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.


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