WWI 100th Anniversary: UK Taxpayers Still Paying £2bn War Loans to Secret Bankers – Yahoo News UK


It’s a century since the outbreak of the First World War but British taxpayers are still paying for their country’s part in it – and a handful of banks is cashing in on hundreds of millions of pounds.Every year £136m is shelled out in coupon payments to holders of the government debt – War Loans – used to fund the role of troops from the British Empire in WWI.And the owners of 99% of the £1.94bn €2.4bn, $3.26bn WWI debt still around are a secret group of  financial institutions.The UK government’s Debt Management Office DMO told IBTimes UK that there are over 120,000 War Loan holdings in existence yielding their 3.5% bi-annual coupon payments.Over 100,000 are worth less than £1,000 in nominal value and held by ordinary members of the public.”But this large number of holders accounted for only around 1% of the total nominal in issue. So, most of the nominal amount in issue is held by a relatively few financial institutions,” said a DMO spokesman.The DMO declined to reveal the names of the institutions with the five largest holdings of the 3.5% War Loan following a Freedom of Information request, citing various exemptions under the law.

via WWI 100th Anniversary: UK Taxpayers Still Paying £2bn War Loans to Secret Bankers – Yahoo News UK.

via WWI 100th Anniversary: UK Taxpayers Still Paying £2bn War Loans to Secret Bankers – Yahoo News UK.