In order to finance Seven Years War, it was necessary for the British government to borrow the equivalent of 2.3 trillion dollars. At this point England became a debtor and the London bankers their creditor.
In addition to the debt, England also obligated to annually pay billions of dollars in interest. In order to pay the debt, at the conclusion of the war, England began taxing the colonies.
The British Parliament passed the Currency Act of 1764 which required the Colonies to pay its taxes in gold and silver backed currency. Since the colonies did not have sufficient gold and silver they were forced to borrow it from the London bankers. The Currency Act led to the American Revolution.
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