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 either the first meeting of the parliament after a new monarch's accession (i.e. during the State Opening of Parliament) or at his or her coronation. The monarch additionally swears a separate oath to preserve Presbyterian church government in the Church of Scotland and this oath is taken before the coronation. Once the taking of the oath concludes, an ecclesiastic presents a Bible to the sovereign, saying "Here is Wisdom; This is the royal Law; These are the lively Oracles of God." The Bible used is a full King James Bible, including the Apocrypha. At Elizabeth II's coronation, the Bible was