Economic Position

• Britain’s national debt was high (£3,500 million)
• Britain had lost 30% of its total wealth
• The USA ended the Lend–Lease agreement (US supplies of money and goods during the war) and bankruptcy loomed
• A 1/3 of Britain’s houses had been destroyed
• Half of Britain’s factories and shops had been destroyed
• Two-thirds of Britain’s merchant fleet had been sunk (3,500 vessels)
• Military deaths totalled 264,433
• Civilian deaths totalled 60,595
• Rationing remained in place, as GB couldn't afford to buy food from abroad
• Income tax was raised to 50% to help the government pay for post-war reconstruction