Mary I - Financial reforms - RG2

Question 1

Describe the progress made regarding revenue administration?

Answer 1

Progress was made in the area of revenue administration. Some of the recommendations based on the commission set up by Northumberland to investigate shortcomings in this area, but not implemented due to Edward’s premature death, were implemented in 1554.

Question 2

Which Court took over both the Court of First Fruits & Tenths and the Court of Augmentation?

Answer 2

The Court of Exchequer
It adopted some of the more recent court’s superior methods.

Question 3

Who dealt with financial administration and how successful was he?

Answer 3

Lord Treasurer Winchester
He was competent

Question 4

What was Mary’s only major mistake regarding her financial policy?

Answer 4

She remitted final part of Edward’s subsidy. This bought her some cheap popularity but at some financial cost.

Question 5

What happened to the volume of royal debt during her reign?

Answer 5

It increased
However, the volume of debt did not increase dramatically considering the war with France. For a government at war, its financial record was satisfactory

Question 6

How was the long term security of Crown finances boosted?

Answer 6

The long-term security of Crown finances was boosted by the thoroughness of the preparation for recoinage drawn up under Mary from 1556 to 1558, it was implemented under Elizabeth.

Question 7

Give another way in which Elizabeth benefited from Mary’s financial policies?

Answer 7

She benefited from the introduction of a new book of rates in 1558, which raised customs revenue dramatically.