Britain`s National DebtSome countries owe their entire growth to the realtively small islands in the northeast of the European mainland. Today, Great Britain is heir to the Commonwealth of Nations and heir to a national debt that began its increase at the time of William III.What happened at that time? He basically set the cornerstone for what was to become the Bank of England and this famous institution would finance the Imperial conquest in the following centuries.Having its say in a large part of the world, as far away as North America and South Africa, however, does cost quite a bit. Conquest and war are the two biggest enemies for a healthy budget and so itwas during the Nine Year's War, the War of the Spanish Succession, the Napoleonic Wars as well as the two World Wars that the national debt of one of the worlds richest countries skyrocketed.By 1976 the situation was so dire that then Prime Minister James Callaghan had to ask for a rescue package of £2.3 billion from the International Monetary Fund. That debt, however, was also based on a Sterling crisis as well as slow recovery from World War II, when the national debt had reached 180 percent of the GDP – it's highest to date.By 2011, the British national debt amounted to £940 billion, with most of the money, 35 percent in total, being owed to other governments and investors. On this debt interest alone cost more than £42.9 billion annually. By 2012 the national debt amounted to £1,278.2 billion.Currently, Great Britain's debt clock keeps ticking and adding more and more numbers to an already high amount. Every second Great Britain increases its debt by £5190 and every day by £448.500,000 as can be seen on the debt clock. Over the course of a year that implies a new £163 billion that the government owes to other people, governments and institutions, marking a solid £1,471 billion on the national debt clock above.Interestingly, the Bank of England still contributes its fair share to the debt – a rocking £42.4 billion, which is more than the national defense budget. Network Rail also contributes £33 billion to the total amount, which is the same amount the entire country of Uruguay can show for its GDP. Great Britain struggles to remain as great as it once was with so high a debt burden on its shoulders.