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<div class="mw-indicators"> </div> <div id="siteSub" class="noprint">From Wikipedia, the free encyclopedia</div> </div> <div id="contentSub"><div id="mw-content-subtitle"></div></div> <div id="mw-content-text" class="mw-body-content"><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><p class="mw-empty-elt"> </p> <div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">Loan from the US to the UK after World War II</div> <p class="mw-empty-elt"> </p> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Signature_Anglo_American_loan_agreement_1945.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/8/84/Signature_Anglo_American_loan_agreement_1945.jpg/220px-Signature_Anglo_American_loan_agreement_1945.jpg" decoding="async" width="220" height="182" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/84/Signature_Anglo_American_loan_agreement_1945.jpg/330px-Signature_Anglo_American_loan_agreement_1945.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/84/Signature_Anglo_American_loan_agreement_1945.jpg/440px-Signature_Anglo_American_loan_agreement_1945.jpg 2x" data-file-width="692" data-file-height="574" /></a><figcaption>Signature of the loan. Bottom row from left: economist <a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">John Maynard Keynes</a>, leader of the British negotiators; <a href="/wiki/Edward_Wood,_1st_Earl_of_Halifax" title="Edward Wood, 1st Earl of Halifax">Lord Halifax</a>, <a href="/wiki/List_of_ambassadors_of_the_United_Kingdom_to_the_United_States" title="List of ambassadors of the United Kingdom to the United States">British Ambassador to the US</a>; <a href="/wiki/James_F._Byrnes" title="James F. Byrnes">James F. Byrnes</a>, <a href="/wiki/United_States_Secretary_of_State" title="United States Secretary of State">United States Secretary of State</a>; and <a href="/wiki/Fred_M._Vinson" title="Fred M. Vinson">Fred M. Vinson</a>, <a href="/wiki/United_States_Secretary_of_the_Treasury" title="United States Secretary of the Treasury">United States Secretary of the Treasury</a>. Future US Secretary of State <a href="/wiki/Dean_Acheson" title="Dean Acheson">Dean Acheson</a> stands third from right in the back row.</figcaption></figure> <p><b>Anglo-American loan</b> officially <b>Anglo-American Loan Agreement</b> was a loan made to the United Kingdom by the United States on 15 July 1946, enabling its economy after the Second World War to keep afloat.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> The loan was negotiated by British economist <a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">John Maynard Keynes</a> and American diplomat <a href="/wiki/William_L._Clayton" title="William L. Clayton">William L. Clayton</a>. Problems arose on the American side, with many in Congress reluctant, and with sharp differences between the treasury and state departments. The loan was for US$3.75 billion (equivalent to $58.59 billion in 2023) at a low 2% interest rate; Canada loaned an additional US$1.9 billion (equivalent to $29.69 billion in 2023). The British economy in 1947 was hurt by a provision that called for convertibility into dollars of the wartime sterling balances the British had borrowed from India and others, but by 1948, the <a href="/wiki/Marshall_Plan" title="Marshall Plan">Marshall Plan</a> included financial support that was not expected to be repaid. The entire loan was paid off in 2006, after it was extended six years. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Background">Background</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Anglo-American_loan&action=edit&section=1" title="Edit section: Background"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">Further information: <a href="/wiki/Lend-Lease" title="Lend-Lease">Lend-Lease</a></div> <p>At the start of the war, Britain had spent the money that it did have in normal payments for <a href="/wiki/Materiel" title="Materiel">materiel</a> under the "US <a href="/wiki/Cash_and_carry_(World_War_II)" title="Cash and carry (World War II)">cash-and-carry</a>" scheme. Basing rights were also traded for equipment, e.g., the <a href="/wiki/Destroyers_for_Bases_Agreement" class="mw-redirect" title="Destroyers for Bases Agreement">Destroyers for Bases Agreement</a>, but by 1941 Britain was no longer able to finance cash payments and <a href="/wiki/Lend-Lease" title="Lend-Lease">Lend-Lease</a> was introduced. The Lend Lease Act provided aid for free on the basis that such help was essential for the defense of the United States. Congress passed the final extension of the act on April 16th, 1945, extending the aid for another year while adding an amendment stating that no aid could be provided for postwar relief or reconstruction. </p><p>Large quantities of goods were in Britain or in transit when the Lend Lease Act was terminated on 21 August 1945. The British economy had been heavily geared towards war production (constituting 55% of GDP in 1944) and had drastically reduced its exports.<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> The UK therefore relied on Lend-Lease imports to obtain essential consumer commodities such as food while it could no longer afford to pay for these items using export profits. The end of Lend-Lease thus came as a great economic shock. Britain needed to retain some of this equipment in the immediate post war period. As a result, the Anglo-American loan came about. Lend-lease items retained were sold to Britain at the knockdown price of about 10 cents on the dollar, giving an initial value of £1.075 billion.<sup id="cite_ref-Rohrer_p._3-0" class="reference"><a href="#cite_note-Rohrer_p.-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Agreement">Agreement</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Anglo-American_loan&action=edit&section=2" title="Edit section: Agreement"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Terms">Terms</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Anglo-American_loan&action=edit&section=3" title="Edit section: Terms"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">John Maynard Keynes</a>, then in poor health and shortly before his death, was sent by the United Kingdom to the United States and Canada to obtain more funds.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> British politicians expected that in view of the United Kingdom's contribution to the war effort, especially for the lives lost before the United States <a href="/wiki/American_entry_into_World_War_II" class="mw-redirect" title="American entry into World War II">entered the fight in 1941</a>, America would offer favorable terms. Britain was offered a loan at 2% interest to be paid over 50 years starting in 1950 by both Canada and the United States. </p><p>Historian <a href="/wiki/Alan_Sked" title="Alan Sked">Alan Sked</a> has commented that, "the U.S. didn't seem to realize that Britain was bankrupt", and that the loan was "denounced in the <a href="/wiki/House_of_Lords" title="House of Lords">House of Lords</a>, but in the end the country had no choice."<sup id="cite_ref-International_Herald_Tribune_p._5-0" class="reference"><a href="#cite_note-International_Herald_Tribune_p.-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> America offered US$3.75 billion (equivalent to $58.59 billion in 2023) and Canada contributed another US$1.19 bn (worth US$20 billion in 2024), both at the rate of 2% annual interest.<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> The total amount repaid, including interest, was $7.5bn (£3.8bn) to the US and US$2bn (£1bn) to Canada.<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Kindleberger_p._415_8-0" class="reference"><a href="#cite_note-Kindleberger_p._415-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p><p>The loan was made subject to conditions, the most damaging of which was the <a href="/wiki/Convertibility" title="Convertibility">convertibility</a> of sterling.<sup id="cite_ref-Rosenson_p._9-0" class="reference"><a href="#cite_note-Rosenson_p.-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> Though not the intention, the effect of convertibility was to worsen British post-war economic problems. International sterling balances became convertible one year after the loan was ratified, on 15 July 1947. Within a month, nations with sterling balances (e.g. pounds which they had earned from buying British exports, and which they were now permitted to sell to Britain in exchange for dollars) had drawn almost a billion dollars from British dollar reserves, forcing the British government to suspend convertibility and to begin immediate drastic cuts in domestic and overseas expenditure. The rapid loss of dollar reserves also highlighted the weakness of sterling, which was devalued in 1949 from $4.02 to $2.80.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p><p>In later years, the term of 2% interest was rather less than the prevailing market interest rates, resulting in it being described as a "very advantageous loan" by members of the British government, as elaborated below. </p> <div class="mw-heading mw-heading3"><h3 id="Loan_spending">Loan spending</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Anglo-American_loan&action=edit&section=4" title="Edit section: Loan spending"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Much of the loan had been earmarked for foreign military spending to maintain the United Kingdom's empire and payments to British allies prior to its passage, which had been concealed in negotiations through to the summer of 1946.<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> Keynes had noted that a failure to pass the loan agreement would cause Britain to abandon its military outposts in the Middle Eastern, Asian and Mediterranean regions, as the alternative of reducing British standards of living was politically unfeasible.<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Repayment">Repayment</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Anglo-American_loan&action=edit&section=5" title="Edit section: Repayment"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The last payment was made on 29 December 2006 for the sum of about $83m USD (£45.5m) to the United States, and about $23.6m USD (£12m) to Canada; the 29th was chosen as it was the last working day of the year.<sup id="cite_ref-GT-DEX-2006-33_13-0" class="reference"><a href="#cite_note-GT-DEX-2006-33-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Rohrer_p._3-1" class="reference"><a href="#cite_note-Rohrer_p.-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Epstein_p._14-0" class="reference"><a href="#cite_note-Epstein_p.-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> The final payment was actually six years late, the British Government having suspended payments due in the years 1956, 1957, 1964, 1965, 1968 and 1976 because the exchange rates were seen as impractical.<sup id="cite_ref-FOOTNOTEThornton2006_15-0" class="reference"><a href="#cite_note-FOOTNOTEThornton2006-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> After this final payment Britain's <a href="/wiki/Economic_Secretary_to_the_Treasury" title="Economic Secretary to the Treasury">Economic Secretary to the Treasury</a>, <a href="/wiki/Ed_Balls" title="Ed Balls">Ed Balls</a>, formally thanked the US for its wartime support.<sup id="cite_ref-FOOTNOTEThornton2006_15-1" class="reference"><a href="#cite_note-FOOTNOTEThornton2006-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Anglo-American_loan&action=edit&section=6" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Economic_history_of_the_United_Kingdom" title="Economic history of the United Kingdom">Economic history of the United Kingdom</a></li> <li><a href="/wiki/Postwar_Britain_(1945%E2%80%931979)" class="mw-redirect" title="Postwar Britain (1945–1979)">Postwar Britain (1945–1979)</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Anglo-American_loan&action=edit&section=7" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFGannon2014" class="citation journal cs1">Gannon, Philip (2 January 2014). <a rel="nofollow" class="external text" href="https://doi.org/10.1080/14794012.2014.871426">"The special relationship and the 1945 Anglo-American Loan"</a>. <i>Journal of Transatlantic Studies</i>. <b>12</b> (1): 1–17. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1080%2F14794012.2014.871426">10.1080/14794012.2014.871426</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/1479-4012">1479-4012</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:153493379">153493379</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+Transatlantic+Studies&rft.atitle=The+special+relationship+and+the+1945+Anglo-American+Loan&rft.volume=12&rft.issue=1&rft.pages=1-17&rft.date=2014-01-02&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A153493379%23id-name%3DS2CID&rft.issn=1479-4012&rft_id=info%3Adoi%2F10.1080%2F14794012.2014.871426&rft.aulast=Gannon&rft.aufirst=Philip&rft_id=https%3A%2F%2Fdoi.org%2F10.1080%2F14794012.2014.871426&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAnglo-American+loan" class="Z3988"></span></span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text">Richard J. Evans, <i>The Third Reich at War: How the Nazis led Germany from Conquest to Disaster</i> (2008) p. 333.<link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9781594202063" title="Special:BookSources/9781594202063">9781594202063</a></span> </li> <li id="cite_note-Rohrer_p.-3"><span class="mw-cite-backlink">^ <a href="#cite_ref-Rohrer_p._3-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Rohrer_p._3-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><a href="#CITEREFRohrer2006">Rohrer 2006</a></span> </li> <li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text">Robert Skidelsky, <i>John Maynard Keynes. Vol. 3: Fighting for Freedom, 1937–1946</i> (2001) pp. 403–458</span> </li> <li id="cite_note-International_Herald_Tribune_p.-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-International_Herald_Tribune_p._5-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFInternational_Herald_Tribune2006">International Herald Tribune 2006</a></span> </li> <li id="cite_note-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-6">^</a></b></span> <span class="reference-text">Philip A. Grant Jr., "President Harry S. Truman and the British Loan Act of 1946," <i>Presidential Studies Quarterly,</i> (Summer 1995) 25#3 pp. 489–496</span> </li> <li id="cite_note-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-7">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMcIntyre1998" class="citation book cs1">McIntyre, W. David (1998). <a rel="nofollow" class="external text" href="https://archive.org/details/twentiethcentury0000glad/page/83"><i>British Decolonisation, 1946–1997</i></a>. Macmillan Press Ltd. p. <a rel="nofollow" class="external text" href="https://archive.org/details/twentiethcentury0000glad/page/83">83</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0333693310" title="Special:BookSources/0333693310"><bdi>0333693310</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=British+Decolonisation%2C+1946%E2%80%931997&rft.pages=83&rft.pub=Macmillan+Press+Ltd&rft.date=1998&rft.isbn=0333693310&rft.aulast=McIntyre&rft.aufirst=W.+David&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Ftwentiethcentury0000glad%2Fpage%2F83&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAnglo-American+loan" class="Z3988"></span></span> </li> <li id="cite_note-Kindleberger_p._415-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-Kindleberger_p._415_8-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFKindleberger2006">Kindleberger 2006</a>, p. 415</span> </li> <li id="cite_note-Rosenson_p.-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-Rosenson_p._9-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFRosenson1947">Rosenson 1947</a></span> </li> <li id="cite_note-10"><span class="mw-cite-backlink"><b><a href="#cite_ref-10">^</a></b></span> <span class="reference-text">Documentary evidence can be found at www.nationalarchives.gov.uk/cabinetpapers, see CAB128/10. For a good account of the convertibility crisis, see Alec Cairncross, <i>Years of Recovery: British Economic Policy, 1945–1951</i>, (London, 1985), pp. 121–164.</span> </li> <li id="cite_note-11"><span class="mw-cite-backlink"><b><a href="#cite_ref-11">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRandall_Bennett_Woods1990" class="citation book cs1">Randall Bennett Woods (1990). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=-K1NjF1aeHQC&pg=PA374"><i>A Changing of the Guard: Anglo-American Relations, 1941–1946</i></a>. UNC Press Books. p. 374. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0807818770" title="Special:BookSources/978-0807818770"><bdi>978-0807818770</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=A+Changing+of+the+Guard%3A+Anglo-American+Relations%2C+1941%E2%80%931946&rft.pages=374&rft.pub=UNC+Press+Books&rft.date=1990&rft.isbn=978-0807818770&rft.au=Randall+Bennett+Woods&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3D-K1NjF1aeHQC%26pg%3DPA374&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAnglo-American+loan" class="Z3988"></span></span> </li> <li id="cite_note-12"><span class="mw-cite-backlink"><b><a href="#cite_ref-12">^</a></b></span> <span class="reference-text">Woods, p. 375</span> </li> <li id="cite_note-GT-DEX-2006-33-13"><span class="mw-cite-backlink"><b><a href="#cite_ref-GT-DEX-2006-33_13-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="http://news.bbc.co.uk/2/hi/uk_news/magazine/4757181.stm">"What's a little debt between friends?"</a>. <i>BBC News</i>. 10 May 2006<span class="reference-accessdate">. Retrieved <span class="nowrap">20 November</span> 2008</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=BBC+News&rft.atitle=What%27s+a+little+debt+between+friends%3F&rft.date=2006-05-10&rft_id=http%3A%2F%2Fnews.bbc.co.uk%2F2%2Fhi%2Fuk_news%2Fmagazine%2F4757181.stm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAnglo-American+loan" class="Z3988"></span></span> </li> <li id="cite_note-Epstein_p.-14"><span class="mw-cite-backlink"><b><a href="#cite_ref-Epstein_p._14-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFEpstein2007">Epstein 2007</a></span> </li> <li id="cite_note-FOOTNOTEThornton2006-15"><span class="mw-cite-backlink">^ <a href="#cite_ref-FOOTNOTEThornton2006_15-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-FOOTNOTEThornton2006_15-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><a href="#CITEREFThornton2006">Thornton 2006</a>.</span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="Sources">Sources</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Anglo-American_loan&action=edit&section=8" title="Edit section: Sources"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBlock1977" class="citation book cs1">Block, Fred (1977). <i>The Origins of International Economic Disorder</i>. Berkeley, Calif.: University of California Press. pp. 32–69. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0520037294" title="Special:BookSources/0520037294"><bdi>0520037294</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Origins+of+International+Economic+Disorder&rft.place=Berkeley%2C+Calif.&rft.pages=32-69&rft.pub=University+of+California+Press&rft.date=1977&rft.isbn=0520037294&rft.aulast=Block&rft.aufirst=Fred&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAnglo-American+loan" class="Z3988"></span></li> <li>Callaway, C. Darden. <i>The Anglo-American Loan of 1946: U.S. Economic Opportunism and the Start of the Cold War</i> (2014)</li></ul> <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFClarke1982" class="citation book cs1">Clarke, Sir Richard (1982). Cairncross, Sir Alec (ed.). <span class="id-lock-registration" title="Free registration required"><a rel="nofollow" class="external text" href="https://archive.org/details/angloamericaneco0000clar"><i>Anglo-American economic collaboration in war and peace, 1942–1949</i></a></span> (1982 ed.). Clarendon Press. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0198284390" title="Special:BookSources/978-0198284390"><bdi>978-0198284390</bdi></a> – via archive.org.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Anglo-American+economic+collaboration+in+war+and+peace%2C+1942%E2%80%931949&rft.edition=1982&rft.pub=Clarendon+Press&rft.date=1982&rft.isbn=978-0198284390&rft.aulast=Clarke&rft.aufirst=Sir+Richard&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fangloamericaneco0000clar&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAnglo-American+loan" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFEpstein2007" class="citation cs2">Epstein, Rafael (3 January 2007), <a rel="nofollow" class="external text" href="http://www.abc.net.au/am/content/2007/s1820797.htm">"UK pays off WWII debt to US"</a>, <i><a href="/wiki/AM_(Australian_radio_series)" class="mw-redirect" title="AM (Australian radio series)">AM</a></i> (radio broadcast transcript), <a href="/wiki/Australian_Broadcasting_Corporation" title="Australian Broadcasting Corporation">Australian Broadcasting Corporation</a><span class="reference-accessdate">, retrieved <span class="nowrap">10 October</span> 2021</span></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=AM&rft.atitle=UK+pays+off+WWII+debt+to+US&rft.date=2007-01-03&rft.aulast=Epstein&rft.aufirst=Rafael&rft_id=http%3A%2F%2Fwww.abc.net.au%2Fam%2Fcontent%2F2007%2Fs1820797.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAnglo-American+loan" class="Z3988"></span></li> <li>Gardner, Richard N. <i>Sterling-Dollar Diplomacy in Current Perspective: The Origins and the Prospects of Our International Economic Order</i> (1980)</li> <li>Grant Jr., Philip A. "President Harry S. Truman and the British Loan Act of 1946," <i>Presidential Studies Quarterly,</i> (1995) 25#3 pp 489–496 <a rel="nofollow" class="external text" href="http://www.jstor.org/stable/2755146">online</a></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKindleberger2006" class="citation book cs1"><a href="/wiki/Charles_P._Kindleberger" title="Charles P. Kindleberger">Kindleberger, Charles P.</a> (2006). <i>A Financial History of Western Europe</i> (2006 ed.). <a href="/wiki/Taylor_%26_Francis" title="Taylor & Francis">Taylor & Francis</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0415378673" title="Special:BookSources/978-0415378673"><bdi>978-0415378673</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=A+Financial+History+of+Western+Europe&rft.edition=2006&rft.pub=Taylor+%26+Francis&rft.date=2006&rft.isbn=978-0415378673&rft.aulast=Kindleberger&rft.aufirst=Charles+P.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAnglo-American+loan" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRosenson1947" class="citation journal cs1">Rosenson, Alex (March 1947). "The Terms of the Anglo-American Financial Agreement". <i>The American Economic Review</i>. <b>37</b> (1): 178–187. <a href="/wiki/JSTOR_(identifier)" class="mw-redirect" title="JSTOR (identifier)">JSTOR</a> <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/1802868">1802868</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+American+Economic+Review&rft.atitle=The+Terms+of+the+Anglo-American+Financial+Agreement&rft.volume=37&rft.issue=1&rft.pages=178-187&rft.date=1947-03&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2F1802868%23id-name%3DJSTOR&rft.aulast=Rosenson&rft.aufirst=Alex&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAnglo-American+loan" class="Z3988"></span></li> <li>Skidelsky, Robert. <i>John Maynard Keynes. Vol. 3: Fighting for Freedom, 1937–1946</i> (2001) pp. 403–58</li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFThornton2006" class="citation news cs1">Thornton, Philip (29 December 2006). <a rel="nofollow" class="external text" href="https://www.independent.co.uk/news/business/news/britain-pays-off-final-instalment-of-us-loan--after-61-years-430118.html">"Britain pays off final instalment of US loan – after 61 years"</a>. <i><a href="/wiki/The_Independent" title="The Independent">The Independent</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20100712154412/http://www.independent.co.uk/news/business/news/britain-pays-off-final-instalment-of-us-loan--after-61-years-430118.html">Archived</a> from the original on 12 July 2010<span class="reference-accessdate">. Retrieved <span class="nowrap">10 October</span> 2021</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Independent&rft.atitle=Britain+pays+off+final+instalment+of+US+loan+%E2%80%93+after+61+years&rft.date=2006-12-29&rft.aulast=Thornton&rft.aufirst=Philip&rft_id=https%3A%2F%2Fwww.independent.co.uk%2Fnews%2Fbusiness%2Fnews%2Fbritain-pays-off-final-instalment-of-us-loan--after-61-years-430118.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAnglo-American+loan" class="Z3988"></span></li> <li>Wevill, Richard. <i>Britain and America after World War II: Bilateral Relations and the Beginnings of the Cold War</i> (I.B. Tauris, 2012)</li> <li><i>The Collected Writings of John Maynard Keynes,</i> Volumes 24 (London: Macmillan Press, 1979)</li></ul> <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFInternational_Herald_Tribune2006" class="citation news cs1">International Herald Tribune (28 December 2006). <a rel="nofollow" class="external text" href="https://www.nytimes.com/2006/12/28/business/worldbusiness/28iht-nazi.4042453.html">"Britain to make its final payment on World War II loan from U.S."</a> <i><a href="/wiki/The_New_York_Times" title="The New York Times">The New York Times</a></i><span class="reference-accessdate">. Retrieved <span class="nowrap">7 June</span> 2010</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+New+York+Times&rft.atitle=Britain+to+make+its+final+payment+on+World+War+II+loan+from+U.S.&rft.date=2006-12-28&rft.au=International+Herald+Tribune&rft_id=https%3A%2F%2Fwww.nytimes.com%2F2006%2F12%2F28%2Fbusiness%2Fworldbusiness%2F28iht-nazi.4042453.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAnglo-American+loan" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRohrer2006" class="citation news cs1">Rohrer, Finlo (10 May 2006). <a rel="nofollow" class="external text" href="http://news.bbc.co.uk/2/hi/uk_news/magazine/4757181.stm">"What's a little debt between friends?"</a>. <i><a href="/wiki/BBC_News" title="BBC News">BBC News</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20100610152357/http://news.bbc.co.uk/2/hi/uk_news/magazine/4757181.stm">Archived</a> from the original on 10 June 2010<span class="reference-accessdate">. Retrieved <span class="nowrap">14 June</span> 2010</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=BBC+News&rft.atitle=What%27s+a+little+debt+between+friends%3F&rft.date=2006-05-10&rft.aulast=Rohrer&rft.aufirst=Finlo&rft_id=http%3A%2F%2Fnews.bbc.co.uk%2F2%2Fhi%2Fuk_news%2Fmagazine%2F4757181.stm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAnglo-American+loan" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="history.co.uk" class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.history.co.uk/article/the-nhs-a-70-year-old-mistake">"The NHS: A 70-year-old Mistake?"</a>. <i>History Play</i>. A+E Networks UK.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=History+Play&rft.atitle=The+NHS%3A+A+70-year-old+Mistake%3F&rft_id=https%3A%2F%2Fwww.history.co.uk%2Farticle%2Fthe-nhs-a-70-year-old-mistake&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAnglo-American+loan" class="Z3988"></span></li></ul> <div class="mw-heading mw-heading2"><h2 id="Further_reading">Further reading</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Anglo-American_loan&action=edit&section=9" title="Edit section: Further reading"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li>Gill, David James. <i>The Long Shadow of Default: Britain's Unpaid War Debts to the United States, 1917-2020</i> (Yale University Press, 2022).</li></ul> <ul><li>Ovendale, Ritchie. <i>The English-Speaking Alliance: Britain, the United States, the Dominions and the Cold War 1945–1951</i> (Taylor & Francis, 2024) <a rel="nofollow" class="external text" href="https://books.google.com/books?hl=en&lr=&id=zxQnEQAAQBAJ&oi=fnd&pg=PT8&dq=ritchie+ovendale&ots=KnPeQ0RYgL&sig=gPi-lfEhRITIuwutwfrpDAocxKg">online</a>.</li></ul> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Anglo-American_loan&action=edit&section=10" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a rel="nofollow" class="external text" href="https://www.trumanlibrary.org/oralhist/snyder25.htm">Oral History Interview with John W. Snyder</a></li> <li><a rel="nofollow" class="external text" href="https://fraser.stlouisfed.org/files/docs/historical/martin/17_07_19451206.pdf">Anglo-American Financial and Commercial Agreements</a></li></ul>    </div><noscript><img src="https://login.wikimedia.org/wiki/Special:CentralAutoLogin/start?type=1x1" alt="" width="1" height="1" style="border: none; position: absolute;"></noscript> <div class="printfooter" data-nosnippet="">Retrieved from "<a dir="ltr" href="https://en.wikipedia.org/w/index.php?title=Anglo-American_loan&oldid=1252212424">https://en.wikipedia.org/w/index.php?title=Anglo-American_loan&oldid=1252212424</a>"</div></div> <div id="catlinks" class="catlinks" data-mw="interface"><div id="mw-normal-catlinks" class="mw-normal-catlinks"><a href="/wiki/Help:Category" title="Help:Category">Categories</a>: <ul><li><a href="/wiki/Category:Economic_history_of_the_United_Kingdom" title="Category:Economic history of the United Kingdom">Economic history of the United Kingdom</a></li><li><a href="/wiki/Category:Economic_history_of_the_United_States" title="Category:Economic history of the United States">Economic history of the United States</a></li><li><a href="/wiki/Category:Aftermath_of_World_War_II_in_the_United_Kingdom" title="Category:Aftermath of World War II in the United Kingdom">Aftermath of World War II in the United Kingdom</a></li><li><a href="/wiki/Category:United_Kingdom%E2%80%93United_States_relations" title="Category:United Kingdom–United States relations">United Kingdom–United States relations</a></li><li><a href="/wiki/Category:1946_in_the_United_States" title="Category:1946 in the United States">1946 in the United States</a></li><li><a href="/wiki/Category:Economic_aid_during_World_War_II" title="Category:Economic aid during World War II">Economic aid during World War II</a></li><li><a href="/wiki/Category:Presidency_of_Franklin_D._Roosevelt" title="Category:Presidency of Franklin D. 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