Mid Tudors Economic Policy
- Created by: wanjikar
- Created on: 24-05-22 15:30
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- Mid Tudor Economic Policy
- Edward
- 1547: Inflation and economic instability began as a result of H8's debasement of coinage
- 1550: War with Scotland became too expensive
- H8's economic legacy
- Debasement of coinage: created inflation, loss of confidence in currency and economic disruption
- Debt- H8 left a debt of 100K to the Antwerp market
- Heavy expenditure
- Somerset
- Scottish campaigns cost 500K
- debasement carried on and no solutions were attempted
- Northumberland's solutions
- Corrected the amount of metal in coins in 1560 to fight the effects of debasement
- Collapse of Antwerp market in 1551-52
- Boulogne was given back for 133,333 and garrisons in Scotland were withdrawn
- established the Privy Coffer
- Reduced debts to 180K by 1553
- Corrected the amount of metal in coins in 1560 to fight the effects of debasement
- Mary
- Financial reforms
- Court of Exchequer took over Court of First Fruits and Tenths and Court of Augmentations
- Crown finances were boosted by the recoinaege plans from '56 to '58
- New Book of Rates introduced in 1558
- raised custom revenue dramatically
- The Muscovy Company was formed in 1557
- Wiliiam Paulet- Lord Treasurer from 1550 to 1572
- Financial reforms
- Edward
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