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 to mark the high point of his reign, or that he reached the age of 30, the age at which Jesus Christ was baptised. Harold II was crowned on the day after the death of his predecessor, Edward the Confessor, the rush probably reflecting the contentious nature of Harold's succession; whereas the first Norman monarch, William I, was also crowned on the day he became king, 25 December 1066, but three weeks since the surrender of English nobles and bishops at Berkhampstead, allowing time to prepare a spectacular ceremony. Most of his successors were crowned within weeks, or even days,