Finance

Question 1

Who was Mary’s Lord Treasurer?

Answer 1

Paulet, a gifted financier

Question 2

How was the Exchequer reformed?

Answer 2

Expanded to incorporate the Court of Augmentations, Court of 1st Fruits and Tenths

Question 3

How much of crown income did the Exchequer handle after the expansion?

Answer 3

75% - around £265k per year

Question 4

How did Mary change rents from Crown lands?

Answer 4

Re-evaluated and raised - raised approx £40k p.a.

Question 5

Examples of the Exchequer collecting Crown debts?

Answer 5

Sir Thomas Egerton owed £7497 (but some people like Lord Pembroke got away without paying off debts)

Question 6

What was the Book of Rates?

Answer 6

Revised customs duties - raised from £29k in 1556 to £82k in 1558

Question 6

What foreign policy issue had a positive effect of finance?

Answer 6

Cost of Calais garrison removed

Question 7

Debt at the start of Mary’s reign?

Answer 7

£185,000

Question 8

Debt at the end of Mary’s reign?

Answer 8

£300,000 - David Loades said this was a ‘considerable achievement’ as she had gone to war

Question 9

Historian’s assessment of Mary’s financial policy

Answer 9

Williams - Mary’s financial policy was ‘adequate’