This is true - and one of the greatest history books about the formation of the English/British state - John Brewer's Sinews of Power - details elegantly exactly how this was done.
Kennedy's "Rise and Fall of the Great Powers" chapter 3. "Financing and the winning of wars".
The UK managed to get credit at rates that allowed it to outspend its rivals.
All that "Spanish Succession", "7 Years war" stuff? Forget battles: The country could borrow more cheaply. Simple and powerful.
Yes, in the 17th century, there were no other state functions other than those to fund armies and navies. There was no welfare state to reform (although it was desperately needed). So not really the same thing at all.....
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The UK managed to get credit at rates that allowed it to outspend its rivals.
All that "Spanish Succession", "7 Years war" stuff? Forget battles: The country could borrow more cheaply. Simple and powerful.
Brewer's Sinews of Power is a good book for anyone wanting to inform their views on this.