EE 10.1 - Finance - Strengths and weaknesses of financial and economic situation in 1558 Flashcards
Chapter 10.1 - elizabeth and finance
elizabeth and finance
Who did QE call when she needed funds?
Parliament
How much debt did QE inherit from Mary?
£227,000
How much of the £227,000 debt was owed to the Antwerp Exchange at 14% interest rate?
Nearly 50%
Who was QE’s financial adviser?
Thomas Gresham
What were the 3 reasons Gresham told QE were causing the financial difficulties?
- Debasement of the coinage
- War
- Resorting to loans
Who did Gresham blame the privileged position of?
The Hanseatic League
What was Gresham eager for the Queen to maintain?
An excellent credit-rating
What did a 1571 Act passed by Parliament allow?
A 10% interest to be charged on loans
What did Thomas Gresham found in 1565?
The Royal Exchange
When did Elizabeth clear the debt inherited from Mary?
1576
What was the Queen’s surplus by 1584?
£300,000
What had a disastrous impact on the Queen’s finances?
The war with Spain and her expeditions to Ireland
