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
History of the British Isles Reformation, the English Civil War, the Restoration of Charles II, the Glorious Revolution, the Treaty of Union, the Scottish Enlightenment and the formation of the First British Empire. The Kingdom of Ireland was a settler state; the monarch was the incumbent monarch of England and later of Great Britain. The Lord Lieutenant of Ireland headed the government on behalf of the monarch. He was assisted by the Chief Secretary of Ireland. Both were responsible to the government in London rather than to the Parliament of Ireland. Before the Constitution of 1782, the Irish parliament was also severely fettered, and decisions