Britain pays off its World War One Debt: or did they?

PR of the exchequer: Osborne should not be talking about "extraordinary sacrifice". Leaves Oxford, with a 2:1 in Modern History - then goes straight behind enemy lines at the Conservative Party. First as a researcher, then special adviser,speechwriter, and strategist.

“This is a moment for Britain to be proud of. We can, at last, pay off the debts Britain incurred to fight the First World War. It is a sign of our fiscal credibility and it’s a good deal for this generation of taxpayers. It’s also another fitting way to remember that extraordinary sacrifice of the past.” 

then, Forbes, Adam Smith Institute [really!] and reality:

'Note that he really has said “pay off” there and that’s the part that just isn’t so. A government that is borrowing £100 billion a year and change isn’t paying off any debt whatsoever. It’s just swapping one debt for another. By the definitions that Osborne is using, in fact that WWI debt was all paid off in 1927. Which, given that we’ve still got bonds around relating to that debt shows that a refinancing is not actually the same as paying off a debt'.

Finally, here's some Modern History: