1 sept 1786 año - Sinking Fund

Descripción:

One of the financial reforms Pitt introduces to try and reduce the national debt (which stood to £243 million in 1784). £1 million of government money to be set aside from taxes and invested in shares. This pays off long-term debt but not short-term (which actually increased).

It didn't work in times of war as governemnt borrowing had to rise so debt reduction became more difficult.

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