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
Chief Cashier of the Bank of England Chief Cashier of the Bank of England The Chief Cashier of the Bank of England is the person responsible for issuing banknotes at the Bank of England and is the director of the divisions which provide the Bank of England's banking infrastructure. This person is known to the general public because since 1870 the Chief Cashier's signature is printed on all bank notes issued by the Bank of England. In 2004 a new post was created, Executive Director of Banking & Chief Cashier, incorporating the title. The post is currently held by Sarah John who was appointed in June 2018.