William III Financial Revolution

What was the Nine Years' War? 

• Fought between the League of Augsberg (Britain, Holland, Spain etc.) and France. William spent a large amount of money on the war. 

What happened during the parliament of 1691? 

• Opposition to the Nine Years' War meant that parliament voted to decrease the number of troops in William's standing army to 10,000. 

How did William react to the decrease in his soldiers? 

• He took out a loan of £2.8 million from the newly-established Bank of England in 1696 and hired 68,000 troops with it. 

Why were merchants unhappy about the war? 

• It was obstructing trade routes in Africa and the Mediterranean.

What was the average annual expenditure during the Nine Years' War? 

• £5.4 million, with only £3.6 million in annual revenue.

What tax was introduced in 1692? 

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