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 Russian monarch was abolished. Tsars Ivan VI and Peter III were never crowned, as neither reigned long enough to have a coronation ceremony. Peter the Great adopted the formal title of "Emperor" during his reign and his successors used it until the Revolution, but common usage still assigned the title of "Tsar" to the Russian monarch. Although no photography was permitted inside the Cathedral of the Dormition during the crowning of Nicholas II or any Russian Tsar, several artistic representations of the ceremony have been made (some of which have been reproduced in this article), and numerous photos and even one motion