<P> Further downgrades were made by Fitch and Standard & Poor's in June 2016, following the UK's vote in the referendum of that month to leave the European Union . Standard & Poor's had hitherto maintained the UK's AAA status . </P> <P> All the main political parties in Britain agree that the national debt is too high, but there is disagreement as to the remedy . As of 2012, the national debt was forecast to approach 100% of GDP, far above the government's sustainable investment rule of a national debt no greater than 40% of GDP . </P> <P> In Parliament, there continues to be disagreement between the political parties regarding the national debt, with Conservative Party politicians typically advocating a larger role for cuts to public spending . By contrast, the Labour Party tends to advocate fewer cuts and more emphasis on economic stimulus, higher rates of taxation and new taxes . </P> <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>

Who does uk owe the national debt to