Britain set to finally pay off WWII loans to US

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Britain set to finally pay off WWII loans to US

Britain's final Second World War loan payments to the United States and Canada will be paid off this week.
This Friday will see Britain paying the last instalment on the US$4.33 billion (£2 billion) loan, which was given by the US in 1945, and Canada will receive a final repayment on its Can$1.25 billion (£500 million) loan.
The last instalment of US$83.25 million (£43 million) to the US Government and Can$22.7 million (£10 million) to Canada are the final of 50 that have been paid since 1950.
The loans were required to cover costs that arose from the Second World War, such as settling financial claims from other countries involved, and they also provided essential funding for the construction work that was required to rebuild Britain.
Ed Balls, the Economic Secretary to the Treasury, said: 'This week we finally honour in full our commitments to the US and Canada for the support they gave us 60 years ago. It was vital support which helped Britain defeat Nazi Germany and secure peace and prosperity in the post-war period.'
The final payments will be transferred electronically, and they are timed for this Friday, as it's the last working day of the year.

Britain set to finally pay off WWII loans to US | Metro.co.uk