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However, during World War I the British government was forced to borrow heavily in order to finance the war effort. The national debt increased from £650 million in 1914 to £7.40 billion in 1919. [7] [failed verification] Britain borrowed heavily from the US during World War I, and many loans from this period remain in a curious state of limbo.
Eight national war loans reached out to the entire population and raised 100 million marks. It proved almost impossible to borrow money from outside. The national debt rose from only 5 billion marks in 1914 to 156 billion in 1918. These bonds became worthless in 1923 because of hyperinflation. [73] [74]
The national debt of the United Kingdom was at a record high percentage of the GDP as the Napoleonic wars ended, but was largely repaid by 1914. The British budget in 1814 reached £66 million, including £10 million for the Navy, £40 million for the Army, £10 million for the Allies, and £38 million as interest on the national debt.
The national debt increased dramatically during and after the Napoleonic Wars, rising to around 200% of GDP. Over the course of the 19th century the national debt gradually fell, only to see large increases again during World War I and World War II. After the war, the national debt once again slowly fell as a proportion of GDP.
[1]: 81 A debt instrument is a financial claim that requires payment of interest and/or principal by the debtor to the creditor in the future. Examples include debt securities (such as bonds and bills), loans, and government employee pension obligations. [1]: 207 Net debt equals gross debt minus financial assets that are debt instruments.
Peace terms were hard to reach and the war dragged on until everyone was exhausted. The British national debt soared to £134 million from £72 million, but London had a financial system capable of handling the burden. Britain now had complete control of the colonies that became Canada and the United States. [74]
A world map showing territory that "Germany Wants" by Edward Stanford. 1917. Close reading of the quoted material shows that the map is misleading: it implies that Germany plans to annex all the territory in red, but this is only the case for a small fraction of it. Propaganda and censorship were closely linked during the war. [104]
The first tentative efforts to comprehend the meaning and consequences of modern warfare began during the initial phases of World War I; this process continued throughout and after the end of hostilities, and is still underway more than a century later. Teaching World War I has presented special challenges.