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
Bank of England club Bank of England club The Bank of England club is a nickname in English association football for a football club which has a strong financial backing. It was used to refer to Arsenal F.C. in the 1930s as well as in recent times for being the last of the Premier League's Big Four clubs to be owned primarily by English investors. The name "Bank of England club" or "Bank of England team" caught after the record-breaking spending of Arsenal in the 1920s and 1930s. Bernard Joy recalled that people "sneered at the 'Bank of England' methods of team building" after