Tudors 20 - 'Inflation was the most serious financial problem facing Elizabeth and her government', How far do you agree? Flashcards
What are the 4 factors in the question ‘Inflation was the most serious financial problem facing Elizabeth and her government’. How far do you agree?
- Inflation
- Debt
- Lack of trade
- Sources of income
- INFLATION
INFLATION
What policy made inflation worse?
Debasement of 1545-51
When was the coinage revalued?
1560-61
Why did the revaluing of the coinage not ease inflation?
- Foreign traders did not trust the currency and did not lower prices
- Had to borrow money to buy silver
What did Queen Elizabeth do during times of rising prices?
Banned exports of grain
How much did prices increase in the 1550s?
100%
- DEBT
DEBT
How much debt did Elizabeth inherit from Mary?
£227,000
When did Elizabeth clear the debt?
1576
By when did England have a surplus of £300,000?
1584
How much Elizabeth borrow from the City of London due to the war with Spain?
£56,000
How much did Elizabeth borrow from her wealthy subjects due to the war with Spain?
£75,000
How much debt was England in by the time of Elizabeth’s death in 1603?
£350,000
- LACK OF TRADE
LACK OF TRADE
Who controlled American trade?
Spain
Who controlled near and far east trade?
Portugese and Venetians
When was the Muscovy Company set up to trade between London and Moscow?
1555
Why was the Muscovy Company not very successful?
Ivan IV taxed them very heavily
Why was English trade with Persia unsuccessful?
The Shah did not want to trade with non-Muslims
Where were whalers given a monopoly?
Spitzbergen, the coast of Norway
- SOURCES OF INCOME
SOURCES OF INCOME
How much was Elizabeth’s income from crown lands at the start and end of her reign?
Start: £86,000
End: £111,000
What was the % increase of income from crown lands over her reign and what was inflation during this period?
Increase of 23%, inflation at 30%
