LENDING - NOT COMMONLY KNOWN FACTS

[Gil Boyd]

We talk a lot on this site about Lend Lease weapons etc but did you know after WW1, Britain owed a fortune. in 1931, President Herbert Hoover announced a one-year moratorium on war loan repayments from all nations, due to the global economic crisis, but by 1934 Britain still owed the US $4.4bn of World War I debt (about £866m at 1934 exchange rates).

It got worse as no money that was owed after WW1 has ever been repayed so we owe our brothers on the otherside of the pond a great deal

On 31 December 2006, Britain made its final payment of £45.5m roughly $83m and thereby discharged the last of its war loans from the US. By the end of World War II Britain had amassed an immense debt of £21 billion. Thats what happens when we liked the Sherman so much in the desert campaign especially when it carried a bigger gun to match the Tigers!

Big Thanks

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