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<p>The Chancellor of the Exchequer announced on 3 December 2014 that the government
would adopt a strategy to remove the remaining undated gilts in the government’s debt
portfolio, thus repaying all the nation’s First World War debt.</p><p> </p><p>Three
of the eight undated gilts that remained in the government’s portfolio in 2014 were
issued to fund the First World War: the 4% Consolidated Loan, 3½% War Loan and 3½%
Conversion Loan. These were redeemed in 2015, on 1 February, 9 March and 1 April respectively.</p><p>
</p><p>Almost 99% of the amount due has been repaid to date. Due to the age of the
records relating to undated gilts, the registrar has not been able to contact all
holders. However, the government has thus repaid the vast majority of the nation’s
First World War debt.</p>
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