Britain – or indeed England – may not have a written constitution, but there are a couple of documents which, oddly perhaps, form part of the unwritten one. The first was Magna Carta, sealed in 1215 when King John got a bit too uppity for his barons' liking. The second was the Bill of Rights.
In the 17th century, the country was in the grip of religious turmoil – “popery”, of course, was the number one threat. So after the death of the protestant Charles II in 1685, the ascension of his Catholic brother James to the throne was not well received. His appointment of Catholics to high places in the law and academia, along with officers in the army, led to a big falling out with Parliament. Eventually, he was forced to abdicate and fled the country in the Glorious Revolution of 1688, when his daughter Mary and her husband, William of Orange – good protestants both – were invited to take the throne but only once they had accepted the demands of Parliament.
On offering them the crown on 13 February 1689, the Declaration of Rights was read out, which set out the rights of the monarch's subjects, and the monarch's relationship with Parliament. It established Parliament's supremacy in matters of taxation and legislation, and the principle of parliamentary privilege. It forbade the monarch from maintaining a standing army without Parliament's consent, and outlawed the use of "cruel and unusual punishments".
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The declaration was formalised on this day in 1689, when Parliament passed the Bill of Rights. Scotland published a similar Act in the Claim of Right Act 1689. It directly influenced the United States Bill of Rights, which received approval in 1791; the United Nations Declaration of Human Rights of 1948; and the European Convention on Human Rights, ratified in 1953.
-
Barclays warns of significant rise in social media investment scamsInvestment scam victims are losing an average £14k, with 61% of those falling for one over social media. Here's how to spot one and keep your money safe
-
Over a thousand savings accounts now offer inflation-busting rates – how long will they stick around?The rate of UK inflation slowed again in March, boosting the opportunity for savers to earn real returns on cash in the bank. But you will need to act fast to secure the best deals.
-
31 August 1957: the Federation of Malaya declares independence from the UKFeatures On this day in 1957, after ten years of preparation, the Federation of Malaya became an independent nation.
-
13 April 1960: the first satellite navigation system is launchedFeatures On this day in 1960, Nasa sent the Transit 1B satellite into orbit to provide positioning for the US Navy’s fleet of Polaris ballistic missile submarines.
-
9 April 1838: National Gallery opens in Trafalgar Square
Features On this day in 1838, William Wilkins’ new National Gallery building in Trafalgar Square opened to the public.
-
3 March 1962: British Antarctic Territory is created
Features On this day in 1962, Britain formed the British Antarctic Territory administered from the Falkland Islands.
-
10 March 2000: the dotcom bubble peaks
Features Tech mania fanned by the dawning of the internet age inflated the dotcom bubble to maximum extent, on this day in 2000.
-
9 March 1776: Adam Smith publishes 'The Wealth of Nations'
Features On this day in 1776, Adam Smith, the “father of modern economics”, published his hugely influential book The Wealth of Nations.
-
8 March 1817: the New York Stock Exchange is formed
Features On this day in 1817, a group of brokers moved out of a New York coffee house to form what would become the biggest stock exchange in the world.
-
7 March 1969: Queen Elizabeth II officially opens the Victoria Line
Features On this day in 1969, Queen Elizabeth II took only her second trip on the tube to officially open the underground’s newest line – the Victoria Line.
