HOW IMPORTANT WERE WILLIAM'S WARS IN THE DEVELOPMENT OF A FINANCIAL REVOLUTION?

What was the Nine Years' War? (1688-97)
Fought between the League of Augsburg (Holland, England, Spain etc.) against the French- William spent a lot of money.
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What happened during the parliament of 1691?
Opposition in parliament voted to lower the amount of William's troops to 10,000.
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How did William react to the decrease in his soldiers?
He borrowed £2.8 million from the newly-established Bank of England and recruited 68,000 soldiers with it.
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Why were merchants unhappy with the war?
It was destroying trade routes, especially in Africa and the Mediterranean.
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What was the average annual expenditure during the Nine Years' War?
£5.4 million- with only £3.6 million in tax revenue per annum.
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What tax was introduced in 1692?
A new land tax-generated £1 million in its first year.
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How was the National Debt created?
The Crown began taking out loans from city traders and merchants- it stood at £16.7 million in 1698.
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What was the result of the war spending and national debt?
The Civil List Act in 1698- William was given £700,000 a year to live off, and this had to be agreed annually between the Crown and parliament.
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What did William agree to in 1690?
The Public Accounts Act- a commission met to expose government corruption until 1697, when William blocked it from being established.
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Who pushed for the Bank of England to be created?
Charles Montagu- Whig Chancellor.
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What did the Tonnage Act of 1694 provide?
A loan of £1.2 million to the Crown at 8%.
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What did William do to improve his financial situation in 1698?
He raised £2 million by promising investors a stake in the 'new' East India Company. He also revalued old coins to restore confidence in the economy- Recoinage Act 1696.
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How was parliament in control of the Crown's finances after the Glorious Revolution?
1) William had to meet with parliament annually for their approval of the Civil List Act- gave them more authority. Parliament also controlled military spending.
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Other cards in this set

Card 2

Front

What happened during the parliament of 1691?

Back

Opposition in parliament voted to lower the amount of William's troops to 10,000.

Card 3

Front

How did William react to the decrease in his soldiers?

Back

Preview of the front of card 3

Card 4

Front

Why were merchants unhappy with the war?

Back

Preview of the front of card 4

Card 5

Front

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

Back

Preview of the front of card 5
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