Glorious revolution - Theme 4 - Financial Revolution

KEY:      = was revolutionary      = not revolutionary

9 Years War - In May 1689, Parliament declared war on France, following the wishes of William III. For the next 25 years England was engaged in a long and expensive war. 

• William's need for money - and theerfore his dependence on Parliament changed the monarchs relationship with Parliament. 
• After 1691 parliament favored a reduction in Williams participation, voting him funding for 10,000 troops. But WIlliam managed to recruit 68,000 men at a cost of £2.8 million through borrowing via the Bank of England 
• The average annual expediture in the Nine Year's War was just over £5.4 million, but the tac revenue was just £3.6 milllion. William acheived this mainly through excise taxes on items such as tea, tobacco and alcohol.
• The land tax paid for a third of all required funds, WIlliam had raised more in tax than any previous monarch but it was still not enough.
• In the face of opposition…