The Finance Minister kept shaking his head: "Mr. Pitt, in order to raise funds for reinforcing the Cape of Good Hope and the Caribbean Region in the coming months, I've borrowed over 400,000 British Pounds from the bank.
"Currently, the interest rate has been pushed to 9.5%.
"If we seek a loan of 500,000 British Pounds, the interest rate will surely rise above 12%!"
The British Government's financing channels are mainly private banks — including the semi-central Bank of England — as the government's financing needs grow, these capitalists will raise the interest rates, similar to France before their financial reform.
Of course, the British Government's debt ratio isn't too high at the moment, so interest rates haven't reached France's 20% level at the time.
Petty then looked at Grenville: "Your Excellency, Prime Minister, before solving the sugar problem, we may need to take massive loans, so it's not advisable to push the interest rates too high just now."
