5. Economic change and its impact Flashcards
What issues were there with the economy?
Increase in population led to increasing inflation
Debasement in the coinage led to inflation
Harvest failures in 1555 and 1556 brought food shortages and strains on wages.
The ‘sweating sickness’ between 1557 and 1558 killed many people.
What financial reforms did Mary introduce?
Northumberland’s commission to investigate the shortcomings of the system was implemented in 1554.
The Court of Exchequer replaced the Court of First Fruits and Tenths and the Court of Augmentations which adopted more effective methods.
Plans for recoinage boosted long-term financial security.
What mistakes did Mary make with financial issues?
She cancelled the final part of Edward’s last subsidy.
This gained her some popularity but came at a financial cost.
The war with France in the later years did have a financial impact but was not devastating.
How was Mary’s government involved with poor relief?
Mary’s government became more active in relieving pressure on the poor.
Emphasis was placed on laws against gain hoarders.
The impact of these measures is unknown.
