A century on, the UK government will start paying back the nation’s first world war debt, which amounts to £2bn. It announced on Friday it would pay off £218m from a 4% consolidated loan on 1 February 2015, as part of a redemption of bonds stretching as far back as the 18th century.

Winston Churchill, then chancellor, issued “4% consols” in 1927 to refinance national war bonds originating from the first world war and other debt.

Most of the bonds are owned by small investors. Of the 11,200 registered holders, 7,700 investors hold less than £1,000 nominal, and 92% of holders own less than £10,000 each.