Elizabeth Finance Flashcards
(18 cards)
How did Elizabeth go about managing finance?
Restricted spending where possible
Reliant upon unpaid JPs
Reliant upon patronage through monopolies
When had debt from Mary’s reign been paid off and how much ?
£300,000 by 1585
As well as paying off debt how much additional revenue was raised?
£300,000
Who can be given credit for successful financial policy?
William Cecil
Lord Treasurer 1572
How much did selling crown lands bring in ?
£600,000
How much annual rent did crown lands provide?
£100,000
What happened to customs duties?
Not adjusted to take inflation into account
Reduced overtime
Feudal dues
Short term profit when Robert Cecil came to power 1599
When were subsidy taxes granted?
11/13 parliaments
No improvements to taxation system meant they were lower than in other European countries
Capture of Madre de Dios
£72,000
Netherlands cost of war
£2 million
Armada cost
£161,000
France cost
£580,000
Tyrone cost
£1 million
Ordinary revenue
-crown lands
-customs duties
-feudal dues
Extraordinary revenue
-subsidy taxes
-ship taxes
Difference between ordinary and extraordinary revenue
Ordinary- regular expected sources of income that the monarch could rely on without parliamentary approval
Extraordinary- occasional income raised in times of need with parliamentary consent
