On 18th January 1936 the "Little Princesses" left Sandringham. Their grandfather, King George V, was gravely ill and they had seen him for the last time. Princess Elizabeth born in 1926 and Princess Margaret Rose born in 1930 were the daughters of the Duke of York and his wife Elizabeth. As their uncle Edward, Prince of Wales, was unmarried they ensured the line of succession and attracted enormous public interest. They were the future of the monarchy in the eyes of the public and those in the know about their uncle's passionate devotion to a married American woman would have suspected that this was not going to change. As their nickname suggests, the Princesses were surrounded by a fairy tale aura. Together with their uncle they were probably the most glamorous faces of the monarchy at the time. In one of his novels Grahame Greene mocked the adulation they attracted.
Eighty years ago the obituary of Britain as a financial superpower is tucked in the small print of the US bail-out loan agreement
The US Senate approved the bail-out loan to Britain and it was granted. Not only had US law-makers been at odds over the loan but the State and Treasury Departments had been opposed. The $3.75bn (£2.2bn) loan was presented as cheap money given the 1.62% rate of interest, but, unremarked at the time, one of the terms set the headstone on the grave of Britain's status as a financial superpower. Britain agreed to allow "sterling balances" held in London to be converted freely into other currencies after a year. This money totalled £3.5bn and had mainly been deposited by the countries of the British Empire, notably India and Egypt. Within twelve months Britain faced the prospect of having to pay out in foreign currency (in practice US dollars) one and a half times what it had just borrowed. Intentionally or otherwise, US largesse worked hugely to the benefit of Britain's former possessions. The US accepted the British proposal to the conference on the German peace trea...
A promising start - Good Luck with this!
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