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
Coronation of the British monarch The crown of a King of Arms is silver-gilt and consists of sixteen acanthus leaves alternating in height, and inscribed with the words "Miserere mei Deus secundum magnam misericordiam tuam" (Latin: "Have mercy on me O God according to Thy great mercy", from Psalm 51). The Lord Lyon King of Arms has worn a crown of this style at all coronations since that of George III. Prior to that he wore a replica of the Crown of Scotland. In 2004 a new replica of this crown was created for use by the Lord Lyon. Coronation of the British monarch The