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<p>The United Kingdom owed around £850 million to the United States for activities
in the First World War. However, in 1931 the United States proposed a temporary moratorium
on all War debts, to allow for negotiations on debt repayment. Following negotiations,
no satisfactory agreement was reached and as such, repayments were cancelled between
the United Kingdom and United States. The last repayment from the United Kingdom to
the United States for debt from the First World War was made in the financial year
1932-33.</p>
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