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Originally posted by PlayeR87
as we all know the EU would jump at the chance to pay back america for there much needed help in ww2 (at least i hope they would)
Originally posted by stumason
Yeah, we only finsihed paying them off earlier this year..
Seems that the help came at a cost...
Wikipedia.org
Large quantities of goods were in Britain or in transit when Washington suddenly and unexpectedly terminated Lend-Lease on 2 September 1945. These were sold to Britain for about 10 cents on the dollar with payment to be stretched out for 50 years at 2% interest. [3] Debate in the Commons on 28 February 2002 shows that Britain expected to complete its repayment of its monetary debt to the USA on 31 December 2006, over 61 years from the conclusion of World War II:
"Bob Spink: To ask the Chancellor of the Exchequer (1) what outstanding liabilities there are to the United Kingdom of lend-lease loan facilities arranged during the Second World War; [38441]…" "Ruth Kelly: The information is as follows..." "Under the Agreement, the loans would be repaid in 50 annual instalments commencing in 1950. However the Agreement allowed deferral of annual payments of both principal and interest if necessary because of prevailing international exchange rate conditions and the level of the United Kingdom's foreign currency and gold reserves. The United Kingdom has deferred payments on six occasions. Repayment of the war loans to the United States Government should therefore be completed on 31 December 2006, subject to the United Kingdom not choosing to exercise its option to defer payment.
As at 31 March 2001, principal of $346,287,953 (£243,573,154 at the exchange rate on that day) was outstanding on the loans provided by the United States Government in 1945. The Government intend to meet its obligations under the 1945 Agreement by repaying the United States Government in full the amounts lend [sic] in 1945." Similarly, Hansard records from a debate that took place in the House of Lords on 8 July 2002:
"Lord Campbell of Croy: My Lords, is this payment part of the lend-lease scheme under which the United States supplied munitions, vehicles and many other requirements including food and other provisions that were needed badly by us in the last part of the war?
Lord McIntosh of Haringey: My Lords, I referred to lend-lease in the context of the generosity of the United States throughout that period. However, the debt that we are talking about now is separate; it was negotiated in December 1945.
Lord Stoddart of Swindon: My Lords, will the noble Lord remind me as to exactly how much the loan was, and how much we have repaid since then in principal and interest?
Lord McIntosh of Haringey: My Lords, the loan originally was £1,075 million, of which £244 million is outstanding. The basis of the loan is that interest is paid at 2 per cent. Therefore, we are currently receiving a greater return on our dollar assets than we are paying in interest to pay off the loan. It is a very advantageous loan for us." On 3 May 2006, the British Treasury Minister, Ivan Lewis in a commons reply said "Repayment of the war loans to the US Government is expected to be completed on December 31 2006," The final payment will be £45 million
Originally posted by SenHeathen
Also, how does the US have more freedome than the US. Now dont take this wrong and correct me when I'm wrong. But the European nations have a more socialistic type of govt in that business's have fewer rights compared to US companies ie hiring and firing. You also pay much more in taxes and in return you get free health care where as the US pays less in taxes and we get what we want if we want it. I dont know about other countries but it seems that UK's intel agencies have far more power than ours does. It seems that after WWI and WWII, Europe decided they wanted security over risk. This is above all other reason why we have grown so strong so fast.
Originally posted by danwild6
The problem with threads like these is that they always degenerate into an us against them flame war.
Originally posted by pavil
Now lets get on to the real controversy........ Who has the best beer?
Originally posted by stumason
Originally posted by pavil
Now lets get on to the real controversy........ Who has the best beer?
Silly question.
England.
Originally posted by stumason
Silly question.
England.