Yeah, always alot of fun these debates, then someone comes along and provides the facts.
Please note that the loan in question was after the war as during it the US Taxpayers GAVE the UK about $24.6 Billion worth of food and supplies.
FROM VARIOUS SOURCES
The U.S. extended $4.34 billion in credit in 1945, allowing the U.K. to stave off bankruptcy after devoting almost all its resources to the war for half a decade. Since 1950 Britain has made payments on the debt at the end of every year except six. No worries, **** happens.
The loan, the equivalent of 119 billion pounds in today's money, or $233,109,365,511.57, was double the size of the U.K. economy at the time. Today it's a fraction of the Treasury's 550 billion-pound debt burden, about 36.4 percent of the economy. But no worries, Britain was on it's ass and needed help.
At the time it was granted, the loan strained trans-Atlantic relations. British politicians expected a gift in recognition of their contribution to the war effort. Yeah, right. A $233,109,365,511.57 present. I don't think so.
"It was vital support which helped Britain defeat Nazi Germany and secure peace and prosperity in the postwar period," U.K. Treasure ministed Ed Balls said in a statement from the Treasury. "We honor our commitments to them now as they honored their commitments to us all those years ago."
A total of $50.1 billion worth of supplies were shipped from the US: $31.4 billion to Britain, $11.3 billion to the Soviet Union, $3.2 billion to France and $1.6 billion to China. Reverse Lend Lease comprised services (like rent on air bases) that went to the U.S. It totalled $7.8 billion, of which $6.8 billion came from the Britain and the Commonwealth. Apart from that, there were no repayments of supplies that arrived before the termination date. (Supplies after that date were sold to Britain at a 75% discount, or $650 million, using long-term loans from the U.S.) No lend lease money went to Canada, which operated a similar program that sent $4.7 billion in supplies to Britain and Soviet Union.
Large quantities of goods were in Britain or in transit when Washington 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.
I'm not an accountant but it seems the US taypayers GAVE the UK $24.6 BILLION. The ridiculously low interest rates on the rest of what was BOUGHT seems pretty reasonable.
To those that understand this was a post war debt to be paid, respect. Congrats to have paid it off. To the rest that prefer to bite the hand that helped... sorry, I'd prefer not to be kicked off pprune. But I will say that we'd like our $24.6BILLION back thanks. In 1945 dollars please.
As to the timing of the fight, I'd guess that Poland (whose security the UK garaunteed), the Rhineland, Checkslovokia , Austria, Ethiopia and China might debate when and in fact IF the UK fought. Without being too much of a stick in yer eye, you didn't do much in France either. Your greatest accomplishment there being a retreat in which you lost most of your weapons and material.
The US replaced your weapons, fed your people, protected the convoys and eventually came into the war. Have a glance around the RA, RN, RAF and the FAA in 1940 and 1941 to see if the US was involved.
Have a look at the convoys of food for Britain escorted by US Navy forces, to the loss of at least one destroyer with 115 hands....before the formal entrance of the US into the war.
In short, didn't do our part? Fark you. We paid for it, supplied it and fought it. Eventually we won it ALONG with our allies.
Don't like our movies? Make your own you incredibly witless twit.
Last edited by StbdD; 31st Dec 2006 at 14:07.