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The Seven Years' War (1756-1763) brought great financial burdens on Great Britain, Kingdom of Prussia, Austria, France, and Sweden.The costs of fighting a protracted war on several continents meant Britain's national debt almost doubled from 1756 to 1763, and this financial pressure which Britain tried to alleviate through new taxation in the Thirteen Colonies helped cause the American Revolution.
During the war, France shouldered a financial burden similar to that of Great Britain, as debt from the American Revolutionary War was piled upon already existing debts from the Seven Years' War. The French spent 1.3 billion livres on war costs equivalent to 100 million pounds sterling (at 13 livres to the pound).
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$4.4bn of World War I debt (about £866m ...
The currency of the American colonies, 1700–1764: a study in colonial finance and imperial relations. Dissertations in American economic history. New York: Arno Press, 1975. ISBN 0-405-07257-0. Ernst, Joseph Albert. Money and politics in America, 1755–1775; a study in the Currency act of 1764 and the political economy of revolution. Chapel ...
The victorious British now controlled all of eastern North America. The history of the Seven Years' War in North America, particularly the Expulsion of the Acadians, the siege of Quebec, the death of Wolfe, and the siege of Fort William Henry generated a vast number of ballads, broadsides, images, and novels (see Longfellow's Evangeline ...
The UK government went all out to prop up the economy through the Covid pandemic and the initial phase of Russia’s war in Ukraine. Now, the bill is starting to bite.
The British victory in the war sowed some of the seeds of Britain's later conflict in the American War of Independence. American colonists had been delighted by the huge swathes of North America that had now been brought under formal British control, but many were angered by the Proclamation of 1763 , which was an attempt to protect Native ...
A November 2024 survey by Achieve found that 28% of Americans saw their debt increase over the past three months. Among them, 37% said they couldn't make ends meet without taking on additional debt.