William Pitt the Younger who had previously served as Prime Minister. The younger Pitt's prime ministerial tenure, which came during the reign of George III, was dominated by major events in Europe, including the French Revolution and the Napoleonic Wars. Pitt, although often referred to as a Tory, or "new Tory", called himself an "independent Whig" and was generally opposed to the development of a strict partisan political system. He led Britain in the great wars against France and Napoleon. Pitt was an outstanding administrator who worked for efficiency and reform, bringing in a new generation of outstanding administrators. He increased taxes to pay
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