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I'm somewhat nonplussed by your statement, because I don't see why the UK having its WW2 load debt forgiven, would have made building more US military equipment under licence much more acceptable to those 'in the British Isles'.For what it's worth my understanding (which may be completely wrong) is that the US loaned that money to the UK on rather generous terms. That is they charged a lower than normal rate of interest and allowed a repayment period that was longer than normal.Evidence of this may be that:In the first ten financial years following World War One (1919-20 to 1928-29) the total national debt service was £353 million a year on a national debt that averaged £7.7 billion.In the first ten financial years following World War Two (1946-47 to 1955-56) the total national debt service was £550 million a year on a national debt that averaged £26.1 billion.The national debt was 3.4 times larger, but the cost of servicing it was only 1.6 times larger. If the latter had been 3.4 times larger too the average for 1946-47 to 1955-56 would have been £1,197 million a year, which was £647 million more that the "Real World" cost of servicing the national debt.£647 million was a lot of money in those days. Britain's average defence spending from 1946-47 to 1955-56 was £1,150 million a year and average civil spending for those years was £2,267 million.
I'm somewhat nonplussed by your statement, because I don't see why the UK having its WW2 load debt forgiven, would have made building more US military equipment under licence much more acceptable to those 'in the British Isles'.
For what it's worth my understanding (which may be completely wrong) is that the US loaned that money to the UK on rather generous terms. That is they charged a lower than normal rate of interest and allowed a repayment period that was longer than normal.
Evidence of this may be that:
The national debt was 3.4 times larger, but the cost of servicing it was only 1.6 times larger. If the latter had been 3.4 times larger too the average for 1946-47 to 1955-56 would have been £1,197 million a year, which was £647 million more that the "Real World" cost of servicing the national debt.
£647 million was a lot of money in those days. Britain's average defence spending from 1946-47 to 1955-56 was £1,150 million a year and average civil spending for those years was £2,267 million.
