How to Pay for the War

How to Pay for the War: A Radical Plan for the Chancellor of the Exchequer is a book by John Maynard Keynes, published in 1940 by Macmillan and Co., Ltd.

Keynes maintained, however, that the resources of Britain, even at full employment, would not suffice to conduct a war against Germany.

Internally, Britain would need to increase production while reducing consumption and diverting resources to the war effort.

[2] Keynes outlined a plan for Deferred Pay that would, in part, be legislated in the Budget of Sir Kingsley Wood, Chancellor of the Exchequer.

The deferred pay became a system of post-war credits which were progressively repaid after the war,[3] albeit at a reduced value.