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 New England end secured creditors received 100% of their money while unsecured creditors received 34 cents on the dollar. However, , creditors were still disputing the allocation of the final 101 million dollars that the bankruptcy trustee had to distribute. In 2007 the Southern New Hampshire Bank & Trust was renamed as the Bank of New England, however it shares no connection to the earlier institution. Bank of New England The Bank of New England Corporation was a regional banking institution based in Boston, Massachusetts, which was seized by the Federal Deposit Insurance Corporation (FDIC) in 1991 as a result of heavy