EE 10.2 - QE Sources of Income Flashcards
Chapter 10.2 - Elizabeth’s sources of income
Sources of income
What were 4 of Elizabeth’s sources of income?
- Crown lands
- Parliamentary taxation
- Customs duties
- Efficiency savings
Crown lands:
What was QE’s revenue from crown lands at the start of her reign?
£86,000
What was QE’s revenue from crown lands at the end of her reign?
£111,000
What was Elizabeth reluctant to do in regards to crown lands?
Exploit her tenants
Parliamentary taxation:
What were the two ways taxation was collected?
- Fifteenths and tenths
- Subsidy
How much did Fifteenths and tenths raise?
£30,000
How much did a subsidy produce?
Little under £100,000
How much did the Subsidy Bill bring in?
About £140,000
Who made the assessments and collections for parliamentary taxes?
The local gentry
What did QE not want to pay for?
A professional tax collecting service
Customs duties:
What governed the collection of customs duties?
The Book of Rates
How many imports were subject to tax before the Book of Rates was revised in 1557?
790
How many imports were subject to taxation after the Book of Rates was revised?
1170
How much was customs revenue from 1556-57?
£29,315
How much was customs revenue in 1558-59?
£82,797
How much was customs revenue in the 1590s?
£91,000
Why was the customs increase from 1558 to the 1590s not a large increase?
It barely kept in line with inflation
How much were total exports in 1563?
£1,100,000
What % of exports were wool in 1563?
81%
Efficiency savings:
What happened under Mary that ensured the Exchequer had a better idea of how royal finances stood?
3/4 of crown revenue was collected into the Exchequer of Receipt
What emerged in 1571 in regards to royal funds?
It emerged that several Exchequer tellers, who were responsible for taking in money, had defaulted on what they had ‘borrowed’ from the royal funds to the tune of £44,000
Other Income:
What tax that used to go the Pope now went to the crown?
The First Fruits and Tenths
Why did QE keep bishoprics vacant?
To gain the income they were to receive
What was increased in 1581?
Recusancy fines
How did war affect Elizabeth and her government?:
What financial situation with Spain was challenged?
England challenged Spain’s claim to a monopoly of trade with South America
What did England restrict in 1563?
The privileges of Flemish merchants, raising customs duties and prohibiting some imports entirely
When was the trade embargo with Spain lifted?
1573
When did QE expel the Sea Beggars from English ports?
1572
