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

Pitt's Financial and Trade Reforms

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Overview

Recall questions on Pitt's Consolidated Fund and Sinking Fund, his reform of customs duties against smuggling, the income tax of 1799, and the Eden Treaty with France and Adam Smith's influence on freer trade.

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Key term

What did the Consolidated Fund combine?

Questions from this subtopic

Each one with the model answer underneath.

  1. 1

    What was the Consolidated Fund and when was it introduced?

    Model answer

    A single fund combining multiple revenue accounts, introduced by Pitt in 1787

  2. 2

    What did the Consolidated Fund combine?

    Model answer

    Multiple revenue accounts into a single fund

  3. 3

    How did the Consolidated Fund improve government finances?

    Model answer

    It improved transparency in government finances

  4. 4

    What corrupt practice did the Consolidated Fund help reduce?

    Model answer

    It reduced opportunities for corruption

  5. 5

    When did Pitt establish the Sinking Fund?

    Model answer

    1786

  6. 6

    What was the purpose of the Sinking Fund?

    Model answer

    To systematically reduce the national debt

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