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
History of the British peerage in the House of Commons. Parliament passed the Act of Settlement 1701, which devolved the Crown, after Anne's death, upon George, Elector of Hanover, the Queen's closest Protestant relative, bypassing about 50 others in the line of succession. As the power of the monarch slowly shifted to Parliament, peerage dignities came to be conferred at the behest of ministers, not at the pleasure of the Crown. King George III's reign is of particular note in the history of the Peerage. Increases to the Peerage during the time were totally unprecedented: almost four hundred peers were created during his reign. Lord