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
Dukedoms of the British Isles by reign Churchill, 1st Earl of Marlborough, the excellent English general of Queen Anne's reign, won many a victory over the French King Louis XIV. He was rewarded with a dukedom, which by a special Act of Parliament passed to his daughters and their descendants when he died without surviving male issue. Created for politician John Manners, 9th Earl of Rutland. He was noted for being one of the first people in England to obtain a divorce, done by special act of Parliament. Like the Dukedom of Cornwall in England, Rothesay is automatically held by the eldest son of the Scottish monarch;