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When £850 million slips through the cracks

I think most of us would notice if £850 million went missing. Not, however, our Uncle Sam:

Asked by Lord Laird

To ask Her Majesty's Government how much they owe to the government of the United States for debts incurred in and around the First World War; and what are the arrangements for repayment.

The Financial Services Secretary to the Treasury (Lord Myners): At the end of the First World War the United Kingdom debt owed to the United States amounted to around £850 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 nationals since 1934.


Let's say that Obama decides to foreclose and wants interest at say 5%. I make the debt on that basis £33,007,780,000. Maybe he'll send over some repo men, although I doubt their ability to find anything worth taking.

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Blogger Old BE said... 12:38 pm

Get the Bank to print it.  



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