Economy under Mary

Question 1

Economic reforms under Mary?

Answer 1

Rents on Crown Lands were re-evaulated and raised to approx £40,000 per annum. Exchequer pursued crown debtors- some that had been outstanding for 40 years. Not all paid- especially those in political favour. Book of Rates fixed the level of duty to be paid in certain products Plans to reissue the coinage of debasement which Elizabeth did in her reign

Question 2

Impact of the positive reforms?

Answer 2

New rate was 100% higher Custom revenues went from £29k in 1556-1557 to £88k in 1558-9. ‘considerable achievements’

Question 3

How did Mary handle economic foreign policies?

Answer 3

Cost of garrisoning Calais removed (including expense of soldiers)

Question 4

What was the significance of changing the foreign rates?

Answer 4

‘Rates’ were imports and export tax which hadnt been changed since Henry VII (very low due to inflation)

Question 5

How effective was MARY in using her finance?

Answer 5

All other policies were secondary to religion. A lot of the work was down to others. Had the gifted William Paulet as his Lord Treasurer The Exechequer expanded, incorporating certain courts to handle 75% of crown land income (265k per annum)

Question 6

What socio-economic issues were stirring in 1555-6?

Answer 6

Heavy rain causing the worst harvest failure of the century. Unprecedented rise in price of grain causing widespread famine.

Question 7

Who socio-economic issues occurred in 1556-58?

Answer 7

Typhus epidemic, outbreak of influenza, killing 1 in 10 people

Question 8

What socio-economic issues happened in 1559?

Answer 8

Purchasing power of agriculture and workers wages dropped to 59% (same as 50 years ago) due to inflation.

Question 9

What were the governments responses to the uncontrollable socio-economic issues like?

Answer 9

Effective and responsive as any contemporary regime would be.

Question 10

How did the socio-economic issues affect Mary’s image?

Answer 10

Widespread famine made people blame Mary as Gods way to express his anger. She received no credit for any successes- only Elizabeth Issues reflected badly despite her lack of control

Question 11

What happened to Mary’s debt?

Answer 11

Debt went back from 185,000 to 300,000 due to issues faced with Edwardian debts

Question 12

How did the socio-economic issues impact the population as a whole?

Answer 12

Typhus epidemic and influenza was twice the usual rate. Population fell by 5% in 1556-8 1559- 59% fell of disposable income