The government said it will on Friday pay back the final instalments of loans taken out at the end of World War Two to finance vital reconstruction.
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"This week we finally honour in full our commitments to the U.S. and Canada for the support they gave us 60 years ago," Treasury minister Ed Balls said on Thursday.
"It was vital support which helped Britain defeat Nazi Germany and secure peace and prosperity in the post-war period. We honour our commitments to them now as they honoured their commitments to us all those years ago," he added.
Britain borrowed a total of $4.3 billion from the United States in 1945, followed in 1946 by a loan of $1.2 billion from Canada -- both at an interest rate of just two percent.
