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 Buckingham Palace and appear on the balcony, from where in 1953 they watched a flypast by the Royal Air Force. During the appearance, the monarch wears the Imperial State Crown and, if there is one, the queen consort wears her consort crown. In the evening, a fireworks display is held nearby, usually in Hyde Park. In 1902, Edward VII's illness led to the postponement of a fourteen-course banquet at Buckingham Palace. In 1953, two state banquets were held in the ballroom there, and classical music was provided by the Royal Horse Guards. Historically, the coronation was immediately followed by a