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
The Merry Monarch for several minutes before being caught. Both Alarm and Flatman were injured, but took part in the race when it eventually got under way. The Merry Monarch was among the leading group from the start, and was in fourth place at the turn into the straight, where one horse fell and several others were badly hampered. Approaching the final furlong, Bell sent The Merry Monarch to the front and he established a clear lead before staying on well to win "in clever style" by a length from Annandale, with Old England a neck away in third. The result was a