Financial Impact

Question 1

When was the Nine years war?

Answer 1

1688-97

Question 2

Who was the nine years war fought between?

Answer 2

Fought between the league of Augsburg, led by Holland, England, Spain & the Holy Roman Empire vs France under King Louis XIV

Question 3

What did the opposition in parliament vote for?

Answer 3

1691 – William’s funding to be reduced to 10,000 troops, however William recruited 68,000 men costing 2.8 million through borrowing

Question 4

How did William raise revenue?

Answer 4

Through taxing tea, tobacco, alcohol & land (introduced in 1692 & yielded 1 million in its first year)

Question 5

What happened to royal income after 1688?

Answer 5

It doubled

Question 6

What was the civil list act?

Answer 6

1689
King was given a ‘civil list’ of income £700,000 a year, anything above this had to be granted with the consent of parliament
& all military and naval expenditure at times of peace & war was the responsibility of parliament

Question 7

What was the public accounts act?

Answer 7

1690 – due to concerns about the amount being spent on war (average expenditure on war was £5.4 million) , a number of parliamentary commissions were set up to investigate government expenditure
set up & answerable to parliament

Question 8

How was William able to raise money?

Answer 8

His lotteries, 100,000 tickets sold for £10 and winners drawn at random to win larger amounts

1698, William raised 2 million at 8% by promising investors a stake in the ‘new’ East India company