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98-624: The Anglo-German Payments Agreement was a bilateral agreement signed on 1 November 1934 between the governments of the United Kingdom and Nazi Germany . The agreement aimed to address German debt obligations, particularly in relation to the Dawes and Young plans as part of World War I reparations , and set a framework for trade relations between the two countries during a period of increasing political tension in Europe. The agreement remained in place until

196-803: A fair trial . The English monarchs, through inheritance of substantial territories in France and claims to the French crown, were also heavily involved in conflicts in France, most notably the Hundred Years' War , while the Kings of Scots were in an alliance with the French during this period. Early modern Britain saw religious conflict resulting from the Reformation and the introduction of Protestant state churches in each country. The English Reformation ushered in political, constitutional, social and cultural change in

294-509: A subpolar oceanic climate . Higher elevations in Scotland experience a continental subarctic climate and the mountains experience a tundra climate . The prevailing wind is from the southwest and bears frequent spells of mild and wet weather from the Atlantic Ocean, although the eastern parts are mostly sheltered from this wind. Since the majority of the rain falls over the western regions,

392-587: A welfare state was established, and a comprehensive, publicly funded healthcare system, the National Health Service , was created. The rise of nationalism in the colonies coincided with Britain's much-diminished economic position, so that a policy of decolonisation was unavoidable. Independence was granted to India and Pakistan in 1947. Over the next three decades, most colonies of the British Empire gained their independence, and many became members of

490-430: A bond has a face value of $ 1,000 and a coupon rate of 5%, then it pays total coupons of $ 50 per year. Typically, this will consist of two semi-annual payments of $ 25 each. The origin of the term "coupon" is that bonds were historically issued in the form of bearer certificates . Physical possession of the certificate was (deemed) proof of ownership. Several coupons, one for each scheduled interest payment, were printed on

588-492: A coupon rate of 0%. Such bonds make only one payment: the payment of the face value on the maturity date. Normally, to compensate the bondholder for the time value of money , the price of a zero-coupon bond will always be less than its face value on any date of purchase before the maturity date. During the European sovereign-debt crisis , some zero-coupon sovereign bonds traded above their face value as investors were willing to pay

686-500: A crisis, with Britain being forced to seek a revision of the agreement's terms or dissolve it. The economic basis of this potential breakdown of the agreement surrounded the question of Germany honouring the terms of loans given to Austria following World War I. As negotiations in Berlin for a resettlement began in late May 1938, Germany explicitly refused to honour these Austrian loans, causing Britain (through Leith-Ross) to threaten to end

784-499: A delegation from the Treasury , the Board of Trade , and representatives of British banking creditors. The negotiations mainly consisted of proposals for the operation of the clearing house, taking place in the background of private discussions on an alternative plan between Leith-Ross, Schacht and Ulrich. These private discussions led to a breakthrough in negotiations in late October 1934, and

882-456: A leading role in the movement to abolish slavery worldwide through the blockade of Africa and pressing other nations to end their trade with a series of treaties. In 1800 the parliaments of Great Britain and Ireland each passed an Act of Union, uniting the two kingdoms and creating the United Kingdom of Great Britain and Ireland on 1 January 1801. After the defeat of France at the end of

980-467: A plan was drawn up. The approach raised alarm among London's banking circles, as it risked German retaliation in the form of a moratorium on all British financial claims and thus a disruption of normal trade and credit channels with Germany. However, the threat of a unilateral clearing arrangement prompted German authorities to agree to a settlement on British terms at the end of January 1934. In June 1934, these concerns resurfaced, as Germany appeared on

1078-769: A policy of splendid isolation in Europe, and attempted to contain Russian influence in Afghanistan and Persia , in what came to be known as the Great Game . During this time, Canada , Australia and New Zealand were granted self-governing dominion status. At the turn of the century, Britain's industrial dominance became challenged by the German Empire and the United States . The Edwardian era saw social reform and home rule for Ireland become important domestic issues, while

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1176-535: A practical state of war between Britain and Germany, he insisted that security concerns take priority over commercial interests in economic dealings with Berlin, although these views were not well received in the British government. United Kingdom The United Kingdom of Great Britain and Northern Ireland , commonly known as the United Kingdom ( UK ) or Britain , is a country in Northwestern Europe , off

1274-504: A result of a shortage of workers in the 1950s, the government encouraged immigration from Commonwealth countries . In the following decades, the UK became a more multi-ethnic society. Despite rising living standards in the late 1950s and 1960s, the UK's economic performance was less successful than many of its main competitors such as France, West Germany and Japan. The UK was the first democratic nation to lower its voting age to 18 in 1969. In

1372-777: A series of connected wars (including the English Civil War ) which led to the temporary overthrow of the monarchy, with the execution of King Charles I , and the establishment of the short-lived unitary republic of the Commonwealth of England , Scotland and Ireland. Although the monarchy was restored , the Interregnum along with the Glorious Revolution of 1688 and the subsequent Bill of Rights 1689 in England and Claim of Right Act 1689 in Scotland ensured that, unlike much of

1470-411: Is a constitutional monarchy and parliamentary democracy . The UK has three distinct jurisdictions: England and Wales , Scotland , and Northern Ireland . Since 1999, Scotland, Wales and Northern Ireland have their own governments and parliaments which control various devolved matters. A developed country , the UK has the world's sixth-largest economy by nominal gross domestic product (GDP). It

1568-591: Is a nuclear state , and is ranked fifth globally in military expenditure . The UK has been a permanent member of the UN Security Council since its first session in 1946. It is a member of the Commonwealth of Nations , Council of Europe , G7 , OECD , NATO , Five Eyes , AUKUS and CPTPP . British influence can be observed in the legal and political systems of many of its former colonies , and British culture remains globally influential, particularly in language , literature , music and sport . English

1666-420: Is also referred to as a "province". With regard to Northern Ireland, the descriptive name used "can be controversial, with the choice often revealing one's political preferences". The term "Great Britain" conventionally refers to the island of Great Britain, or politically to England, Scotland and Wales in combination. It is sometimes used as a loose synonym for the United Kingdom as a whole. The word England

1764-500: Is occasionally used incorrectly to refer to the United Kingdom as a whole, a mistake principally made by people from outside the UK. The term "Britain" is used as a synonym for Great Britain , but also sometimes for the United Kingdom. Usage is mixed: the UK Government prefers to use the term "UK" rather than "Britain" or "British" on its website (except when referring to embassies), while acknowledging that both terms refer to

1862-481: Is only the one specific nominal term 'Great Britain' which invariably excludes Northern Ireland". The BBC historically preferred to use "Britain" as shorthand only for Great Britain, though the present style guide does not take a position except that "Great Britain" excludes Northern Ireland. The adjective "British" is commonly used to refer to matters relating to the United Kingdom and is used in law to refer to United Kingdom citizenship and nationality . People of

1960-525: Is ranked 2nd out of 180 countries in the Environmental Performance Index . A law has been passed that UK greenhouse gas emissions will be net zero by 2050. England accounts for 53 per cent of the UK, covering 50,350 square miles (130,395 km ). Most of the country consists of lowland terrain, with upland and mountainous terrain northwest of the Tees–Exe line which roughly divides

2058-565: Is the Isle of Wight . Scotland accounts for 32 per cent of the UK, covering 30,410 square miles (78,772 km ). This includes nearly 800 islands , notably the Hebrides , Orkney Islands and Shetland Islands. Scotland is the most mountainous constituent country of the UK, the Highlands to the north and west are the more rugged region containing the majority of Scotland's mountainous land, including

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2156-591: Is the highest peak in Wales. Wales has over 1,680 miles (2,704 kilometres) of coastline including the Pembrokeshire Coast . Several islands lie off the Welsh mainland, the largest of which is Anglesey ( Ynys Môn ). Coupon (finance) Coupons are normally described in terms of the "coupon rate", which is calculated by adding the sum of coupons paid per year and dividing it by the bond's face value . For example, if

2254-502: Is the world's most widely spoken language and the third-most spoken native language . The Acts of Union 1707 declared that the Kingdom of England and Kingdom of Scotland were "United into One Kingdom by the Name of Great Britain". The term "United Kingdom" has occasionally been used as a description for the former Kingdom of Great Britain , although its official name from 1707 to 1800

2352-572: The 1884 Reform Act championed by William Gladstone granting suffrage to a majority of males for the first time. The British population increased at a dramatic rate, accompanied by rapid urbanisation , causing significant social and economic stresses. By the late 19th century, the Conservatives under Benjamin Disraeli and Lord Salisbury initiated a period of imperial expansion in Africa , maintained

2450-524: The Atlantic slave trade , mainly between 1662 and 1807 when British or British-colonial slave ships transported nearly 3.3 million slaves from Africa. The slaves were taken to work on plantations , principally in the Caribbean but also North America . However, with pressure from the abolitionism movement , Parliament banned the trade in 1807, banned slavery in the British Empire in 1833, and Britain took

2548-624: The Battle of Culloden in 1746, after which the Scottish Highlanders were forcibly assimilated into Scotland by revoking the feudal independence of clan chiefs . The British colonies in North America that broke away in the American War of Independence became the United States . British imperial ambition turned towards Asia, particularly to India . British merchants played a leading part in

2646-855: The British Parliament passed the Debts Clearing Offices and Imports Restrictions Bill to prepare a clearing house, which was rushed through Parliament in 48 hours on 25–26 June and assented to on 28 June. By 4 June, the threat of a clearing house had pushed the German negotiators to accept a preliminary Anglo-German Transfer Agreement, by which Germany would continue to service the Dawes and Young loans, and commit to further negotiations on an exchange agreement on commercial payments. Germany promised to end discrimination of creditors and purchase bond coupons in sterling (i.e. continue interest repayments), with

2744-645: The Cairngorms , Loch Lomond and The Trossachs and Ben Nevis which at 1,345 metres (4,413 ft) is the highest point in the British Isles. Wales accounts for less than 9 per cent of the UK, covering 8,020 square miles (20,779 km ). Wales is mostly mountainous, though South Wales is less mountainous than North and mid Wales . The highest mountains in Wales are in Snowdonia and include Snowdon ( Welsh : Yr Wyddfa ) which, at 1,085 metres (3,560 ft),

2842-512: The Commonwealth of Nations . The UK was the third country to develop a nuclear weapons arsenal (with its first atomic bomb test, Operation Hurricane , in 1952), but the post-war limits of Britain's international role were illustrated by the Suez Crisis of 1956. The international spread of the English language ensured the continuing international influence of its literature and culture . As

2940-731: The European Convention on Human Rights . The UK remained a great power with global diplomatic and military influence and a leading role in the United Nations and NATO . The UK broadly supported the United States' approach to the " war on terror " in the early 21st century. British troops fought in the War in Afghanistan , but controversy surrounded Britain's military deployment in Iraq , which saw

3038-568: The European Union (EU) in 1992, the UK was one of the 12 founding member states. From the late 1960s, Northern Ireland suffered communal and paramilitary violence (sometimes affecting other parts of the UK) conventionally known as the Troubles . It is usually considered to have ended with the 1998 Belfast "Good Friday" Agreement . Following a period of widespread economic slowdown and industrial strife in

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3136-486: The Falkland Islands , leading to the 10-week Falklands War in which Argentine forces were defeated. The inhabitants of the islands are predominantly descendants of British settlers, and strongly favour British sovereignty, expressed in a 2013 referendum . From 1984, the UK economy was helped by the inflow of substantial North Sea oil revenues. Another British overseas territory, Gibraltar , ceded to Great Britain in

3234-534: The Foreign Office ) argued that the revised agreement and, any further trade talks stemming from it, would "strengthen the peace party" and be "a great advance towards economic appeasement". This was also noted by Robert Hudson , the Secretary for Overseas Trade , who stated that any further talks "would have great possibilities as a stepping stone to political appeasement". In addition to guaranteeing debt repayment,

3332-527: The French Revolutionary Wars and Napoleonic Wars (1792–1815), the United Kingdom emerged as the principal naval and imperial power (with London the largest city in the world from about 1830). Unchallenged at sea , British dominance was later described as Pax Britannica ("British Peace"), a period of relative peace among the great powers (1815–1914) during which the British Empire became

3430-520: The Kingdom of Ireland to create the United Kingdom of Great Britain and Ireland in 1801. Most of Ireland seceded from the UK in 1922 as the Irish Free State , and the Royal and Parliamentary Titles Act 1927 created the present United Kingdom. The UK became the first industrialised country and was the world's foremost power for the majority of the 19th and early 20th centuries, particularly during

3528-630: The Labour Party emerged from an alliance of trade unions and small socialist groups in 1900, and suffragettes campaigned for women's right to vote. Britain was one of the principal Allies that defeated the Central Powers in the First World War (1914–1918). Alongside their French, Russian and (after 1917) American counterparts, British armed forces were engaged across much of the British Empire and in several regions of Europe, particularly on

3626-622: The Representation of the People Act 1918 . After the war, Britain became a permanent member of the Executive Council of the League of Nations and received a mandate over a number of former German and Ottoman colonies. Under the leadership of David Lloyd George , the British Empire reached its greatest extent, covering a fifth of the world's land surface and a quarter of its population. By

3724-925: The Soviet Union formed in 1941, leading the Allies against the Axis powers . There were eventual hard-fought victories in the Battle of the Atlantic , the North Africa campaign and the Italian campaign . British forces played important roles in the Normandy landings of 1944 and the liberation of Europe . The British Army led the Burma campaign against Japan, and the British Pacific Fleet fought Japan at sea. British scientists contributed to

3822-504: The Western Front . The high fatalities of trench warfare caused the loss of much of a generation of men, with lasting social effects in the nation and a great disruption in the social order. Britain had suffered 2.5 million casualties and finished the war with a huge national debt. The consequences of the war persuaded the government to expand the right to vote in national and local elections to all adult men and most adult women with

3920-464: The coastline paradox . It is connected to continental Europe by the Channel Tunnel , which at 31 miles (50 km) (24 miles (38 km) underwater) is the longest underwater tunnel in the world. The UK contains four terrestrial ecoregions: Celtic broadleaf forests , English Lowlands beech forests , North Atlantic moist mixed forests , and Caledonian conifer forests . The area of woodland in

4018-436: The largest protest in British history in opposition to the government led by Tony Blair . The Great Recession severely affected the UK economy. The Cameron–Clegg coalition government of 2010 introduced austerity measures intended to tackle the substantial public deficits. Studies have suggested that policy led to significant social disruption and suffering. A referendum on Scottish independence in 2014 resulted in

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4116-545: The " Pax Britannica " between 1815 and 1914. At its height in the 1920s, the British Empire encompassed almost a quarter of the world's landmass and population, and was the largest empire in history . However, its involvement in the First World War and the Second World War damaged Britain's economic power and a global wave of decolonisation led to the independence of most British colonies. The United Kingdom

4214-610: The 16th century and established the Church of England . Moreover, it defined a national identity for England and slowly, but profoundly, changed people's religious beliefs. Wales was fully incorporated into the Kingdom of England , and Ireland was constituted as a kingdom in personal union with the English crown. In what was to become Northern Ireland, the lands of the independent Catholic Gaelic nobility were confiscated and given to Protestant settlers from England and Scotland. In 1603,

4312-487: The 16th century in the annexation of Wales , the domination of Scotland , and the establishment of the British Empire . Over the course of the 17th century, the role of the British monarchy was reduced, particularly as a result of the English Civil War . In 1707, the Kingdom of England and the Kingdom of Scotland united under the Treaty of Union to create the Kingdom of Great Britain . The Acts of Union 1800 incorporated

4410-401: The 1713 Treaty of Utrecht, is a key military base . A referendum in 2002 on shared sovereignty with Spain was rejected by 98.97% of voters in the territory. Around the end of the 20th century, there were major changes to the governance of the UK with the establishment of devolved administrations for Scotland, Wales and Northern Ireland. The statutory incorporation followed acceptance of

4508-510: The 1970s, the Conservative government of the 1980s led by Margaret Thatcher initiated a radical policy of monetarism , deregulation, particularly of the financial sector (for example, the Big Bang in 1986) and labour markets, the sale of state-owned companies (privatisation), and the withdrawal of subsidies to others. In 1982, Argentina invaded the British territories of South Georgia and

4606-461: The 55% figure agreed to in 1934 to 60%, notwithstanding an increase in exports resulting from the Austrian annexation. German demands for a reduction in interest rates were also met: on the Dawes and the Austrian loan of 1930, a reduction from 7% to 5%, with a 2% cumulative sinking fund —on the Young loan, a reduction to 4.5%, with a 1% cumulative sinking fund. The agreement is generally viewed as having steadied and formalised foreign relations between

4704-476: The 5th century) united with the Picts to create the Kingdom of Scotland in the 9th century. In 1066, the Normans invaded England from northern France. After conquering England , they seized large parts of Wales , conquered much of Ireland and were invited to settle in Scotland, bringing to each country feudalism on the Northern French model and Norman-French culture. The Anglo-Norman ruling class greatly influenced, but eventually assimilated with,

4802-464: The Brittonic area mainly to what was to become Wales , Cornwall and, until the latter stages of the Anglo-Saxon settlement, the Hen Ogledd (northern England and parts of southern Scotland). Most of the region settled by the Anglo-Saxons became unified as the Kingdom of England in the 10th century. Meanwhile, Gaelic speakers in north-west Britain (with connections to the north-east of Ireland and traditionally supposed to have migrated from there in

4900-456: The German Ambassador to London, explicitly referred to the 1934 Economic Agreement and the 1935 Naval Convention as the 'two main supports which had hitherto carried the swaying structure of foreign relations [between Britain and Germany] even in critical periods'." Chief negotiator Leith-Ross similarly viewed it as successful, writing in 1968 that "it worked so well that it was renewed, without alteration [excluding 1938], from year to year until

4998-452: The Manhattan Project whose task was to build an atomic weapon. Once built, it was decided, with British consent, to use the weapon against Japan. The UK was one of the Big Three powers (along with the US and the Soviet Union) who met to plan the post-war world ; it drafted the Declaration by United Nations with the United States and became one of the five permanent members of the United Nations Security Council . It worked closely with

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5096-414: The Payments Agreement was announced to the public on 2 November, having been signed the day before. The agreement stipulated several key terms: By 1936, with Hitler increasing German rearmament and marching into the Rhineland on 7 March, the agreement was being questioned in papers such as the Financial News . By 1938, with Hitler's annexation of Austria into Germany , these concerns escalated into

5194-522: The Payments Agreements was undoubtedly providing the credits and the raw materials—coal, steel, scrap-iron, copper—needed for Germany’s war industries." This view was echoed at the time by British diplomat John Hall Magowan , who served as a commercial counsellor in Berlin from 1937 to 1939. Before and after the September 1938 Munich Agreement , Magowan argued that an amendment enabling Germany to obtain more foreign currency would facilitate its purchase of raw materials for rearmament. Given what he perceived as

5292-495: The Scottish electorate voting by 55.3 to 44.7% to remain part of the United Kingdom. In 2016, 51.9 per cent of voters in the United Kingdom voted to leave the European Union . The UK left the EU in 2020. On 1 May 2021, the EU–UK Trade and Cooperation Agreement came into force. The COVID-19 pandemic had a severe impact on the UK's economy , caused major disruptions to education and had far-reaching impacts on society and politics in 2020 and 2021. The United Kingdom

5390-441: The Treasury and Bank of England saw the agreement as an instrument to widen and revive Germany's foreign trade internationally, with the terms of the 1938 revision in particular fulfilling a British desire to raise the purchasing power of producers in favour of British exports, helping Britain's economic recovery from the Great Depression . The agreement was beneficial for the Nazi war economy —author Alexander Anievas writes that

5488-484: The UK in 2023 is estimated to be 3.25 million hectares, which represents 13% of the total land area in the UK. Most of the United Kingdom has a temperate climate, with generally cool temperatures and plentiful rainfall all year round. The temperature varies with the seasons seldom dropping below 0  °C (32  °F ) or rising above 30 °C (86 °F). Some parts, away from the coast, of upland England, Wales, Northern Ireland and most of Scotland, experience

5586-433: The UK into lowland and upland areas. Lowland areas include Cornwall , the New Forest , the South Downs and the Norfolk Broads . Upland areas include the Lake District , the Pennines , the Yorkshire Dales , Exmoor , and Dartmoor . The main rivers and estuaries are the Thames , Severn , and the Humber . England's highest mountain is Scafell Pike , at 978 metres (3,209 ft) in the Lake District; its largest island

5684-402: The United Kingdom and that elsewhere "British government" is used at least as frequently as "United Kingdom government". The UK Permanent Committee on Geographical Names recognises "United Kingdom", "UK" and "U.K." as shortened and abbreviated geopolitical terms for the United Kingdom of Great Britain and Northern Ireland in its toponymic guidelines; it does not list "Britain" but notes that "it

5782-411: The United Kingdom is 1339.7 hours, which is just under 30% of the maximum possible. The hours of sunshine vary from 1200 to about 1580 hours per year, and since 1996 the UK has been and still is receiving above the 1981 to 2010 average hours of sunshine. Climate change has a serious impact on the country. A third of food price rise in 2023 is attributed to climate change. As of 2022, the United Kingdom

5880-400: The United Kingdom is a sovereign country, England, Scotland, Wales and Northern Ireland are also widely referred to as countries . The UK Prime Minister's website has used the phrase "countries within a country" to describe the United Kingdom. Some statistical summaries, such as those for the twelve NUTS 1 regions , refer to Scotland, Wales and Northern Ireland as "regions". Northern Ireland

5978-472: The United Kingdom is surrounded by the Atlantic Ocean , the North Sea , the English Channel , the Celtic Sea , and the Irish Sea . The United Kingdom had an estimated population of over 68.2 million people in 2023. The capital and largest city of both England and the United Kingdom is London , whose wider metropolitan area is the largest in Western Europe , with a population of 14.9 million. The cities of Edinburgh , Cardiff , and Belfast are

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6076-436: The United Kingdom use several different terms to describe their national identity and may identify themselves as being British , English , Scottish , Welsh , Northern Irish , or Irish ; or as having a combination of different national identities. Settlement by Cro-Magnons of what was to become the United Kingdom occurred in waves beginning by about 30,000 years ago. The island has been continuously inhabited only since

6174-491: The United Kingdom. The 1928 Equal Franchise Act gave women electoral equality with men in national elections. Strikes in the mid-1920s culminated in the General Strike of 1926 . Britain had still not recovered from the effects of the First World War when the Great Depression (1929–1932) led to considerable unemployment and hardship in the old industrial areas, as well as political and social unrest with rising membership in communist and socialist parties. A coalition government

6272-478: The United States to establish the IMF , World Bank and NATO . The war left the UK severely weakened and financially dependent on the Marshall Plan , but it was spared the total war that devastated eastern Europe. In the immediate post-war years, the Labour government under Clement Attlee initiated a radical programme of reforms, which significantly impacted British society in the following decades . Major industries and public utilities were nationalised ,

6370-401: The acquisition and settlement of overseas colonies , particularly in North America and the Caribbean. Though previous attempts at uniting the two kingdoms within Great Britain in 1606, 1667, and 1689 had proved unsuccessful, the attempt initiated in 1705 led to the Treaty of Union of 1706 being agreed and ratified by both parliaments. On 1 May 1707, the Kingdom of Great Britain was formed,

6468-563: The agreement allowed Germany to "collect a considerable sum of earnings from the maintenance of its export surplus with Britain. This provided the Nazis with vital financial means to purchase those raw materials Germany needed for her war economy, either through English transit trade or directly on the world market [...] The Payments Agreement was thus designed to ultimately strengthen the Nazi regime from internal socio-economic shocks while protecting Britain's socio-economic interests." Similarly, Zara Steiner writes that "the implementation of

6566-432: The agreement altogether within a months time. In response, Germany capitulated and counter-offered: a reduction on the Dawes and Young interest rates in return for Germany paying the Austrian loans' interest in full. However, the inclusion of a demand that Britain commit to take in more German exports again moved the British to threaten the use of a unilateral clearing, as in 1934. On 14 June, Britain publicly threatened to end

6664-440: The agreement lasting six months from 1 July onwards. Further negotiations in Berlin on a more extensive agreement, led by Leith-Ross, continued into August 1934. On 10 August, an Exchange Agreement was agreed to in Berlin, ensuring British exporters would receive payments despite Germany's foreign exchange restrictions. This agreement permitted German importers of British goods, who had exhausted their foreign exchange quotas, to pay

6762-453: The agreement, giving a deadline of 1 July. Following a German delegation to London, on 1 July, a revised agreement was reached. Germany would continue to pay interest on Austrian loans, and the clause regarding British exports was amended to a sliding scale, with a new provision that Germany could request a reduction of this allocation if its earnings from British exports were not sufficient to cover it. This new arrangement effectively increased

6860-479: The brink of defaulting on its long-term debts. On 14 June, the Reichsbank announced it would stop paying interest to creditors in foreign currencies from 1 July onwards, prompting the British to again threaten to establish a clearing house. These renewed concerns led to the establishment of a financial mission from Berlin to London in late June, headed by diplomat Geheimrat Ulrich, with Britain represented by economist Sir Frederick Leith-Ross . Seeking to gain leverage,

6958-448: The certificate. At the date the coupon was due, the owner would detach the coupon and present it for payment (an act called "clipping the coupon"). The certificate often also contained a document called a talon , which (when the original block of coupons had been used up) could be detached and presented in exchange for a block of further coupons. Not all bonds have coupons. Zero-coupon bonds are those that pay no coupons and thus have

7056-530: The coast of the continental mainland . It comprises England , Scotland , Wales , and Northern Ireland . The UK includes the island of Great Britain , the north-eastern part of the island of Ireland , and most of the smaller islands within the British Isles , making up a total area of 94,354 square miles (244,376 km ). Northern Ireland shares a land border with the Republic of Ireland ; otherwise,

7154-560: The cost of imports into a special account at the Reichsbank, in Reichsmarks (up to a limit of 5 million ℛ︁ℳ︁). The Bank of England could then use this account to make payments for goods exported from Germany. This agreement, voluntary in nature, failed not long after due to Germany announcing a new economic plan, and was suspended on 10 September. Leith-Ross was subsequently sent back to Berlin on 17 September, together with

7252-471: The debts would be paid in sterling . In early July 1933, however, the proposal was not seen as feasible by the Treasury , as imports from Germany had fallen due to British tariffs. The British government took no decisive action until autumn 1933, when it learned that the Dutch and Swiss were negotiating payment agreements for Dawes and Young bonds, agreements that were signed by mid-October. British bondholders and

7350-697: The decades-long process of European integration , the UK was a founding member of the Western European Union , established with the London and Paris Conferences in 1954. In 1960 the UK was one of the seven founding members of the European Free Trade Association (EFTA), but in 1973 it left to join the European Communities (EC). In a 1975 referendum 67% voted to stay in it. When the EC became

7448-477: The eastern parts are the driest. Atlantic currents, warmed by the Gulf Stream , bring mild winters, especially in the west where winters are wet and even more so over high ground. Summers are warmest in the southeast of England and coolest in the north. Heavy snowfall can occur in winter and early spring on high ground, and occasionally settles to great depth away from the hills. The average total annual sunshine in

7546-575: The first year, Britain and its Empire continued the war against Germany. Churchill engaged industry, scientists and engineers to support the government and the military in the prosecution of the war effort. In 1940, the Royal Air Force defeated the German Luftwaffe in the Battle of Britain . Urban areas suffered heavy bombing during the Blitz . The Grand Alliance of Britain, the United States and

7644-569: The formal control it exerted over its own colonies, British dominance of much of world trade meant that it effectively controlled the economies of regions such as East Asia and Latin America . Throughout the Victorian era , political attitudes favoured free trade and laissez-faire policies. Beginning with the Great Reform Act in 1832, Parliament gradually widened the voting franchise , with

7742-731: The global hegemon and adopted the role of global policeman. From 1853 to 1856, Britain took part in the Crimean War , allied with the Ottoman Empire against Tsarist Russia , participating in the naval battles of the Baltic Sea known as the Åland War in the Gulf of Bothnia and the Gulf of Finland , among others. Following the Indian Rebellion in 1857 , the British government led by Lord Palmerston assumed direct rule over India . Alongside

7840-557: The holders of these bonds. On 9 June 1933, the newly reappointed President of the Reichsbank , Hjalmar Schacht , had announced a six-month moratorium (to take effect from 1 July) on the payments of all public and private-long term debts contracted before July 1931, including on the Dawes and Young loans, in line with the Nazi argument that these latter loans were a form of tribute . The British government contemplated retaliatory measures, namely

7938-403: The kingdoms of England, Scotland and Ireland were united in a personal union when James VI, King of Scots , inherited the crowns of England and Ireland and moved his court from Edinburgh to London; each country nevertheless remained a separate political entity and retained its separate political, legal, and religious institutions. In the mid-17th century, all three kingdoms were involved in

8036-408: The last retreat of the ice around 11,500 years ago. By the end of the region's prehistoric period , the population is thought to have belonged largely to a culture termed Insular Celtic , comprising Brittonic Britain and Gaelic Ireland . The Roman conquest , beginning in 43 AD, and the 400-year rule of southern Britain , was followed by an invasion by Germanic Anglo-Saxon settlers, reducing

8134-524: The local cultures. Subsequent medieval English kings completed the conquest of Wales and tried unsuccessfully to annex Scotland . Asserting its independence in the 1320 Declaration of Arbroath , Scotland maintained its independence thereafter, albeit in near-constant conflict with England . In 1215 the Magna Carta was the first document to state that no government was above the law, that citizens have rights protecting them and that they were entitled to

8232-657: The major part of the British Isles archipelago and includes the island of Great Britain, the north-eastern one-sixth of the island of Ireland and some smaller surrounding islands. It lies between the North Atlantic Ocean and the North Sea with the southeast coast coming within 22 miles (35 km) of the coast of northern France, from which it is separated by the English Channel . The Royal Greenwich Observatory in London

8330-669: The mid-1920s, most of the British population could listen to BBC radio programmes. Experimental television broadcasts began in 1929 and the first scheduled BBC Television Service commenced in 1936. The rise of Irish nationalism , and disputes within Ireland over the terms of Irish Home Rule , led eventually to the partition of the island in 1921. A period of conflict in what is now Northern Ireland occurred from June 1920 until June 1922. The Irish Free State became independent, initially with Dominion status in 1922, and unambiguously independent in 1931 . Northern Ireland remained part of

8428-666: The national capitals of Scotland, Wales, and Northern Ireland, respectively. The lands of the UK have been inhabited continuously since the Neolithic . In AD 43 the Roman conquest of Britain began; the Roman departure was followed by Anglo-Saxon settlement . In 1066, the Normans conquered England . With the end of the Wars of the Roses the English state stabilised and began to grow in power, resulting by

8526-466: The outbreak of World War II in 1939. As part of the Dawes and Young reparations agreements, Germany sold two issues of bonds to creditor nations in 1924 and 1930 respectively, commercialising Germany's reparations obligations by borrowing from private investors. Following Adolf Hitler's ascension to Chancellor of Germany in January 1933, British concerns arose over the deteriorating conditions faced by

8624-570: The outbreak of war in 1939 [...] within eighteen months all the outstanding arrears of commercial debts had been cleared off and the trade between the two countries had steadily increased. So, in the end, the agreement turned out very satisfactorily for both parties." Germany continued to pay interest on Dawes and Young bonds to British and French holders until September 1939, when World War II began. Payments to Dutch and Belgian holders were suspended in 1940, to US bondholders in 1941, and to Italian bondholders in 1942. These suspensions of payments

8722-470: The possibility of imposing a unilateral Anglo-German clearing arrangement to safeguard British interests. The proposed arrangement would have required debts owed by British importers of German goods to be paid and settled through a clearing house in London, instead of being paid to German creditors directly. German debts with British creditors, including bonds, would then be forcibly repaid through this clearing house, an arrangement disadvantageous to Germany as

8820-494: The press, namely the Financial Times on 10 October, strongly opposed what they saw as discrimination against British bondholders and called for an official protest. The Foreign Office complied and protested, albeit in a weak form intended only for publicity purposes. By January 1934, the balance in trade in favour of Germany was beginning to reverse, making a clearing house a feasible retaliatory instrument again. On 25 January

8918-497: The rest of Europe, royal absolutism would not prevail, and a professed Catholic could never accede to the throne. The British constitution would develop on the basis of constitutional monarchy and the parliamentary system . With the founding of the Royal Society in 1660, science was greatly encouraged. During this period, particularly in England, the development of naval power and the interest in voyages of discovery led to

9016-568: The result of the Acts of Union 1707 between the Kingdom of England and Kingdom of Scotland . In the 18th century, cabinet government developed under Robert Walpole , in practice the first prime minister (1721–1742). A series of Jacobite uprisings sought to remove the Protestant House of Hanover from the throne and restore the Catholic House of Stuart . The Jacobites were finally defeated at

9114-503: The two countries throughout the interbellum , providing a significant framework for economic relations until 1939. Author Bernd-Jürgen Wendt writes that the agreement had "generally accepted stabilising effects on bilateral relations, an effect which even the political crises of the subsequent years could not impair. Thus in July 1938 with the Sudeten crisis heading towards its climax, von Dirksen ,

9212-522: Was against the provisions of the Dawes and Young plans, which still required payment in times of war and to hostile states. The bonds also continued to be traded on the London Stock Exchange until the end of the war in 1945. The agreement (and particularly its 1938 revision) have been seen as being part of Britain's policy of appeasement towards Nazi Germany. Following the 1938 negotiations, British diplomat Frank Ashton-Gwatkin (and by extension

9310-598: Was chosen as the defining point of the Prime Meridian at the International Meridian Conference in 1884. The United Kingdom lies between latitudes 49° and 61° N , and longitudes 9° W and 2° E . Northern Ireland shares a 224-mile (360 km) land boundary with the Republic of Ireland. The coastline of Great Britain is 11,073 miles (17,820 km) long, though measurements can vary greatly due to

9408-462: Was formed in 1931. Nonetheless, "Britain was a very wealthy country, formidable in arms, ruthless in pursuit of its interests and sitting at the heart of a global production system." After Nazi Germany invaded Poland in 1939, Britain entered the Second World War . Winston Churchill became prime minister and head of a coalition government in 1940. Despite the defeat of its European allies in

9506-407: Was simply "Great Britain". The Acts of Union 1800 formed the United Kingdom of Great Britain and Ireland . Following the partition of Ireland and the independence of the Irish Free State in 1922, which left Northern Ireland as the only part of the island of Ireland within the United Kingdom, the name was changed in 1927 to the "United Kingdom of Great Britain and Northern Ireland". Although

9604-432: Was the first country in the world to use an approved COVID-19 vaccine , developing its own vaccine through a collaboration between Oxford University and AstraZeneca , which allowed the UK's vaccine rollout to be among the fastest in the world. The total area of the United Kingdom is approximately 94,354 square miles (244,376 km ), with a land area of 93,723 square miles (242,741 km ). The country occupies

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