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
Union of the Crowns create a new "imperial" throne of "Great Britain". England and Scotland continued as autonomous states sharing a monarch with Ireland (with an interregnum in the 1650s during the republican unitary state of the Commonwealth and the Protectorate), until the Acts of Union of 1707 during the reign of the last Stuart monarch, Anne. In August 1503, James IV of Scotland married Margaret, eldest daughter of Henry VII of England, and the spirit of the new age was celebrated by the poet William Dunbar in "The Thrissil and the Rois". The marriage was the outcome of the Treaty of Perpetual Peace,