As is often the case, wars are expensive and in 1433 war with France led to a deficit of £30,000 - the equivalent of over £100 billion today. The war years of 1914-18 had seen an increase in the National Debt from £650 million at the start of the war to £7,500 million by 1919. This ensured that the Treasury developed new expertise in foreign exchange, currency, credit and price control skills and were put to use in the management of the post-war economy. The slump of the 1930s necessitated the restructuring of the economy following World War II (the national debt stood at £21 billion by its end) and the emphasis was placed on economic planning and financial relations. WAR what is it good for? absolutely no better way to get we the people into debt!

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