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 monarch's crowning, after which they are worn for the rest of the service and its subsequent festivities. Garter, Clarenceaux, and Norroy and Ulster Kings of Arms have heraldic jurisdiction over England, Wales and Northern Ireland; Lord Lyon King of Arms is responsible for Scotland. In addition, there is a King of Arms attached to each of the Order of the Bath, Order of St. Michael and St. George and the Order of the British Empire. These have only a ceremonial role, but are authorised by the statutes of their orders to wear the same crown as Garter at a coronation.