What led to the collapse of Britain's former economic power?
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By 1940 it was clear that Britain was running out of money, so the American President Roosevelt proposed the idea of 'lend lease', which allowed the United States to supply strategic materials in exchange for anything that the president decided was of benefit to his country.
Britain received huge amounts of armaments and food, building up a colossal debt that caused great hardship in the early postwar years. Repayment meant increased taxation and the loss of many British assets.
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Date Added: 04 January '12
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