History of the British national debt History of the British national debt The history of the British national debt can be traced back to the reign of William III, who engaged a syndicate of City traders and merchants to offer for sale an issue of government debt, which evolved into the Bank of England. In 1815, at the end of the Napoleonic Wars, British government debt reached a peak of £1 billion (that was more than 200% of GDP). At the beginning of the 20th century the national debt had been gradually reduced to around 30 percent of GDP. However, during World War I the British
Royal visits to Manchester and Salford during the reign of Queen Victoria sectarian attitudes, maintained that the Monarch and the Church of England were at the heart of the Englishman's national identity. Furthermore, attitudes towards the Monarchy were improving, as the public saw Queen Victoria as a better example of the constitutional monarch, not involving herself in politics, which, when combined with Prince Albert's philanthropic activities, in the late 1840s, with education and housing for the poor, resulted in a shift in public opinion and the popularity of the Royal family increased. Finally, the Reform Acts of 1867 and 1884 had enabled many working men to vote, from which "popular Toryism" emerged