§ 51. Mr. J. HUDSON
asked the Chancellor of the Exchequer whether the loan which is now being repaid to America was contracted for the use of the British Government exclusively or in part; and whether it was lent directly to the Continental Allies by America with the guarantee of the British Government, or whether it was borrowed by Great Britain from America and then lent to the other Allies?
§ Mr. CHURCHILL
The hon. Member's description of these transactions is not correct. Our debt to the United States is formally independent of the debts of the Allies to us. It is nevertheless true, as I stated in this House on the 10th December, 1924, that"if we had not lent to the Allies£2,000,000,000, we should not have had to incur£1,000,000,000 of debt to the United States."