 | End of Lend Lease| WW2 General Discuss End of Lend Lease in the World War II - General forums; Just picked an interesting point, which is in December this year the UK will pay the final installment of the ... |
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08-20-2006, 06:08 PM
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#1 | | Senior Member
Join Date: Apr 2005 Location: London
Posts: 2,887
| End of Lend Lease
Just picked an interesting point, which is in December this year the UK will pay the final installment of the Lend Lease debt incurred during and after WW2. The original debt was I believe around $31,000,000,000 dollars and the final $80,000,000 will be paid off at the end of the year.
No one from the UK Goverment has offically said what the final bill will be, as interest was added from the start, but the final figures, will we are told, be broken down at the end of the year. Should be interesting.
Its complicated as other debts were added to the lend lease bill which had differing rates of interest. The original lend lease was at 2%. The December Payment is the final payment for all the UK debts to the USA.
In case your wondering, the debts owed from WW1 are still outstanding and will never be paid. The world side financial collapse in 1932 halted all payments. The UK owed the USA around $834m but we were owed $2,000m by other countries namely France. | 
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08-20-2006, 06:20 PM
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#2 | | Senior Member
Join Date: Apr 2004
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Country:  | That is interesting. And may come as a shock to a lot of Americans who believe the Lend-Lease was free.
__________________ "When you go home tomorrow, don't expect anyone to know what you have been through. Even if they did know, most people probably wouldn't care anyway. Some of you may get the medals you deserve, many more of you will not. But remember this, all of you are now members of the front-line club, and that is the most exclusive club in the world." - Lt. Col. Matthew Maer CO 1st Battalion, the Princess of Wale's Royal Regiment. Camp Abu Naji, Oct. 2004  To those in that club. | |
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08-20-2006, 06:29 PM
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#3 | | IP/Mech THE GREAT GAZOO
Join Date: Apr 2005 Location: Colorado, USA
Posts: 13,599
Country:  | Great info - hey now you folks don't have to put up with loudmouth Americans coming over on vacation an saying "We saved ya @sses, ya-all still owe us money from dubya-dubya too." Seriously, when this happens, I think the only other country to pay the US for their WW2 debts was Holland.
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08-20-2006, 06:57 PM
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#4 | | Senior Member
Join Date: Apr 2005 Location: London
Posts: 2,887
| The only country to pay off its WW1 debt to the USA was of all countries, Finland.
There was a typo in my first posting. The last para shold have been in Sterling not Dollars. | |
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08-20-2006, 07:15 PM
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#5 | | IP/Mech THE GREAT GAZOO
Join Date: Apr 2005 Location: Colorado, USA
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Country: | I always thought it was Holland - you're probably right...
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08-20-2006, 08:38 PM
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#6 | | Senior Member
Join Date: Nov 2005 Location: Winnipeg
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Country:  | Amazing and interesting point Glider. Cool
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08-20-2006, 08:47 PM
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#7 | | Senior Member
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Country: | That's one less weight on the British government then. I wonder what they're going to spend the excess on ... asylum seekers, by any chance? 
__________________ "When you go home tomorrow, don't expect anyone to know what you have been through. Even if they did know, most people probably wouldn't care anyway. Some of you may get the medals you deserve, many more of you will not. But remember this, all of you are now members of the front-line club, and that is the most exclusive club in the world." - Lt. Col. Matthew Maer CO 1st Battalion, the Princess of Wale's Royal Regiment. Camp Abu Naji, Oct. 2004 To those in that club. | |
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08-21-2006, 03:20 AM
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#8 | | Senior Member
Join Date: Apr 2005 Location: Adelaide
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Country:  | Very interesting, I wonder how much money the Australian govt owes?
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08-21-2006, 06:37 AM
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#9 | | Senior Member
Join Date: Dec 2005
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Country:  | interesting info
even this crappy third world country owes alot of money
and what do those government officials do with that money?
get dozens of houses, with a wife and family in each house
and thats our tax money (most of the population are squatters and arent able to pay taxes)... i mean this new fire hydrant was constructed and the (corrupt) senator even put up a huge sign
"Through the generosity of ________ this fire hydrant was constructed blah blah blah"
im going too off-topic
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02-28-2007, 12:28 AM
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#10 | | Senior Member
Join Date: Oct 2004 Location: Queensland
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Country: | Yes, still it does seem to be a big drain having the much money going out for a debt that old. | |
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03-05-2007, 04:23 AM
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#11 | | Senior Member
Join Date: Oct 2005 Location: Limburg
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Country:  | What exactly was this debt about?
All the equipment which was never returned to the US? Including that which was destroyed due to enemy actions?
Kris
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03-05-2007, 09:31 AM
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#12 | | Der Crewchief
Join Date: Nov 2004 Location: Ansbach, Germany
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Country:  | Paying for it all.
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03-05-2007, 07:34 PM
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#13 | | Senior Member
Join Date: Mar 2006 Location: Southern California
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Country: | I was under the impression that all war debt was forgiven. After very little research it turns out I was correct. This is what I got from BBC here BBC NEWS | UK | Magazine | What's a little debt between friends? Quote:
The UK is about to pay off the last of its World War II loans from the US. But it hasn't always been so fastidious.
On 31 December, the UK will make a payment of about $83m (£45.5m) to the US and so discharge the last of its loans from World War II from its transatlantic ally.
It is hard from a modern viewpoint to appreciate the astronomical costs and economic damage caused by this conflict. In 1945, Britain badly needed money to pay for reconstruction and also to import food for a nation worn down after years of rationing.
"In a nutshell, everything we got from America in World War II was free," says economic historian Professor Mark Harrison, of Warwick University.
"The loan was really to help Britain through the consequences of post-war adjustment, rather than the war itself. This position was different from World War I, where money was lent for the war effort itself."
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03-05-2007, 07:41 PM
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#14 | | Senior Member
Join Date: Apr 2005 Location: NIAGARA
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Country: | Good read and info sounds like their credit rating should look like mine
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03-05-2007, 07:48 PM
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#15 | | Senior Member
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Country: | It also should be noted here that Great Britain received $3.3 billion from the Marshall plan. | |
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