THE FIRST

WORLD WAR

BONDS THAT

TOOK BRITAIN

OVER 100 YEARS

TO PAY OFF 1914 The Government issued its first interest-bearing war bonds with a coupon of 3.5pc

1917 Another war bond was issued at 5pc interest

1927 Then-chancellor Winston Churchill refinanced some First World War bonds into 4pc consolidated loans

1932 Most First World War bonds converted to 3.5pc

2014 Then-chancellor George Osborne announced that the outstanding £1.9bn debt from these bonds would be paid off

2015 Government First World War bond debt paid off