Following the French - Indian War (a 7-year War) Britain faced a new obligation (the need to administer Quebec) as well as a huge financial strain (a national debt of 122,603,336 pounds, according to Middlekauff. Lyon, cites a rounder figure of 140 million pounds.
It is to be noted that in addition to the 140 million pounds, the interest payable annually accrued to 5 million pounds. All of this is corroborated by the account of George Grenville the chancellor of the exchequer of Britain. The above information is current as at April, 1763.
The French and Indian War began over the question of whether the upper Ohio River valley was part of the British Empire and so available to commerce and colonization by Vir.ginians and Pennsylvanians, or if it was part of the French Empire.
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