Following the conclusion of the French and Indian War, England recognized the harsh realities of its post-war debt. By January 5, 1763, Britain’s funded debt was a staggering £122,603,336 with an annual interest of £4,409,797. A year later, the debt was almost £7,000,000 larger and by January of 1767, it had increased yet another £7,000,000. After reviewing the state of Britain’s finances, Chancellor of Exchequer, George Grenville, concluded that the American colonies had b