Financial impact Flashcards
Troops
1691 - opposition in Parliament voted for William’s funding to be reduced to 10,000 troops
What did William do in response to this reduction in troops?
He recruited 68,000 men costing £2.8million through borrowing
reduction in troops analysis
- Parliament tried to restrict Willaim enforcing their rights/position through limiting tithes to pay for troops
- Maintain control over William
- Could not cement any influence/authority overseas
Land Tax
Land tax was introduced in 1692 and yielded £1 million in its first year
How did William raise revenue?
Through taxing tea, tobacco, alcohol and land (his greatest - link to land tax 1692 yielded 1.2million in its first year)
Who called for what in 1697?
Whigs and tories called for the size of the army to be reduced again and taxes used to pay for war to be reduced
How did the nine years war increase the monarch’s power?
- Undermined authority of Parliament
- William was not financially dependent on them/no longer controlled/limited by their financial control over him
Civil list Act
- 1698
- The King was given a ‘civil list’ of income of £700,000 per year
- Anything above the 700,000 had to be granted with the consent of Parliament
- All military and naval expenditure in times of peace and war was the responsibility of Parliament
Public accounts Act
1690
Due to concerns about the amount of money being spent on war, a number of Parliamentary commissions were set up to investigate government expenditure
William & the east india company
- In 1698 William raised £2million at 8% by promising investors a stake in the ‘new’ East India company
Bank of England - explanation 1(why it increased William’s power ‘new east india company)
- William was able to gain private funds
- Undermined Parliaments position with the East India company
Tonnage Act
loan of £1.2 million at an interest of 8% given to William by investors
How did the tonnage Act increase Parliament’s power
- Found a way to ensure they were not responsible for the Crown’s debts
