THE ROAD TO REVOLUTION 1700 1774
SONS OF LIBERTY RESISTANCE TO THE STAMP ACT AND BRITISH RULE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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they have millions of dollars
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they have no money
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they won the lottery
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they are mean
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Detailed explanation-1: -The need to borrow followed a decision in 1945 by the administration of President Harry Truman to end the lend-lease program used to supply Britain since 1941. By that time, Britain owed £4.2 billion to foreign creditors, while its income from overseas investments and exports had been halved since before the war.
Detailed explanation-2: -Great Britain spent more than £45 million on the navy during the war-around a quarter of its entire war expenditure. By the end of the war, Britain’s national debt stood at £132.6 million.
Detailed explanation-3: -During the Great Depression Britain ceased payments on these loans, but outstanding bonds such as the War Loan were finally paid off in 2015.
Detailed explanation-4: -In spite of the victory, the cost of the Seven Years’ War had been enormous and Britain’s National Debt had increased from £74 million to £133 million during the war. In addition to repaying the debt, Britain had to try to ensure that she kept control of trade between the colonies and the ‘mother country’.