In October 2014, the UK government announced their plan to repay some of the country’s First World War debt, 100 years since the start of that war; with the redemption of 4% Consolidate Stock on 1st February 2015.
The government made further announcements in the following months regarding the redemption of the 7 remaining undated stocks, including  3½% War Stock, that was issued in 1932,  following an announcement  by Chancellor of the Exchequer Neville Chamberlain of a conversion offer for the entire 5% War Stock 1929/1947.  The 5% War Stock 1929/47 had been issued in 1917, accompanied by huge publicity campaigns under the slogan, “Unlike the soldier , the investor runs no risk”.
 
The last of the undated stocks repay on 5 July 2015.
 
I’ve found it fascinating reading some of the letters we’ve received from holders explaining the origin of their holding; they’ve really brought to life the crucial role these investments played in financing the nation’s war effort. 
As HM Government’s Gilt Registrar, we’re proud to play our part in repaying the War Debt.