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 revisions, a translation and has been modified for each coronation for the following thousand years, the sequence of taking an oath, anointing, investing of regalia, crowning and enthronement found in the Anglo-Saxon text have remained constant. The coronation ceremonies takes place within the framework of Holy Communion. Before the entrance of the sovereign, the litany of the saints is sung during the procession of the clergy and other dignitaries. For the entrance of the monarch, Psalm 122, "I was glad", is sung. The sovereign enters Westminster Abbey wearing the "crimson surcoat" and the "Robe of State of crimson velvet" and