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<p>At the end of World War I, debt was owed between the UK and other countries. However,
in 1931 President Hoover of the United States proposed a one year moratorium on all
War debts, which allowed extensive international discussions on the general problems
of debt repayment to be held. No satisfactory agreement was reached. In the absence
of such an agreement no payments have been made to, or received from, other nations
since 1934.</p><p> </p><p> </p><p> </p><p>The most recent repayment made by the UK
on its debt to the US from the First World War was made in the financial year 1932-33.
More specific information on the date of this payment is not available.</p><p> </p><p>
</p><p> </p><p>The UK included the First World War debt to the US as part of the National
Debt up until 1944-45, however all First World War debts to and from other nations
are now effectively considered as having lapsed. Therefore, as explained in the answer
to the original question, no arrangements have been made for repayment of the debt.</p><p>
</p><p> </p><p> </p><p>In addition, the government holds eight undated gilts in its
debt portfolio, three of which stem from bonds originally issued to raise money to
finance the First World War.</p><p> </p><p> </p><p> </p><p>The Chancellor has announced
that two of these undated gilts, 4% Consolidated Loan and 3½% War Loan, will be redeemed,
on 1 February 2015 and 9 March 2015 respectively. These gilts account for some 99%
of the bonds originally issued to finance the First World War. The government has
also announced a strategy to remove the remaining undated gilts from the debt portfolio
when it is deemed value for money to do so.</p><p> </p><p> </p><p> </p><p>The repayments
on this debt will go to the holders of these bonds. The Treasury does not hold detailed
information on the identity of organisations or individuals who own gilts, however
information on sectoral holdings of gilts is published on a quarterly basis by the
Office for National Statistics. The latest information on the breakdown of gilt holdings
by sector, including a breakdown of non-UK resident holders of gilts by foreign central
banks and other non-residents, is published by the ONS in Section 5.2.10 of its quarterly
United Kingdom Economic Accounts publication.</p><p> </p>
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