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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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    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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    Senior Member plan_D's Avatar
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    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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    IP/Mech THE GREAT GAZOO FLYBOYJ's Avatar
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    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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    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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    IP/Mech THE GREAT GAZOO FLYBOYJ's Avatar
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    I always thought it was Holland - you're probably right...

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    Senior Member Hunter368's Avatar
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    Amazing and interesting point Glider. Cool


    "Ivan the Terrible or Russian Achilles" Ivan Kozhedub - Hero of the USSR (x3), Order of Lenin (x2), Order of Red Banner (x7), Order of Alexander Nevsky, Order of the Great Patriotic War (x2), Order of the Red Star (x2), 62 kills during 1943-1945

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    Senior Member plan_D's Avatar
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    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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    Senior Member Wildcat's Avatar
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    Very interesting, I wonder how much money the Australian govt owes?

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    Senior Member loomaluftwaffe's Avatar
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    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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    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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    Senior Member Civettone's Avatar
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    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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    Der Crew Chief DerAdlerIstGelandet's Avatar
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    Paying for it all.


    fly boy:"isnt that the first jet bomber becasue i have flown one in a flight sim before and i know how it handles"

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    Senior Member davparlr's Avatar
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    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?

    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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    Senior Member pbfoot's Avatar
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    Good read and info sounds like their credit rating should look like mine

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    Senior Member davparlr's Avatar
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    It also should be noted here that Great Britain received $3.3 billion from the Marshall plan.

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