Financial Problems Flashcards
(15 cards)
How much money did E inherit?
£300,000
Who was money borrowed from before Elizabeth?
Antwer dealers at 14%
What was the problem with E owing debt?
-looks poor
-needs to reward her followers
-inflation
What did E do to solve this?
Sold off quite a significant amount of land therefore crown’s income fell
What did money mean?
Security
What does E need to do for her country?
-reward her loyal followers
since 1540s what had been happening?
Crown had been devaluing the coins by reducing the silver/gold content within it
What did Henry have?
Jousts and parties, field of cloth and gold
What were Elizabeth’s options?
-raise taxes
-ask parliament to put up extra taxing to increase quality of coins
How to get money?
Custom duties
Or forced taxing
What are custom duties?
What did Thomas Gresham suggest in 1560?
William Cecil yo increase gold and silver quality within the coin
Why did E refuse Gresham idea?
People would struggle to get to know the knew coinage
What did E hoard?
all money she could get a hold of cutting household expenses/feasts
What was life like by 1574?
Crown still out of debt and poorer people’s lives still sucked
