How did Britain and France emerge from WWI as both victors and losers?  

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The victors part here is easy.  Both of these countries were on the Allied side and the Allies defeated the Central Powers.  They got to dictate terms to the Central Powers.  They were the clear winners.

At the same time, both countries can be seen as losers.  The biggest reason for this is the horrific toll in human lives.  Both France and Britain suffered huge losses in the war.  The British lost over 880,000 men killed and over 1.6 million wounded.  The French lost almost 1.4 million soldiers dead and over 4.26 million wounded.  In addition, an estimated 260,000 civilian died because of the war.

Between this and the financial cost of the war, both France and Britain can be seen as losers as well.

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