Britain makes final WW2 lend-lease payment
 

Britain makes final WW2 lend-lease payment

Sixty-one years after the end of the second world war, Britain has finally paid the US back for vital financial assistance it provided to help the UK continue to resist Nazi Germany.

The Treasury has announced that a payment of $83.25 million (£42.43 million) will be made today to the US, closing the account which was initially set up in 1941.

During the second world war, US president Franklin Delano Roosevelt convinced a doubtful Congress of the need to shore up Britain to prevent Adolf Hitler establishing an unchallenged dominance over Europe.

As a result $4.3 billion (£2.2 billion) of funds were provided at a two per cent interest rate for British use, a triumph for then-prime minister Winston Churchill who had exerted considerable diplomatic pressure in his efforts to win the loan from the Americans.

After victory was achieved in 1945, Britain remained in financial straits and won an additional loan of $1.2 billion (£0.6 billion) from Canada. A payment of $22.5 million (£11.5 million) is also being made today to clear that account.

"It was vital support which helped Britain defeat Nazi Germany and secure peace and prosperity in the postwar period," Treasury minister Ed Balls said in a statement.

"We honour our commitments to them now as they honored their commitments to us all those years ago."

Britain has paid nearly twice the original amounts provided to the lending countries. In total $7.5 billion (£3.8 billion) has been paid to the US and $2 billion (£1.1 billion) to Canada.

http://www.inthenews.co.uk/news/news/finance/britain-makes-final-ww2-lend-lease-payment-$1034891.htm

thats kool

It seems like such a small amount.

in today's numbers perhaps

$2.2 billion dollars in 1941 was a lot of money. ;) Taking into account for inflation, here's what $2.2 billion dollars would be now:

$28,985,752,194.21

Almost $29 billion. That's alot of money today. ;) Thanks to http://www.westegg.com/inflation/ for calculating this. :thumbsup

cool nowe we can fund 20 more minutes of the iraq war

That's awesome. 61 years of payments. War is so much about economics.

61 years. War is so expensive. Worldwide the % of budgets being allocated to standing armies is on the decrease.

They still owe me some money.

Awesome, thanks! Did they pay the interest or not..?

two per cent interest rate

interestingly it will take most Londoners longer than that to pay off the mortgage on a one bedroom flat if they bought it today

You have 60 year mortgages in the UK?

It amazes me that sixty years later WWII is still in the news every week. Very few of us understand the impact this war had on the world.

a month or so ago a bank was floating the possibility of mortgages that would go into the next generation ...property is far to expensive here and they are giving mortgages so many times a persons salary they have no hope in paying it off

Or, we could use the money to buy a shitload of your 'products' :1orglaugh then find out we've been scammed and beat you to death with a cricket bat.