The Impact of the Financial Revolution 1689-1701
- Created by: Mia.A.W
- Created on: 22-04-21 10:26
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- The Impact of the financial revolution
- Bank of England
- People invested into the bank, one exchange they were given £100 bills of exchange
- A good way of attracting lots of investors
- Government borrowed £2.5 million by 1701
- Civil List
- Established in 1698
- The King was now given a 'civil list' of income estimated at £700,000 a year
- King and parliament had to meet regularly to renew the civil list.
- Cost of 9 Years War
- Fought between the League of Ausburg (Holland,England and Spain) and France.
- The average annual expenditure was £5.4 million, however the average tax revenue was just £3.6 million
- At the end of the war government debt stood at nearly £17 million
- Recoinage Act
- Silver coins were regularly clipped reducing their real value
- Parliamentrequested old coins to be surrendered to ascertain their value a new coins were created.
- However within 2 years silver was again worth more a bullion that it was in coin
- Public accounts committee
- First set up in 1691. The members were responsible to parliament not monarch
- Daily meetings to expose deficiencies within government expenditure.
- Bank of England
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