Kingdom of England a major European war. The English establishment did not wish to risk a Stuart on the Scottish throne, nor the possibility of a Scottish military alliance with another power. A Treaty of Union was agreed on 22 July 1706, and following the Acts of Union of 1707, which created the Kingdom of Great Britain, the independence of the kingdoms of England and Scotland came to an end on 1 May 1707. The Acts of Union created a customs union and monetary union and provided that any "laws and statutes" that were "contrary to or inconsistent with the terms" of the
Acts of Union 1707 known as the Seven ill years which led to strained relations with England. In 1698, the Company of Scotland Trading to Africa and the Indies received a charter to raise capital through public subscription. The Company invested in the Darién scheme, an ambitious plan funded almost entirely by Scottish investors to build a colony on the Isthmus of Panama for trade with East Asia. The scheme was a disaster; the losses of over £150,000 severely impacted the Scottish commercial system. The financial losses incurred have often been suggested as one of the drivers behind Union. Deeper political integration had been