What year did the British National debt begin?

riotgrrl

1694. "In 1694, the costs of the war led to the formation of the Bank of England, a Whig joint-stock company that raised funds from the public and loaned it to the government in exchange for the right to issue bank notes and to discount bills. The loan did not have to be repaid as long as the interest was raised by imports duties. Thus a funded national debt came into being. The method of borrowing money at interest, instead of taking it by taxation for nothing was established as a normal practice. It took a while to catch on in other countries, but catch on it did, as soon as respective governments saw the advantages. The foundation of a society to write marine insurance formed by merchants and sea captains at Lloyd's Coffee House in 1688 was also of enormous importance; the practice of underwriting enormous expenditures in overseas ventures and shipping, dates from this time." http://ladydiana.portal.dk3.com/article.php?sid=582 Aug 18 03, 2:06 PM