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
Coronation of the British monarch revisions, a translation and has been modified for each coronation for the following thousand years, the sequence of taking an oath, anointing, investing of regalia, crowning and enthronement found in the Anglo-Saxon text have remained constant. The coronation ceremonies takes place within the framework of Holy Communion. Before the entrance of the sovereign, the litany of the saints is sung during the procession of the clergy and other dignitaries. For the entrance of the monarch, Psalm 122, "I was glad", is sung. The sovereign enters Westminster Abbey wearing the "crimson surcoat" and the "Robe of State of crimson velvet" and