5- financial revolution Flashcards
What caused strain between parl. adn the king
the nine years way 1688-97
How was the 9 years war going
louis had a stronger army
william only given 10k troops
recruited 68k through bank of england
How much was the expenditure for the war
5.4 mil annualy
HOw much tax was collected for the war
3.6 mil
HOw can it be argued the tax on war and the king wasn’t part of the finacial reovlution
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
What Act was passed in 1698
Civil list act
What did the civil list act do
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
How were wars funded
It was parl. responsibility to pay for military in peace and war time
What did the civil list act mean for parl.
caused for them to meet regulary
Had more impact on regular parl. then the triennial act and bill of rights did
What did the commissioners do
intergate ministers and called for papers from govt. to ensure money was being spend appropriately
What would the commissioners do with their information
piblish reports exposing corruption or waste
Why were the commissioners a success
Able to bring many ministers to account and ensure money was being properly spend
When was the Public Accounts Act
1690
fist commission set up 1691
HOw many commissioners in the first commission
9
What did the 9 commissioners do
work together in exposing deficits in expenditure
What new tax was introduced
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
What other taxes provided support
custom and excise taxes were extended
proved quatre of crowns income
Why were the new taxes revolutionary
established new and permeant efficient ways of raising tax
What was a significance in the parl. controlling of finance
took the power away form the king
had to then hold regular parl.
What was the significance of parl. controlling of military finance
Could withold finace and effectively hold crown at ransom stopping military expenditure
What is the significance of audits of govt. expenditure
commission in pubolic accounts was accountable to parl. and not the monarch
What was the significance in controlling where finance was spent
crowns day to day finance was controlled through the civil list
monarch couldn’t use its prerogative to avoid working with parl.
