Financial challenges

Question 1

What were the financial challenges ?

Answer 1

When Elizabeth became Queen the crown was 300,000 in debt on only getting an income of 286,667

Mary Tudor has sold lots of land for wars against France, so this meant that Elizabeth could not get the money from the rent

100,000 of the crowns debt was to foreign bank lenders in Antwerp, and their interest rates were high (14%)

Elizabeth needed money to give to people who supported her

Question 2

What Elizabeth did

Answer 2

not raise taxes but hoarded her income and cut her household expenses by half

Sold crown land raising 120,000