STEPS to repay the UK's £2 billion in outstanding First World War debt have been unveiled with plans to redeem bonds dating back to the 18th century. National War Bonds were first issued in 1917 as part of an effort by the government to raise money to finance the continuing cost of the First World War, which started with the issue of the first war loan in November 1914. As the UK has made estimated interest rate payments totalling £1.26bn since then, the Treasury said it is looking into the practicalities of repaying the outstanding debt of around £2bn. A first repayment of £218 million is due in February, which would represent the first settlement of an undated gilt in 67 years. There are eight undated government bonds outstanding, including one issued by William Gladstone.