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
Style of the Canadian sovereign such the Head of the Commonwealth," the title will pass to the next monarch upon the demise of the Crown, though this is not a guaranteed certainty. The use of the styles of address "Highness" and "Majesty" originated in the United Kingdom, where they were used from the 12th century onward. During the reign of James VI of Scotland and I of England and Ireland, however, "Majesty" became the official style, to the exclusion of all others, and was then brought to North America during colonial times through usage in reference to the British monarch, who then had sovereignty over