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 Buckingham Palace and appear on the balcony, from where in 1953 they watched a flypast by the Royal Air Force. During the appearance, the monarch wears the Imperial State Crown and, if there is one, the queen consort wears her consort crown. In the evening, a fireworks display is held nearby, usually in Hyde Park. In 1902, Edward VII's illness led to the postponement of a fourteen-course banquet at Buckingham Palace. In 1953, two state banquets were held in the ballroom there, and classical music was provided by the Royal Horse Guards. Historically, the coronation was immediately followed by a