From wikipedia:

England's crushing defeat by France, the dominant naval power, in naval engagements culminating in the 1690 Battle of Beachy Head, became the catalyst to Britain rebuilding itself as a global power. England had no choice but to build a powerful navy if it was to regain global power. As there were no public funds available, in 1694 a private institution, the Bank of England, was set up to supply money to the King. 1.2 million pounds was raised in 12 days; half of this was used to rebuild the Navy.

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Battles of Barfleur and La Hogue

The related naval battles of Barfleur and La Hogue took place between 29 May and 4 June New Style (NS), 1692 (19–24 May in the Old Style (OS) Julian calendar then in use in England). The first action took place near Barfleur; later actions were at Cherbourg and Saint-Vaast-la-Hougue in the Cotentin peninsula, Normandy, France. It was the decisive naval battle of the Nine Years' War, known to the British as the War of the English Succession.