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
Bank of England £50 note the Series G polymer £20 note). Peter Sands, an advisor to the British Government and former Chief Executive of Standard Chartered, has raised concern with the Bank of England over high denomination notes and their role in tax evasion. He claimed that scrapping the £50, and other high denomination notes such as the CHF 1000 and $100, would reduce financial crime. Information taken from Bank of England website. Bank of England £50 note The Bank of England £50 note is a banknote of the pound sterling. It is the highest denomination of banknote issued for public circulation by the Bank