What did Northumberland bring to the English economy
Brought financial stability to the crown. Made improvements following H8 and Somerset’s disasters
Methods used to reform the economy
- Ending the Scottish and French wars in 1550 with the Treaty of Bolougne.
- French Pension
- Ending debasement
- Melting church plate
Why was ending the Scottish/French war significant
Garrisons were wildly expensive, bolougne was a huge drain on scarce resourced.
£133,333 was received for the return of Bolougne.
Why was ending debasement significant
Debasement had riddled the economy since H8, Somerset continued (for Scottish war) and Northumberland did it once - but abandoned the practice.
Debasement stopped = more precious metals in coins and brought stability to currency.
Why was melting church plate significant
- Continued the direction of Protestantism
- Melted the plate down into Buillion
Why was Walter Mildmay significant
Walter Mildmay was in charge of formulating a detailed analysis of the crowns finances and plans were made to streamline administration.
This, however, didnt come to fruition until Mary.
Overall economic impact of Northumberland
Cecil was placed in charge with sorting out the crowns finances
1552 the council established a revenue commission to investigate finances
March 1552 the coinage was reminted to its 1527 value
Repealed Sheep Tax
In 3 years he reduced the crown’s debt from £260,000 to £180,000
