A country's gross government debt is the financial liabilities of the government sector. Changes in government debt over time reflect primarily borrowing due to past government deficits. A deficit occurs when a government's expenditures exceed revenues. Government debt may be owed to domestic residents, as well as to foreign residents. If owed to foreign residents, that quantity is included in the country's external debt.
Total (gross) government debt as a percent of GDP by IMF
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the English Government's banker and debt manager, and still one of the bankers for the Government of the United Kingdom, it is the world's eighth-oldest bank.
The Bank of England building
Handwritten banknote dated 1697, signed 'for the Governor and Company of the Bank of England' by 2nd Cashier Robert Hedges.
Charles Montagu played a key role in devising the legislation for establishing the Bank and steering it through the House of Commons.
Sealing of the Bank of England Charter (1694), by Lady Jane Lindsay, 1905