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
Dukedoms of the British Isles by reign Dukedoms of the British Isles by reign This page lists extant dukedoms in the Peerages of the British Isles, listed by the monarch who created them—see also List of dukedoms in the peerages of Britain and Ireland. King Edward III first created the title Duke of Cornwall, the first dukedom in the British Isles, for his son and heir Edward, called the Black Prince. Since 1421 the title has automatically been held by the eldest son of and heir apparent to the sovereign. Since his mother's taking the throne in 1952 the title has been held by Prince Charles, who