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632427

registered interest
date	08/11/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	World War I: Debts
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government whether they owe any money to the government of the United States as a result of purchase of armaments and other equipment during the First World War; and if so, how much they owe and what are the arrangements for repayment.
tabling member printed	Lord Laird
uin	HL3095
answer	answer is ministerial correction date of answer 22/11/2016 answer text <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> answering member printed Lord Young of Cookham question first answered 22/11/2016 15:57:15 answering member 57 label Biography information for Lord Young of Cookham
tabling member	2479 label Biography information for Lord Laird

621123

registered interest
date	25/10/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	World War I: Debts
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government, further to the Written Answer by Lord Young of Cookham on 25 October (HL2303), what proportion of the redemptions were made to the US, and when.
tabling member printed	Lord Laird
uin	HL2640
answer	answer is ministerial correction date of answer 08/11/2016 answer text <p>The War Bonds referenced in HL2303 were largely held by British citizens, and originally sold by the government as a way to support the war effort. One of these, the 3½ War Loan, was the most widely held gilt, with more than 120,000 holders at the time of redemption, of which 97,000 held less than £1,000 nominal. The Treasury does not hold detailed information on the identity of underlying individuals or organisations who own gilts. In any case, information relating to who may have received payment in respect of the redemption of these gilts is not reflective of who may have originally contributed to the war effort as the bonds have been freely traded in the intervening period. However, I can confirm that £2.3 million was repaid to registered holders with an address in the United States (0.09% of the total amount outstanding at the time of redemption).</p> answering member printed Lord Young of Cookham question first answered 08/11/2016 15:56:41 answering member 57 label Biography information for Lord Young of Cookham
tabling member	2479 label Biography information for Lord Laird

600963

registered interest
date	13/10/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	World War I: Debts
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government, following the announcement by the Chancellor of the Exchequer in October 2014 that they were planning to pay off some debts from World War One, how much has been paid off to date, and how much is still outstanding.
tabling member printed	Lord Laird
uin	HL2303
answer	answer is ministerial correction date of answer 25/10/2016 answer text <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> answering member printed Lord Young of Cookham question first answered 25/10/2016 12:35:02 answering member 57 label Biography information for Lord Young of Cookham
tabling member	2479 label Biography information for Lord Laird