UK to pay off part of its First World War debt

The UK government said it will repay some of the nation’s debt issued in the 20s of the last century to help finance World War I. Treasury’s redemption scheme stretches to the debt that used to fund the Napoleonic and Crimean Wars as well.
The government said it will redeem 218 million pounds by February 2015. This will be the first repayment since 1947.
The bonds were issued in 1927 by Winston Churchill to refinance national war bonds originating from the Great War as well as the Napoleonic and Crimean wars. The bonds that paid out a rate of interest of 5% were sold with the advertisement: “Unlike the soldier, the investor runs no risk.”
According to the government’s estimates, the UK has paid 1.26 billion pounds in interest on these bonds. There are 11,200 registered holders.