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
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