Description
In the period from the Crimea War to the end of the 1st World War there was a massive increase in the size of British National Debt. These volumes chart the history of the debt during this period. They explore why the debt grew, and how it was accomodated. Particular attention is paid to the creation of the financial instruments necessary to sustain the debt. For the bulk of the period the pre-occupation was with repaying the debt, and the set discusses the measures considered for this purpose. However with the end of the set and Keynes’ arrival in the treasury came the final acceptance that high levels of national indebtedness were going to be a permanent feature of national economies. The documents reproduced illustrate the origins and characteristics of the securities on which the government borrowed, and how the terms were adapted as the Treasury and Bank of England sought to widen their market and attract new investors.
