Pitts Economic and Trade Policies

Question 1

What was the 1786 Sinking fund?

Answer 1

£1Million of revenue put away in interest to help pay off national debt.
By 1793 it had paid of over £10 Mil of national debt.
It was a successful peacetime policy as it restored national confidence however failed as a wartime policy.

Question 2

1799 Britian’s First income Tax

Answer 2

Attempt to make up for the cost of the American Wars.
Successful as they reduced both smuggling and fraud.

Question 3

1786 Eden Treaty

Answer 3

1786 Eden Treaty was between Britain and France and opened the gates to trade.
Successful as it allowed economic boost.
Pitt was interested in Free trade and believed the system of tariffs restricted the nation.

Question 4

1784 East India Bill

Answer 4

1784 East India Bill established dual control of India, with the British government (Board of Control) overseeing policies while the East India Company managed trade, reducing corruption and increasing state influence.

Question 5

Trade expansion

Answer 5

He expanded trade through the West Indies with British exports to the Caribbean rising by 50% between 1784 and 1793.

Question 6

The Negotiations Act (1788)

Answer 6

The 1788 Negotiations Act stopped private individuals from making unauthorized foreign policy deals without government approval.

America still preferred to trade with France and trade levels were below pre-war levels. However by 1786 British goods still dominated US imports, showing some recovery.