History of the British national debt both government borrowing and the national debt have risen dramatically, reaching around 70% of GDP by the end of 2012. The origins of the British national debt can be found during the reign of William III, who engaged a syndicate of City traders and merchants to offer for sale an issue of government debt. This syndicate soon evolved into the Bank of England, eventually financing the wars of the Duke of Marlborough and later Imperial conquests. The establishment of the bank was devised by Charles Montagu, 1st Earl of Halifax, in 1694, to the plan which had been proposed by
Coronation of the British monarch different robes and other garments during the course of the ceremony. In contrast to the history and tradition which surround the regalia, it is customary for most coronation robes to be newly made for each monarch. (The present exceptions are the "supertunica" and "Robe Royal", which both date from the coronation of George IV in 1821). Worn for the first part of the service (and the processions beforehand): Worn over the surcoat for the Anointing: Robes with which the Sovereign is invested (worn thereafter until Communion): Worn for the final part of the service (and the processions which follow): Male