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In July 2006, a Liverpool Councillor proposed renaming certain streets because their names were linked to the slave trade.
It was soon discovered that Penny Lane was possibly named after James Penny, a wealthy 18th century slave ship owner and strong opponent of abolitionism.
Ultimately, city officials decided to forego the name change and re-evaluate the entire renaming process.
On 10 July, 2006, Liverpool officials said they would modify the proposal to exclude Penny Lane.

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