Greeting all,

Well a long running saga is about to come to an end. My mate tells me Britain will finally have cleared it's War Debt this month.

These were the charges plus interest paid to the US for all the kit we got through the Lend Lease Scheme.

Ironic don't you think that Britain was almost financially crippled by the debt after WW2 whilst Germany and Japan prospered from the Marshall Plan and its counter part.

Just a thought.

Al

Dang! You beat me to it! I thought for once I'd have a decent story to relate that noone else had seen yet! Oh well!

Here is an Australian news article about it for those interested...

Britain finally pays off WWII bill

From correspondents in London 29 dec 06

BRITAIN says it will tomorrow pay back the final instalments of loans taken out at the end of WWII to finance vital reconstruction.The payments of $US83.25 million ($105m) to the US and $US22.7m to Canada will close the final chapter of the war and mean that in total the country has paid close to twice what it borrowed 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," Treasury Minister Ed Balls said today."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 said.


Britain borrowed a total of $US4.3 billion from the US in 1945, followed in 1946 by a loan of $US1.2bn from Canada - both at an interest rate of just 2 per cent. During WWII, the US effectively gave Britain billions of dollars worth of goods under the lend-lease program. But that abruptly ended in September 1945 despite the fact Britain was on its knees economically after six years of warfare. Despite the heavily discounted rate of interest on the loans, in the intervening years Britain has failed to make any payments on six occasions because of balance of payments problems - in 1956, 1957, 1964, 1965, 1968 and 1976. To date the country has paid a total of $US7.5bn to the United States and $US2bn to Canada. The Treasury said there were still WWI debts owed to and by Britain, but that no action had been taken on either count since US President Herbert Hoover declared a moratorium in 1931 during the Great Depression

It'll take me almost that long to pay off my debts from Christmas this year! :-)

There isn't another country on the planet that would have seen this thing through to completion.

God Save the Queen!!

Tom

Your right Tom, that's why we are taxed to the limit. I have to go to your country and the Far East to buy cheap models.

Cookie.

Still wont stop them taxing my pension -----god knows what the interest was !!!!
aye
BARV
(GOSMG)
:-) :-) :-)

Hey, I love being taxed till I squeak in pain. Long live our beloved politicians!

Still, never mind. As long as the rest of the world is doing okay.

Philistine .....we are keeping them afloat
:-) :-) :-) :-) :-)
Hope Loch Lomand floods
aye
BARV
(GOSMG)
THERE GOES ANOTHER RESOLUTION ----HE DOES THAT TO ME ALL THE TIME!!!!! :-) :-) :-)

If Loch Lomond floods and reaches my house you'll be swimming by then!

Drat! I promised I'd be good too.

Only another 50-odd years and we get those Caribbean bases back

David

"Should Five Percent appear too small,

Be thankful I don't take it all."

Tom

Wow, ironic how we lent money 60 years ago and now were running on a huge debt...

Something must have went wrong somewere around the line

Btw guys, you should be thankful you get taxed... it means you earn money better than no tax and no income hien?

Frank