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 monarch's crowning, after which they are worn for the rest of the service and its subsequent festivities. Garter, Clarenceaux, and Norroy and Ulster Kings of Arms have heraldic jurisdiction over England, Wales and Northern Ireland; Lord Lyon King of Arms is responsible for Scotland. In addition, there is a King of Arms attached to each of the Order of the Bath, Order of St. Michael and St. George and the Order of the British Empire. These have only a ceremonial role, but are authorised by the statutes of their orders to wear the same crown as Garter at a coronation.