Elizabeth I and her Finances - Were they successful?

Notes on the successes and failiures of financial policy under Elizabeth I. For Edexcel history unit 3, protest crisis and rebellion

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ELIZABETH 1558 ­ 1588
FINANCE
The crown finances were both administered and supervised by the council as a whole,
not just by finance ministers and treasurers
There was a need for a better economy due to Mary's expensive war with France, so
expenditure was kept on a tight rein under Elizabeth
There was pretty much no building, official salaries were frozen at low levels the
Househild was reduced and urged to cut its spending, gifts and pensions were less
freely given and most importantly financially, Elizabeth avoided war for most of her
reign
Under Elizabeth, revenue increased from £200000 to £300000
She saved enough to pay off Mary's massive debt of £227000
She still managed to fund the great war with spain, as well as completing her conquest
to Ireland.
Crown land worth over £600 000 was sold
Parliamentary taxation was requested more frequently
Forced loans were imposed, which people didn't like so much!
Any pirateers who stole money from spain had to share around half of their booty with
the crown
Money for military ship building was demanded widley across the country
She didn't resort to debasing the coinage, and, despite all her financial pressures, only
had a debt of £350 000 in her long reign. Mary got a debt of £227000 in er short
reign!
HOWEVER
Finance was not all perfect as the above makes out. Inflation was around 75%, but
land incomes only rose by 25%.

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The government did not increase rent duties along with inflation and land sales
depleted
There were more debts that were not counted as they were allowed to be left unpaid
Parliamentary taxation was not efficiently administered. The collectors were often
negligent and corrupt, with many taxes left unpaid
Due to inflation, the subsidy fell from £140 000 at the start of her reign, to £80 000
at the end.…read more

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