1. Study with Quizlet and memorize flashcards containing terms like William Paterson created the Bank of England and the idea of a public debt instrument that would make borrowing for government much easier. Why did Paterson (and England) do this in 1694?, How long has England had a national debt?, According to the video from class, the debt issued by the Bank of England (first issued in 1694...
  2. 2 UK Government Debt 1694-2017 The starting date for UK government debt is widely seen as 1694 when King William III used a syndicate of merchants to sell debt to -nance the Nine Years™War.3 This syndicate went on to become the Bank of England and so data on the level of UK government debt is available from this date onwards.4 The...
  3. How important were William III's wars in the development of a financial revolution? Timeline: 1688 Nine Years' War breaks out → 1691 Opposition within parliament begin to favour a reduction in William's participation in the war; the first Public Accounts Commission is set up → 1693 William borrows £108,100 from investors → 1694 The Bank of England founded → 1697 Nine Years' War ends...
  4. emoryeconomicsreview.org

    The creation of the Bank of England in 1694, chartered by King William III and Queen Mary II, was one of the first examples of a nation separating its monetary policy and politics. The Bank was created to pay for expenses arising from British military conflicts.
  5. cambridge.org

    When William III became king of England, he introduced the Financial Revolution to engage the country in the wars against Louis XIV. Footnote 4 The Bank of England, institutionalized in 1694, and the joint-stock trading companies were involved in the raising and managing of England's or, from 1707, Britain's loans. Wales had already been fully...
  6. brainscape.com

    1691 - Opposition within parliament begin to favour reduction in king's participation in war - first Public Accounts Commission set up 1693 - William borrows £108,100 1694 - Bank of England founded 1697 - Nine Years' War ends with peace of Ryswick 1698 - William raises £2 million from investors in the East India Company
  7. onlinelibrary.wiley.com

    Among the most important of these institutions was the Bank of England, founded in 1694 during King William's War (1689-97).1 The Bank supplied successive governments with the flows of liquidity required to wage war. It supported the formation of the state and the building of fiscal capacity by providing the short-term liquidity necessary to...
  8. lbsresearch.london.edu

    Managing the UK national debt 1694-2018 Article This version is available in the LBS Research Online repository: https://lbsresearch.london.edu/ id/eprint/1204/ Article Ellison, Martin andScott, A (2020) Managing the UK national debt 1694-2018. American Economic Journal: Macroeconomics, 12 (3). pp. 227-257. ISSN 1945-7707
  9. pressbooks.pub

    THE BRITISH NATIONAL DEBT. Great Britain's newly enlarged empire meant a greater financial burden, and the mushrooming debt from the war was a major cause of concern. The war nearly doubled the British national debt, from £75 million in 1756 to £133 million in 1763. The Empire needed more revenue to replenish its dwindling coffers.

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