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GCSE History · key term
Money owed by the government to its lenders, including borrowing used to pay for war.
Used by OCR
Paper 3
Revise: The Financial Revolution and State FinanceThe South Sea Company was founded in 1711, initially to help manage government debt. The state owed money to many different creditors, and some existing debts were difficult to transfer or repay early. Payments could also fall into arrears.
Distinguish government debt from company shares. Debt is money owed; a share is an ownership stake that can change in market value.
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