Peel laws Flashcards
What happened to duties on raw wool, coffee and sugar in 1844?
Raw wool duties were abolished
Coffee and sugar duties were reduced
What happened to the Corn Laws and the Sliding scales in 1842?
They were modified to allow for more stable prices so the price of bread was cheaper but rich farmers got less profit.
What happened to income tax in 1842 and 45?
It was introduced in 1842 for 3 years at 7d in a pound for anyone with an income over £150 annually, and was renewed for another 3 years in 1845.
It allowed for redistribution of money as only the rich paid this.
What happened to tariffs in 1842 and by 1846?
750 tariffs were reduced in 1842 and by 1846 600 duties abolished and 500 severely reduced, allows for lower prices and freeer trade.
What was the Bank Charter Act?
Gives the Bank of England more control of distibuting notes
What was the Companies Act?
Companies had to be registered, publish prospectuses and issue regular bank sheets so that people aren’t swindled out of their money
What was the Mines Act of 1842?
It banned underground labour of women, girls and boys under 10
What was the Railways Act of 1844?
Increase regulation of railways, increased inspections and protected the interests of poorer travellers
What was the Factory Act of 1844?
Young children had a 6.5 hour work day
Women and 13 - 18 year olds had a 12 hour work day at most
What was Peels main issues that he dealt with in his period?
He wanted to make the economy better because the Whigs give him a country with a £2 mil deficit to a £5 mil surplus
