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 banquet held in Westminster Hall in the Palace of Westminster (which is also the home to the Houses of Parliament). The King or Queen's Champion (the office being held by the Dymoke family in connection with the Manor of Scrivelsby) would ride into the hall on horseback, wearing a knight's armour, with the Lord High Constable riding to his right and the Earl Marshal riding to his left. A herald would then make a proclamation of the readiness of the champion to fight anyone denying the monarch. After 1800, the form for this was as follows: The King's Champion would