5- financial revolution

Question 1

What caused strain between parl. adn the king

Answer 1

the nine years way 1688-97

Question 2

How was the 9 years war going

Answer 2

louis had a stronger army
william only given 10k troops
recruited 68k through bank of england

Question 3

How much was the expenditure for the war

Answer 3

5.4 mil annualy

Question 4

HOw much tax was collected for the war

Answer 4

3.6 mil

Question 5

HOw can it be argued the tax on war and the king wasn’t part of the finacial reovlution

Answer 5

It would only be revolutionary if there was a war, if not then the tax simply wasn’t needed and parl. would have no control in foregin policy

Question 6

What Act was passed in 1698

Answer 6

Civil list act

Question 7

What did the civil list act do

Answer 7

King was given a civil list of income at £700k allocated to meet expenses of his govt.
eg salaries of judges and civil servants
It was also expected to cover his household expenditure

Question 8

How were wars funded

Answer 8

It was parl. responsibility to pay for military in peace and war time

Question 9

What did the civil list act mean for parl.

Answer 9

caused for them to meet regulary
Had more impact on regular parl. then the triennial act and bill of rights did

Question 10

What did the commissioners do

Answer 10

intergate ministers and called for papers from govt. to ensure money was being spend appropriately

Question 11

What would the commissioners do with their information

Answer 11

piblish reports exposing corruption or waste

Question 12

Why were the commissioners a success

Answer 12

Able to bring many ministers to account and ensure money was being properly spend

Question 13

When was the Public Accounts Act

Answer 13

1690
fist commission set up 1691

Question 14

HOw many commissioners in the first commission

Answer 14

9

Question 15

What did the 9 commissioners do

Answer 15

work together in exposing deficits in expenditure

Question 16

What new tax was introduced

Answer 16

land tax quickly became a permenant source of income
set at 20% of profits from the land
by 1700 acocunted for half income raised for tax

Question 17

What other taxes provided support

Answer 17

custom and excise taxes were extended
proved quatre of crowns income

Question 18

Why were the new taxes revolutionary

Answer 18

established new and permeant efficient ways of raising tax

Question 19

What was a significance in the parl. controlling of finance

Answer 19

took the power away form the king
had to then hold regular parl.

Question 20

What was the significance of parl. controlling of military finance

Answer 20

Could withold finace and effectively hold crown at ransom stopping military expenditure

Question 21

What is the significance of audits of govt. expenditure

Answer 21

commission in pubolic accounts was accountable to parl. and not the monarch

Question 22

What was the significance in controlling where finance was spent

Answer 22

crowns day to day finance was controlled through the civil list
monarch couldn’t use its prerogative to avoid working with parl.