Ministry of Finance in the UK should pay back government debt was recorded way back in the 1800s, and by the effort during the First World War.
According to The Wall Street Journal is the government bonds worth 218 million pounds, issued by Winston Churchill in 1927 to refinance UK debt raised to finance the war effort, which will now be repaid.
The British authorities played typical of public patriotism as it was to finance the war by selling bonds. Ownership of debt securities, which gives a rate of four percent annually, divided among 11,200 investors.
The bonds were used to refinance loans from the 1800s. They have no maturity date, and is now being paid back because the UK can borrow at lower interest rates than four percent, which makes it worthwhile to refinance.
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