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
History of the Netherlands led to the Glorious Revolution and cemented the principle of parliamentary rule and Protestant ascendency in England. James fled to France, and William ascended to the English throne as co-monarch with his wife Mary, James' eldest daughter. This manoeuvre secured England as a critical ally of the United Provinces in its ongoing wars with Louis XIV of France. William was the commander of the Dutch and English armies and fleets until his death in 1702. During William's reign as King of England, his primary focus was leveraging British manpower and finances to aid the Dutch against the French. The combination