Economy Flashcards
When did Elizabeth come to the throne?
November 1558
What was the economic situation when E became Queen?
Gov finances under strain from war with France
Mary died in debt
Harvests were less productive in late 1550s
Outbreak of disease eg influenza
Why was E in no position to instigate heavier taxes?
her right to the throne was not universally recognised
needed to ‘live on her own’
What assets did E inherit?
revised Book of Rates which increased custom duties
fortunate in her financial advisors
Why was it difficult for E to exploit her sources of income?
not totally secure on throne
Crown lands had been reduced by sales in previous reigns, management not always efficient
Why did E not want to call Parliament too often?
because MPs might us the opportunity to question her decisions
How much debt had E inherited from Mary?
£227,000
mainly from war with France
What positives did E inherit?
Mary had introduced some reforms to make the financial administration more efficient
She had services of William Paulet, highly experienced Lord Treasurer
Could rely on advice of financer, Sir Thomas Gresham
What 3 reasons did Gresham give for financial difficulties?
Henry VIII’s debasement of the coinage
Wars
the Privileged position of the Hanseatic League
What did Gresham do?
told E to maintain an excellent credit rating so loans could be raised + tried to persuade Cecil to relax laws on usury so some interest could be levied
How did E successfully deal with debts?
she was a prudent housekeeper + single woman so court expenses were less than if she had a fam
didn’t embark on lavish expenditure
undertook no magnificent building projects, left this to courtiers
spent summers on ‘progresses’ around her realm
members of court were expected to give her generous gifts
voided war as far as possible
had surplus of nearly £300,000 by 1584
What sources of income did E have?
Crown Lands
Parliamentary taxation
Custom duties
efficiency savings
other income
