John Maynard Keynes was sent to the United States and Canada to obtain funds with the expectation that in view of the United Kingdom's contribution to the war effort, especially for the lives lost before the United States entered the fight in 1941, America would offer favorable terms and America went okay, heres £3.75 billion business loan (worth £61 billion in today's money) and you can pay it back in 50 annual payments at 2% interest starting in 1950.
Some officials in the British Government opposed it as it came with conditions which required radical changes to UK commercial arrangements but Britain was in no position to refuse so reluctantly agreed to it.
The last payment was made today in 2006 for the sum of £45.5m and was actually six years late and the the total amount repaid, including interest, was £3.8bn.
1 comment:
It is easy to defend that the UK did indeed save the world from Hitler, though there is a stronger argument that invading Russia is what really brought the German's to defeat.
I don't see that you accounted for the UK not contributing what it promised to Nato the past 70 years... are you ignoring that debt?
The EU will be on a steady decline for the next few decades, and maybe longer. The sooner the UK openly acknowledges this, and openly acknowledges that its future is dependent on alliance with the US, the sooner life will get better for the UK.
Happy New Year
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