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 ceremonies of the anointing by reciting a prayer that is a modified English translation of the ancient Latin prayer "Deus, Dei Filius", recited in the consecration of other Christian sovereigns. Once this prayer is finished, the monarch rises and sits again in the Coronation Chair. The Knights of the Garter then bear away the canopy. The sovereign is then enrobed in the "colobium sindonis", over which is placed the "supertunica". The Lord Great Chamberlain presents the spurs, which represent chivalry. The Archbishop of Canterbury, assisted by other bishops, then presents the Sword of State to the sovereign. The sovereign is