/24-7PressRelease/ - LONDON, UK, January 04, 2007 - Payments amounting to $83.25 million (42.4 million pounds) to the United States and $22.7 million to Canada will finally end the financial debts that an ailing British economy had to take during the war years.
"This week we finally honour in full our commitments to the U.S. and Canada for the support they gave us 60 years ago ... It was vital support which helped Britain defeat Nazi Germany and secure peace and prosperity in the post-war period." Treasury minister Ed Balls said on Thursday.
Britain had borrowed a total of $4.3 billion from the United States in 1945. This was followed in 1946 by a loan of $1.2 billion from Canada; both at an interest rate of just two percent. During the war years, United States gave Britain goods worth billions of dollars under a lend-lease programme. Despite pleas from a beleaguered English economy, this subsidy was unexpectedly terminated by the US in September 1945.
Inspite of heavy discounted rate of interest on the loans, Great Britain has become a repeat defaulter on more than five occasions because of balance of payments problems; 1956, 1957, 1964, 1965, 1968 and 1976. But that no action had been taken on either count since U.S. President Herbert Hoover declared a moratorium in 1931 during the Great Depression.
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