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1F Industrialisation and the People: Britain, c1783–1885

Peel's Reforms, Railway Mania and Corn Law Repeal

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Overview

Recall questions on Peel's Bank Charter Act, free-trade budgets and Companies and Railway Acts, the growth of the railways and railway mania, and the Irish famine, repeal of the Corn Laws and the Conservative split.

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Key term

What event beginning in 1845 created pressure for Corn Law repeal?

Questions from this subtopic

Each one with the model answer underneath.

  1. 1

    What did the Bank Charter Act of 1844 establish regarding banknote issue and currency backing?

    Model answer

    It gave the Bank of England a monopoly on issuing new banknotes and required notes beyond a fixed fiduciary issue to be backed by gold reserves, reinforcing the gold standard

  2. 2

    How did the Bank Charter Act of 1844 restructure the Bank of England?

    Model answer

    It separated the Bank into an Issue Department controlling note issue and a Banking Department conducting normal banking business

  3. 3

    What fiscal measures did Peel's budgets of 1842 and 1845 introduce to move Britain towards free trade?

    Model answer

    They reintroduced income tax and reduced or abolished tariffs on hundreds of items

  4. 4

    What administrative reforms did Peel introduce through the Companies Act of 1844 and Railway Act of 1844?

    Model answer

    The Companies Act required company registration; the Railway Act regulated fares and safety

  5. 5

    How did the British rail network expand between 1830 and 1850?

    Model answer

    From under 100 miles in 1830 to over 6,000 miles by 1850

  6. 6

    How did railway construction stimulate economic growth in this period?

    Model answer

    Through demand for iron, steel, coal, and labour, and by reducing transport costs for goods and people

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