Written question asked by Lord Laird (Crossbench), in the House of Lords. It was answered by Lord McKenzie of Luton (Labour) on Wednesday, 13 July 2005.
World War Debts to US
- Question
- How much the United Kingdom owes to the United States for both the First and Second World Wars; whether they have sought to have the debts cancelled; and whether this will be a topic to be discussed at the G8 summit at Gleneagles.
- Answer
-
On First World War debt due to the United States Government, I refer the noble Lord to the Answers given to him on 17 July 2002 (WA 159), 30 July 2002 (WA 161) 25 October 2002 (WA 103–104), 11 July 2003 (WA 66) and 19 January 2004 (WA 111). On Second World War debt due to the United States Government, I refer the noble Lord to the Answer I gave to him on 27 May 2002 (WA 127), January 2003 (WA 73) 11 July 2003 (WA 66) and 19 January 2004 (WA 111).Under a 1945 agreement, the United States Government lent the United Kingdom a total of $4,336 million (around £1,075 million at 1945 exchange rates) in war loans. Repayment of the war loans to the United States Government should be completed on 31 December 2006, subject to the United Kingdom not choosing to exercise its option to defer repayment.Currently principal of $84 million is outstanding on the loans provided by the United States Government in 1945. The most recent repayments were made on 31 December 2004. There remain two more scheduled repayments of interest and principal sums of $142 million in December 2005 and $83 million in December 2006 that relate to previously deferred interest and principal payments.Successive governments have undertaken, as with all external debt, to meet their obligations under the terms of the Second World War loan agreement with the US. The Government intend to meet their obligations under the 1945 agreement by repaying the United States Government in full the amounts lent in 1945.A wide range of economic issues was discussed at the G8 Summit; the key areas of focus for the summit were Africa and climate change.
Secondary information
- Type
- Written question
- Reference
- 977; 673 c159-60WA
- Session
- 2005-06
- Related items
- Subjects
- Debts Armed conflict G8 Repayments World War II World War I USA Foreign loans
- Contains statistics
- Yes
- Link
- View this Written question on www.publications.parliament.uk
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Librarians' tools
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- 2013-11-24 21:20:51 +0000
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