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British national war bond advertisement. At the beginning of the 20th century the national debt stood at around 30 percent of GDP. [5] However, during World War I the British government was forced to borrow heavily in order to finance the war effort. The national debt increased from £650 million in 1914 to £7.40 billion in 1919.
Interest payments on UK national debt as percentage of GDP, 1900-2011. Distinct from both the national debt and the PSNCR is the interest that the government must pay to service the existing national debt. In 2012, the annual cost of servicing the public debt amounted to around £43bn, or roughly 3% of GDP. [11]
The national debt of the United Kingdom was at a record high percentage of the GDP as the Napoleonic wars ended, but was largely repaid by 1914. The British budget in 1814 reached £66 million, including £10 million for the Navy, £40 million for the Army, £10 million for the Allies, and £38 million as interest on the national debt.
[1]: 81 A debt instrument is a financial claim that requires payment of interest and/or principal by the debtor to the creditor in the future. Examples include debt securities (such as bonds and bills), loans, and government employee pension obligations. [1]: 207 Net debt equals gross debt minus financial assets that are debt instruments.
It was estimated that in 1776, the total amount of debt that British merchants claimed from the colonies equaled £2,958,390; Southern colonies had claims of £2,482,763, nearly 85 per cent of the total amount. [63] Before the crisis, the commission system of trading prevailed in the southern plantation colonies.
This is a timeline of British history, comprising important legal and territorial changes and political events in the United Kingdom and its predecessor states. To read about the background to these events, see History of England, History of Wales, History of Scotland, History of Ireland, Formation of the United Kingdom of Great Britain and Northern Ireland and History of the United Kingdom
The British budget in 1814 reached £66 million, including £10 million for the Navy, £40 million for the Army, £10 million for the Allies, and £38 million as interest on the national debt. The national debt soared to £679 million, more than double the GDP.
From this developed the 'National Income and Expenditure in the United Kingdom', first published in 1946 and covering the periods between 1938 and 1945. This was a very low-level look at the economy, including data such as the national cost of war, national income, expenditure on goods and services and taxes.