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 pours consecrated oil from an eagle-shaped ampulla into a filigreed spoon with which the Archbishop of Canterbury anoints the sovereign in the form of a cross on the hands, head, and heart. The Coronation Spoon is the only part of the mediaeval Crown Jewels which survived the Commonwealth of England. While performing the anointing, the Archbishop recites a consecratory formula recalling the anointing of King Solomon by Nathan the prophet and Zadok the priest. After being anointed, the monarch rises from the Coronation Chair and kneels down at a faldstool placed in front of it. The archbishop then concludes the