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
Kingdom of England 1558–1603) the Elizabethan Religious Settlement, meanwhile establishing England as a great power and laying the foundations of the British Empire by claiming possessions in the New World. From the accession of James VI and I in 1603, the Stuart dynasty ruled England in personal union with Scotland and Ireland. Under the Stuarts, the kingdom plunged into civil war, which culminated in the execution of Charles I in 1649. The monarchy returned in 1660, but the Civil War had established the precedent that an English monarch cannot govern without the consent of Parliament. This concept became legally established as part of