<P> Britain borrowed heavily from the US during World War I , and many loans from this period remain in a curious state of limbo . In 1931 , President Herbert Hoover announced a one - year moratorium on war loan repayments from all nations , due to the global economic crisis , but by 1934 Britain still owed the US $4.4 bn of World War I debt ( about £ 866m at 1934 exchange rates ) . Adjusted for inflation , that would amount to around £ 40bn today , and if adjusted by the growth of British GDP , to about £ 225 billion . During the Great Depression Britain ceased payments on these loans , but outstanding bonds such as the War Loan were finally paid off in 2015 . </P>
<P> Britain borrowed heavily from the US during World War I , and many loans from this period remain in a curious state of limbo . In 1931 , President Herbert Hoover announced a one - year moratorium on war loan repayments from all nations , due to the global economic crisis , but by 1934 Britain still owed the US $4.4 bn of World War I debt ( about £ 866m at 1934 exchange rates ) . Adjusted for inflation , that would amount to around £ 40bn today , and if adjusted by the growth of British GDP , to about £ 225 billion . During the Great Depression Britain ceased payments on these loans , but outstanding bonds such as the War Loan were finally paid off in 2015 . </P>
when was britain 's war debt paid off
when was britain 's war debt paid off
2015
2015