when was britain's war debt paid off
History of the British national debt Britain borrowed heavily from the US during World War I, and many loans from this period remain in a curious state of limbo. In 1931, President Herbert Hoover announced a one-year moratorium on war loan repayments from all nations, due to the global economic crisis, but by 1934 Britain still owed the US $4.4bn of World War I debt (about £866m at 1934 exchange rates). Adjusted for inflation, that would amount to around £40bn today, and if adjusted by the growth of British GDP, to about £225 billion. During the Great Depression Britain ceased payments on these loans, but outstanding bonds such as the War Loan were finally paid off in 2015.[8][9]
United Kingdom national debt Due to the Government's significant budget deficit, the national debt is increasing by approximately £73.5 billion per annum, or around £1.4 billion each week.[2] The Conservatives pledged in 2010 that they would eliminate the deficit by the 2015/16 financial year.[3] However, by 2014 they admitted that the structural deficit would not be eliminated until the financial year 2017/18.[4] This forecast was pushed back to 2018/19 in March 2015, and to 2019/20 in July 2015,[5] before the target of a return to surplus at any particular time was finally abandoned by the then Chancellor of the Exchequer George Osborne in July 2016.[6]