27 October 1662: England sells Dunkirk to France
Strapped for cash, King Charles II agreed to sell Dunkirk, England's port town on the Channel to France, on this day in 1662.
Situated on the Channel between France and Flanders, and with England tantalisingly close to the northwest, Dunkirk (or "Dunkerque” as the French insist on spelling it) was ideally placed to create havoc during the 80 Years War. Beginning in 1568, the hostilities pitted the rebel Dutch United Provinces, England and France against the Spanish Empire.
The Spanish, who ruled Dunkirk as part of the Spanish Netherlands, used it as a base from which to launch raids against Dutch and English shipping, causing trade to all but grind to a halt. Then, at last, came victory against the Spanish and their piratical “Dunkirkers”. In 1658, the town fell to a combined Anglo-French force following the Battle of the Dunes.
As part of the peace settlement, Dunkirk was awarded to the English. But, while it was a glittering prize, it was also a liability England could scarcely afford. In short, the country was broke. The war had come at a heavy price and the English republic had been swept away. Charles II was crowned king in May 1660. But the coronation did nothing to end the internal strife facing the newly restored kingdom.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Whatever funds Charles could get his hands on he needed to keep his enemies at home in check. That meant the cost of garrisoning Dunkirk was just an added expense the king could do without. And there was always the risk that the port town on the continent could drag England into another foreign war. So, Dunkirk had to go. Besides, England had acquired a far more exotic outpost in Tangier on the North African coast the previous year. What was Dunkirk to that?
On 27 October 1662, the French king, Louis XIV, happily agreed to take Dunkirk off Charles's hands for the princely sum of five million livres. But the sale was far from popular at home. Samuel Pepys noted in his diary that he was “sorry to hear that the news of the selling of Dunkirk is taken so generally ill, as I find it is among the merchants”.
The “selling off of the family silver” was widely viewed as a national embarrassment, although as far as Charles was concerned, it was a necessary one. As the Venetian ambassador wily observed, it had been “a course [of action] to which in other circumstances [the English] would not descend”. But even port towns have their price.
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
Chris Carter spent three glorious years reading English literature on the beautiful Welsh coast at Aberystwyth University. Graduating in 2005, he left for the University of York to specialise in Renaissance literature for his MA, before returning to his native Twickenham, in southwest London. He joined a Richmond-based recruitment company, where he worked with several clients, including the Queen’s bank, Coutts, as well as the super luxury, Dorchester-owned Coworth Park country house hotel, near Ascot in Berkshire.
Then, in 2011, Chris joined MoneyWeek. Initially working as part of the website production team, Chris soon rose to the lofty heights of wealth editor, overseeing MoneyWeek’s Spending It lifestyle section. Chris travels the globe in pursuit of his work, soaking up the local culture and sampling the very finest in cuisine, hotels and resorts for the magazine’s discerning readership. He also enjoys writing his fortnightly page on collectables, delving into the fascinating world of auctions and art, classic cars, coins, watches, wine and whisky investing.
You can follow Chris on Instagram.
-
How to invest in nuclear power
We need nuclear power to go green, says Dominic Frisby. But there is a better option than huge power stations
By Dominic Frisby Published
-
Chase slashes its easy-access savings rate – is it time to switch?
The Chase easy-access savings account has proved popular with savers thanks to its competitive rate and bonus deals. But, as the rate has dropped, has it lost its charm?
By Katie Williams Published
-
31 August 1957: the Federation of Malaya declares independence from the UK
Features On this day in 1957, after ten years of preparation, the Federation of Malaya became an independent nation.
By Jasper Spires Published
-
13 April 1960: the first satellite navigation system is launched
Features On this day in 1960, Nasa sent the Transit 1B satellite into orbit to provide positioning for the US Navy’s fleet of Polaris ballistic missile submarines.
By Ben Judge Published
-
9 April 1838: National Gallery opens in Trafalgar Square
Features On this day in 1838, William Wilkins’ new National Gallery building in Trafalgar Square opened to the public.
By Ben Judge Published
-
3 March 1962: British Antarctic Territory is created
Features On this day in 1962, Britain formed the British Antarctic Territory administered from the Falkland Islands.
By Chris Carter Published
-
10 March 2000: the dotcom bubble peaks
Features Tech mania fanned by the dawning of the internet age inflated the dotcom bubble to maximum extent, on this day in 2000.
By Chris Carter Last updated
-
9 March 1776: Adam Smith publishes 'The Wealth of Nations'
Features On this day in 1776, Adam Smith, the “father of modern economics”, published his hugely influential book The Wealth of Nations.
By Ben Judge Last updated
-
8 March 1817: the New York Stock Exchange is formed
Features On this day in 1817, a group of brokers moved out of a New York coffee house to form what would become the biggest stock exchange in the world.
By Chris Carter Last updated
-
7 March 1969: Queen Elizabeth II officially opens the Victoria Line
Features On this day in 1969, Queen Elizabeth II took only her second trip on the tube to officially open the underground’s newest line – the Victoria Line.
By Ben Judge Last updated