If I can add my two cents, I think a simple acknowledgement would be enough. If it were in the form of a simple public apology, then so be it. "We're sorry, yadda, yadda...Now lets all move on."
What I
don't agree with is when present-day governments feel that they must continue to pay for the actions of past generations. Take for example the Canadian government compensating Chinese-Canadians for the old "head tax" imposed on Chinese immigrants at the turn of the last century.
Nope. I can't say I agree with that one bit. Where the hell does something like that end? No, verbal acknowledgement of a mistake or a misdeed is one thing, but financial compensation a century after the fact to people who weren't even there is a bit much in my book.
Now back to the UK thing.