World Wars: Debts to US Lord Laird asked Her Majesty's Government: Whether the remaining unpaid debt from the First and Second World Wars has any effect on their relationship with the Government of the United States; and, if so, what effect it has had. [HL1065] The Parliamentary Under-Secretary of State, Foreign and Commonwealth Office (Lord Triesman) The debt from the First World War and the recently repaid debt of the Second World War have had no effect on our excellent relationship with the Government of the United States.