Pitt's relationship with the King Flashcards
According to John Plumb, upon what does Pitt’s reputation as a great peacetime minister rest?
His solutions to the problems caused by the American war
What is Plumb’s opinion on how Pitt dealt with finance?
He believes he was less successful in this regard. Pitt accepted the views of Dr Price on National Debt and the Sinking Fund. But Dr Price’s views were based upon a mistaken idea, and, apart from an immediate gain in confidence, Pitt’s sinking fund produced no benefits.
Explain the idea of national debt
Long term debt set up in 1696 to meet the high cost of Britain’s continental wars. BofE organised loans to the government, with interest to be paid annually. Taxes had to be raised to pay the interest. The debt kept increasing as further loans were sought by the government and it became an accepted feature of national finance that still exists today. The system has benefits for government financial planning and investors
Explain the sinking fund
A saving scheme used to pay off the national debt. Money from taxation was paid into the fund, and, with interest gained, used to reduce the capital debt. It started as early as 1716, but was habitually raided by ministers for other purposes
Briefly describe Dr Richard Price
Well known writer, philosopher and political radical, some of whose financial ideas influenced Pitt
When did Pitt enter the house of commons?
1781
How old was Pitt when he entered the house of commons?
21
How long after joining parliament did it take for Pitt to be appointed PM?
3 years
Explain Pitt’s political pedigree
His father had been PM and his mother was from a formidable Whig family, the Grenvilles
Briefly describe the character of Pitt
Precocious and clever with a fierce intellect, a passion for politics and a deep ambition for power. But he was also a reserved and distant character, ill at ease in society
Describe Pitt’s relationship with the King
There was respect and mutual respect but their relationship lacked any kind of warmth and remained guarded throughout. Pitt remained loyal to the King after becoming PM, with the King rewarding Pitt with his continued support
Describe Lord Shelburne
Leading Whig who was closely connected to Pitt’s father and os had a considerable influence on Pitt. He believed in allegiance to the King over party or faction. Had a brilliant mind and ideas ahead of his time. Patron to radical thinkers like Adam Smith and Dr Price. Distrusted for his secrecy and political aloofness
Describe Charles James Fox
Came from a prominent Whig family. Intellectually gifted, a brilliant speaker, champion of individual freedom. Could have enjoyed political success if not for his recklessness and unpredictability - often criticising government and calling for a reduction of the King’s powers. Detested George III and so the King kept him out of office with the connivance of Pitt. He became a leading opposition figure for the rest of his political life
What happened following the loss of the American colonies?
The King’s favourite, Lord North, resignednand he was dorced to accept a Whig ministry led by Lord Rockingham, whom he disliked, because he was capable of leading a commons majority
Describe the ministry of Lord Shelburne
Replaced Lord Rockingham after his unexpected death. His political motives were deeply distrusted because of his close relationship with the King. In agreement with Shelburne, the King appointed William Pitt as chancellor of the exchequer