By Max Harris In 2014, during the centenary of the First World War, Her Majesty’s Treasury announced that Britain would repay its outstanding debts from that tragic conflict. The Allies had long since defeated the Kaiser, but Britain was still spending millions of pounds in interest every year on those age-old borrowings. Repaying (more accurately, refinancing) the remaining debt would not only strengthen the fisc but also, officials hoped, demonstrate London’s credibility.