Channels  UK pays final WW II loan instalment By: Agencies December 30, 2006 LONDON: World War II is a distant memory for most, but for the British Treasury, it ended only yesterday. Officials made two electronic transfers of so-called war loans across the Atlantic, marking the end of a chapter of British history that began in 1945. The final payments of the loans, to the US and Canada, are not negligible $83.3 million and $22.7 million respectively. In 1945, Britain borrowed $4.3 billion from the US, a $3.8 billion line of credit and a lend-lease loan facility of $586 million. The year after, the government agreed to a $1.2 billion line of credit loan from Canada. The money was mainly to help the reconstruction of Britains exhausted economy. Repayments began in 1950, and Britain has since paid 50 instalments worth $7.5 billion to the US, and $2 billion to Canada, at 2 per cent interest.  Email this article  Print this article  Post / View comments | 
