Tudors 20 - 'Inflation was the most serious financial problem facing Elizabeth and her government', How far do you agree?

Question 1

What are the 4 factors in the question ‘Inflation was the most serious financial problem facing Elizabeth and her government’. How far do you agree?

Answer 1

1. Inflation
2. Debt
3. Lack of trade
4. Sources of income

Question 2

1. INFLATION

Answer 2

INFLATION

Question 3

What policy made inflation worse?

Answer 3

Debasement of 1545-51

Question 4

When was the coinage revalued?

Answer 4

1560-61

Question 5

Why did the revaluing of the coinage not ease inflation?

Answer 5

• Foreign traders did not trust the currency and did not lower prices
• Had to borrow money to buy silver

Question 6

What did Queen Elizabeth do during times of rising prices?

Answer 6

Banned exports of grain

Question 7

How much did prices increase in the 1550s?

Answer 7

100%

Question 8

2. DEBT

Answer 8

DEBT

Question 9

How much debt did Elizabeth inherit from Mary?

Answer 9

£227,000

Question 10

When did Elizabeth clear the debt?

Answer 10

1576

Question 11

By when did England have a surplus of £300,000?

Answer 11

1584

Question 12

How much Elizabeth borrow from the City of London due to the war with Spain?

Answer 12

£56,000

Question 13

How much did Elizabeth borrow from her wealthy subjects due to the war with Spain?

Answer 13

£75,000

Question 14

How much debt was England in by the time of Elizabeth’s death in 1603?

Answer 14

£350,000

Question 15

3. LACK OF TRADE

Answer 15

LACK OF TRADE

Question 16

Who controlled American trade?

Answer 16

Spain

Question 17

Who controlled near and far east trade?

Answer 17

Portugese and Venetians

Question 18

When was the Muscovy Company set up to trade between London and Moscow?

Answer 18

1555

Question 19

Why was the Muscovy Company not very successful?

Answer 19

Ivan IV taxed them very heavily

Question 20

Why was English trade with Persia unsuccessful?

Answer 20

The Shah did not want to trade with non-Muslims

Question 21

Where were whalers given a monopoly?

Answer 21

Spitzbergen, the coast of Norway

Question 22

4. SOURCES OF INCOME

Answer 22

SOURCES OF INCOME

Question 23

How much was Elizabeth’s income from crown lands at the start and end of her reign?

Answer 23

Start: £86,000
End: £111,000

Question 24

What was the % increase of income from crown lands over her reign and what was inflation during this period?

Answer 24

Increase of 23%, inflation at 30%

Question 25

Why did Elizabeth’s income from crown lands not increase much over her reign?

Answer 25

She was unwilling to exploit her tenants

Question 26

What was the income from the Book of Rates in 1557 and then 1558?

Answer 26

1557: £29,000
1558: £82,000

Question 27

What was the income from the Book of Rates at the end of her reign?

Answer 27

£91,000