<P> The origins of the British national debt can be found during the reign of William III, who engaged a syndicate of City traders and merchants to offer for sale an issue of government debt . This syndicate soon evolved into the Bank of England, eventually financing the wars of the Duke of Marlborough and later Imperial conquests . The national debt increased dramatically during and after the Napoleonic Wars, rising to around 200% of GDP . Over the course of the 19th century the national debt gradually fell, only to see large increases again during World War I and World War II . After the war, the national debt once again slowly fell as a proportion of GDP . </P> <P> In 1976, the British Government led by James Callaghan faced a Sterling crisis during which the value of the pound tumbled and the government found it difficult to raise sufficient funds to maintain its spending commitments . The Prime Minister was forced to apply to the International Monetary Fund for a £ 2.3 billion rescue package; the largest - ever call on IMF resources up to that point . In November 1976, the IMF announced its conditions for a loan, including deep cuts in public expenditure, in effect taking control of UK domestic policy . The crisis was seen as a national humiliation, with Callaghan being forced to go "cap in hand" to the IMF . </P> <P> In the late 1990s and early 2000s, the national debt dropped in relative terms, falling to 29% of GDP by 2002 . In 1997, the Labour Government of Tony Blair had inherited a PSNCR of approximately £ 5 billion per annum, but by sticking to the parsimonious spending plans of the outgoing Conservative Government, this was gradually turned into a modest budget surplus . During the Spending Review of 2000, Labour began to pursue a looser fiscal policy, and by 2002 annual borrowing had reached £ 20 billion . </P> <P> The national debt continued to increase, despite sustained economic growth, increasing to 37% of GDP in 2007 . This was due to extra government borrowing, largely caused by increased spending on health, education, and social security benefits . Since 2008, when the British economy slowed sharply and fell into recession, the national debt has risen dramatically, mainly caused by increased spending on social security benefits, financial bailouts for banks, and a significant drop in receipts from stamp duty, corporate tax, and income tax . </P>

When was the last time the uk was in surplus
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