Stanley Baldwin and the National Debt

Stanley Baldwin was born in Bewdley, Worcestershire, into a prosperous family which owned an iron and steel making business. In 1919 he was Financial Secretary to the Treasury, in Lloyd George's coalition government. He sought to encourage voluntary donations by the rich to repay the UK's war debt, writing letters to The Times under the pseudonym FST; many of them were published. His personal fortune was estimated at £580,000 – worth around £17 million in 2017. In the words of Wikipedia, he "relinquished [one fifth of it] to the Treasury" in the form of War Loan stock worth £120,000.

A war loan pays interest, and in theory at least, can be reclaimed at the end of a specified period. It's not clear whether Baldwin ever reclaimed his capital – or indeed, whether he ever took any interest.

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