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
Bank of British North America fire of 1846, by Halifax architect David Stirling. The former branch constructed in 1906-07 at the southwest corner of King Street West and Dufferin Street in the Parkdale area of Toronto continued to operate as a branch of the Bank of Montreal until its closure in 2018. Bank of British North America The Bank of British North America was founded by Royal Charter issued in 1836 in London, England with offices in Toronto, Montreal, Quebec City, Saint John, New Brunswick, Halifax and St. John's, Newfoundland. It was the first bank operating in British Columbia. It also operated agencies in New