UK settles WWII debts to allies

RompelStompel

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http://news.bbc.co.uk/2/hi/uk_news/6215847.stm

Britain will settle its World War II debts to the US and Canada when it pays two final instalments before the close of 2006, the Treasury has said.

The payments of $83.25m (£42.5m) to the US and US$22.7m (£11.6m) to Canada are the last of 50 instalments since 1950.

The amount paid back is nearly double that loaned in 1945 and 1946. "This week we finally honour in full our commitments to the US and Canada for the support they gave us 60 years ago," said Treasury Minister Ed Balls.

"It was vital support which helped Britain defeat Nazi Germany and secure peace and prosperity in the post-war period. We honour our commitments to them now as they honoured their commitments to us all those years ago," he added.

The last payments will be made on Friday, the final working day of the year.

Under the lend-lease programme, which began in March 1941, the then neutral US could provide countries fighting Adolf Hitler with war material.

The US joined the war soon after - in the wake of the attack on Pearl Harbour - and the programme ended in 1945.

Equipment left over in Britain at the end of hostilities and still needed had to be paid for.

The US loaned $4.33bn (£2.2bn) to Britain in 1945, while Canada loaned US$1.19 bn (£607m) in 1946, at a rate of 2% annual interest.

Upon the final payments, the UK will have paid back a total of $7.5bn (£3.8bn) to the US and US$2 bn (£1bn) to Canada.

Despite the favourable rates there were six years in which Britain deferred payment because of economic or political crises.

There are still World War I debts owed to and by Britain. Since a moratorium on all debts from that conflict was agreed at the height of the Great Depression, no repayments have been made to or received from other nations since 1934.

Happy 2007 :) :D :)
 

Nick333

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Woohoo. Maybe now the Blair will remove his tongue from Bushs ring piece.
 

Claymore

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Wow, I thought the Lend-lease debt was settled in the late 1990s...
 

PeterCH

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Has Germany repaid the debt to the Western Allies for the Marshall Plan and all the destruction it bestowed on Europe yet? It's hillarious how the Germans are now turning against the Yanks since their re-unification. One thing is sure is that the Yanks won't forget this.
 

Xarog

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Yeah, cuz we all know once someone gives you some money that you're supposed to sit with your tongue up their ring and Hades awaits you if you dare not agree with everything they say and do... :rolleyes:
 

RompelStompel

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Has Germany repaid the debt to the Western Allies for the Marshall Plan and all the destruction it bestowed on Europe yet? It's hillarious how the Germans are now turning against the Yanks since their re-unification. One thing is sure is that the Yanks won't forget this.
Article I found online

http://www.cadtm.org/article.php3?id_article=2162

Thanks to such exceptional conditions Germany had redeemed its debt by 1960. In record time. It even anticipated on maturity dates.
 

Lebambi

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what about debt it owes to africa?

Britain Must settle all it debt for slavery, exploitation, pillage, colonization, human trafficking, and violent crimes of all sort against African people as well.
 

tibby.dude

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Has Germany repaid the debt to the Western Allies for the Marshall Plan and all the destruction it bestowed on Europe yet?
http://en.wikipedia.org/wiki/Reparations_Agreement_between_Israel_and_West_Germany

Nevertheless, an agreement was signed in September of that year, and West Germany paid Israel a sum of 3 billion marks over the next fourteen years; 450 million marks were paid to the World Jewish Congress. The payments were made to the State of Israel as the heir to those victims who had no surviving family. The money was invested in the country's infrastructure and played an important role in establishing the economy of the new state.
 

RompelStompel

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Britain Must settle all it debt for slavery, exploitation, pillage, colonization, human trafficking, and violent crimes of all sort against African people as well.
Thread is about the WWII UK debt repayment.

Please stick to the topic of this thread :)
 
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