The UK government announced that it will repay all its debts from World War I, reaching 2.4 billion euro.

“We can finally pay the debts contracted to fight during the First World War”, said UK Finance Ministry George Osborne.

“It is an indication of our financial credibility and it is a fair transaction for today’s tax payers”, he assured.

The government will benefit from the current lows in interest rates, to refinance its debts to the market.

More than 120,000 people hold loans dating back to the era, and the government will be contacting them in order to pay them back.

According to official estimates, Britain has paid -since 1917- around 5.5 billion pounds for interest rates dating back to loans from the Great War.

The country will also repay bonds dating back to the 18th century. The country had been overly charged after a “bubble” popped back in 1720, a speculative market bubble known as the “South Seas Bubble”.