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 almost completely autonomous, and also by many of the rulers of the Indian Princely States and the various British Protectorates. An Imperial Conference was held afterwards. In 1911, the procession inside Westminster Abbey included the banners of the dominions and the Indian Empire along with the traditional banners of the Home Nations. By 1937, the Statute of Westminster 1931 had made the dominions fully independent, and the wording of the coronation oath was amended to include their names and confine the elements concerning religion to the United Kingdom. Thus since 1937, the monarch has been simultaneously crowned as sovereign of