and our focus remains on the reparatory actions and long-term commitments we are undertaking following the publication of our own race review last year.”

“While we have been unable to directly contribute funding to this project, it does not mean that we have withdrawn our support. We value deeply our many connections across the city and will continue to work closely with local bodies and community groups on these important matters.”

Irene Mosota, chair of a group set up to take forward the recommendations of the Edinburgh Slavery and Colonialism Legacy Review, said: “This is an ongoing project.

“The Edinburgh Art Festival and other partners will provide an update soon. I am not in a position to offer further comment at this time.”

The city council referred enquiries to the Edinburgh Art Festival, as it has been leading the memorial project, but insisted it is still “in development”.

A spokesperson for the festival said: “This is an ongoing project with other partners. We will be giving further updates on this project in due course. We won’t be commenting further at this time.”