Elizabeth 1 - Economic, Social And Financial

Question 1

Economic 2

Answer 1

Sold crown lands - raised £600,000
Financed privateering missions - mixed results
Church fines
Raised taxes
War with Spain 1585-> and war with Ireland (1594-1603) drained royal coffers
Elizabeth was increasingly dependent on parliament for taxes- led to conflict
Left £300,000 debt

Question 2

Successes

Answer 2

Cleared £227,000 debt and had surplus - 1585
Ended England’s dependence on foreign loans
No coin debasement
Debt £300,000 - success , given long running wars with Ireland and Spain
Strict control on spending
Able to raise loans within England by reforming usury laws

Question 3

Failures

Answer 3

Financial system outdated
Depended on parliamentary taxes
Elizabeth and Cecil (from 1571) failed to reform this
Corruption and tax dodging went unchallenged
War against Spain (from 1585)
War against Ireland (1594-1603) - both drained the coffers and left £300,000 of debt
Stagnating salaries meant corruption was common in government
Inflation damaged people’s standard of living - food shortages hit in the 1590s
Mixed results of privateering - failures included Cadiz 1596 where profits were given to Robert Deveraux’s men

Question 4

Economic

Answer 4

£227,000 debt cleared - 1585
Surplus of over £200,000
Reduced spending 
1/2 palace maintenance budget
Remodel the navy
Using unpaid officials
Staying out of wars
No new palaces