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
Coronation of the British monarch ceremonies of the anointing by reciting a prayer that is a modified English translation of the ancient Latin prayer "Deus, Dei Filius", recited in the consecration of other Christian sovereigns. Once this prayer is finished, the monarch rises and sits again in the Coronation Chair. The Knights of the Garter then bear away the canopy. The sovereign is then enrobed in the "colobium sindonis", over which is placed the "supertunica". The Lord Great Chamberlain presents the spurs, which represent chivalry. The Archbishop of Canterbury, assisted by other bishops, then presents the Sword of State to the sovereign. The sovereign is