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British national war bond advertisement. At the beginning of the 20th century the national debt stood at around 30 percent of GDP. [5] 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.
The income tax rate grew to 5s in the pound (25%) in 1916, and 6s (30%) in 1918. Altogether, taxes provided at most 30 percent of national expenditure, with the rest from borrowing. The national debt soared from £625 million to £7,800 million. Government bonds typically paid five percent.
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.
The Friend of the People; & his Petty New Tax Gatherer paying John Bull a visit (1806), James Gillray. The history of taxation in the United Kingdom includes the history of all collections by governments under law, in money or in kind, including collections by monarchs and lesser feudal lords, levied on persons or property subject to the government, with the primary purpose of raising revenue.
In 1835, the national debt hit a low of $33,733 when Andrew Jackson was president. But the U.S. started borrowing again as the economy entered a recession in 1837.
Unemployment was the dominant issue of British society during the interwar years. [1] Unemployment levels rarely dipped below 1,000,000 and reached a peak of more than 3,000,000 in 1933, a figure which represented more than 20% of the working population. The unemployment rate was even higher in areas including South Wales and Liverpool. [1]