Glorious revolution - Theme 4 - Financial Revolution

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  • Created by: Mia.A.W
  • Created on: 06-06-21 13:16

KEY:      = was revolutionary      = not revolutionary

9 Years WarIn 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

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