Friday, December 29, 2006

We finally pay off our debt today

According to the Times here today is the day that the United Kingdom make its final payments to the United States of America and Canada Britain will this week pay off the last instalment of the multibillion dollar loans that were secured from them under lend lease more than sixty years ago to help fund the war effort. The final payments will be the last part of payments totalling over 9.5 billion dollars which have been made over the last 56 years.

The other interesting point made in the article was that in 1950, Britain’s national debt stood at about 200 per cent of Gross Domestic Product. Today the comparable figure is 36.8 per cent.

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