Crown Jewel Giveaways.
Ministers did what seemed a good idea at the time.
- Whittles to US (and radar and more...) In1940/41 UK needed US industry for 2 reasons: to wean US from isolationism towards our side, denying kit to the Axis; and to supplement Home industry, being bombed. Step 1 was the Lend/Lease Act, 3/41; Step 2 was US/UK Patent Interchange Agreement, 24/8/42, which deferred royalty/licence fees while we did other things. All of this was settled in US Reconstruction Loan to UK, 15/7/46, $3.75Bn (cleared 5/07). That extinguished charges from US-UK Lend/Lease, Reverse Lend/Lease, UK-US and the Patent Agreement. J.M.Keynes led the negotiation for UK. The sum taken into the deal for Whittles to GE/Allison was $800K.
- Derwent/Nene to USSR. Before the 7/46 Loan, UK was broke. £ was Exchange Controlled (and would remain so to 24/10/79!). Few Nations cared to sell to us except for $ and we had none. Canada gave us a C$ Loan parallel to US', used for timber (and for BOAC's C-4M Argonaut airframes). What could we sell/barter? Ah: Aero! Our Prime Customer for some years was that nice J.Peron, who bartered Fray Bentos corned beef 5/47 for 100 Meteor F.4 and Lincolns and lots more. We did not fear reverse engineering there, to undercut us with Third Parties, but we did with our valiant Ally's request for Derwents, Nenes and Meteors. So 10/46 we bartered Ukraine wheat and timber for 10 each engines (3/47 to total 30 Derwent/25 Nene: $600K). These centrifugal engines 11/47 were moved from Unclassified to Restricted after Uncle Joe was seen no longer to be our valiant Ally.
- F-111K/East of Suez Withdrawal. F-111K was cancelled after £ collapsed again, and Ministers chose to permit petro-economies/emerging Tigers to spend their own money on their own defence.
Last edited by tornadoken; 20th Feb 2018 at 08:29.