Britain's war against the Americans, French, and…
1783 CE
The Treasury had borrowed forty percent of the money that it needed.
Heavy spending has brought France to the verge of bankruptcy and revolution, while the British had had relatively little difficulty financing their war, keeping their suppliers and soldiers paid, and hiring tens of thousands of German soldiers.
Britain has a sophisticated financial system based on the wealth of thousands of landowners, who support the government, together with banks and financiers in London.
The British tax system had collected about twelve percent of the GDP in taxes during the 1770s.
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