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In 1914, the United Kingdom was one of the world's wealthiest countries, but by the end of the year it still needed to finance the war it had been fighting with Germany and its allies since August.
Evidence unearthed by Norma Cohen, a former Financial Times journalist and now honorary research fellow at Queen Mary University of London, suggests it failed — with just £91 million ($121 million) raised of the £350 million ministers had targeted.
The Bank of England made up the shortfall and kept the details hidden from the public for decades.
