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
Kingdom of England 1558–1603) the Elizabethan Religious Settlement, meanwhile establishing England as a great power and laying the foundations of the British Empire by claiming possessions in the New World. From the accession of James VI and I in 1603, the Stuart dynasty ruled England in personal union with Scotland and Ireland. Under the Stuarts, the kingdom plunged into civil war, which culminated in the execution of Charles I in 1649. The monarchy returned in 1660, but the Civil War had established the precedent that an English monarch cannot govern without the consent of Parliament. This concept became legally established as part of