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 of a good courage; keep the commandments of the Lord thy God, and walk in his ways". During the singing of this antiphon, all stand in their places, and the monarch remains seated in the Coronation Chair still wearing the crown and holding the sceptres. The recitation of this antiphon is followed by a rite of benediction consisting of several prayers. The benediction being concluded, the sovereign rises from the Coronation Chair and is borne into a throne. Once the monarch is seated on the throne, the formula "Stand firm, and hold fast from henceforth…" – a translation of the