Pitt Street, George Town have lived here for centuries. Pitt Street was named after William Pitt the Younger, who was the Prime Minister of Great Britain between 1783 and 1801. When Captain Francis Light founded Penang Island in 1786, he renamed the island the "Prince of Wales Island" in honour of the Prince of Wales, the new settlement of George Town after King George III and the first street within the settlement after himself. Worried that Prime Minister William Pitt may have felt offended as nothing was named after him, Light felt compelled to name Pitt Street after him. Pitt Street, created soon after
William Pitt the Younger reform proposal introduced in Parliament. Another important domestic issue with which Pitt had to concern himself was the national debt, which had doubled to £243 million during the American war. Every year a third of the budget of £24 million went to pay interest. Pitt sought to reduce the national debt by imposing new taxes. In 1786, he instituted a sinking fund so that £1,000,000 a year was added to a fund so that it could accumulate interest; eventually, the money in the fund was to be used to pay off the national debt. By 1792 the debt had fallen