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LONDON — The UK announced Friday that it will start paying off part of the debt it took on to finance World War I.
Consols were issued by Chancellor Winston Churchill in 1927 partly to refinance National War Bonds. The consols are perpetual bonds that pay 4% interest on the face value each year for all time.
The £218 million repayment is a fraction of the overall £2 billion still owed from the Great War, which took place between 1914 and 1918.
As well as war bonds, some of the bonds being redeemed go back even further, dating to the 18th century and the financial crisis of the day — the South Sea Bubble. The then Chancellor of the Exchequer consolidated the capital stock of the South Sea Company Read more...
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