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Debt: United States

Volume 709: debated on Wednesday 25 March 2009

Question

Asked by

To ask Her Majesty's Government whether they owe outstanding principal of $4,368 billion to the United States; whether there is interest on that figure; and, if so, how much. [HL2013]

At the end of the First World War the United Kingdom debt to the United States amounted to $4,368 million (at 1934 exchange rates this was around £866 million). Repayments of the debt were made between 1923 and 1931. In 1931 President Hoover of the United States proposed a one-year moratorium on all war debts, which allowed extensive international discussions on the general problems of debt repayment to be held. However no satisfactory agreement was reached. In the absence of such an agreement no payments have been made to, or received from, other nations since 1934.