History of the British national debt History of the British national debt The history of the British national debt can be traced back to the reign of William III, who engaged a syndicate of City traders and merchants to offer for sale an issue of government debt, which evolved into the Bank of England. In 1815, at the end of the Napoleonic Wars, British government debt reached a peak of £1 billion (that was more than 200% of GDP). At the beginning of the 20th century the national debt had been gradually reduced to around 30 percent of GDP. However, during World War I the British
History of the British Isles Reformation, the English Civil War, the Restoration of Charles II, the Glorious Revolution, the Treaty of Union, the Scottish Enlightenment and the formation of the First British Empire. The Kingdom of Ireland was a settler state; the monarch was the incumbent monarch of England and later of Great Britain. The Lord Lieutenant of Ireland headed the government on behalf of the monarch. He was assisted by the Chief Secretary of Ireland. Both were responsible to the government in London rather than to the Parliament of Ireland. Before the Constitution of 1782, the Irish parliament was also severely fettered, and decisions