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Y107: England 1547–1603: The Later Tudors

Elizabeth’s management of financial, economic and social affairs: financial and economic situation

  • 3 things to know
  • Unit group 1

Overview

Recall questions on the financial and economic situation in 1558, sources of crown income, methods of raising finances, ordinary revenue, parliamentary taxation, methods of reducing costs, financial administration, the impact of war.

What you need to know

Answer each one before you reveal it.

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Key term

Describe the crown's financial position in 1558.

Key term

How was the debased coinage dealt with?

Key term

List the main sources of the crown's ordinary revenue.

Questions from this subtopic

Each one with the model answer underneath.

  1. 1

    Describe the crown's financial position in 1558.

    Model answer

    Elizabeth inherited a debt of roughly £227,000, much of it borrowed in Antwerp at high interest, together with a debased coinage and the costs of the French war.

  2. 2

    How was the debased coinage dealt with?

    Model answer

    The recoinage of 1560–61, advised by Thomas Gresham, called in the debased money and reissued it at a proper silver standard, restoring confidence and yielding a profit to the crown.

  3. 3

    List the main sources of the crown's ordinary revenue.

    Model answer

    Rents from crown lands, customs duties, feudal dues such as wardship, the profits of justice, and clerical first fruits and tenths.

  4. 4

    Explain the significance of the new Book of Rates.

    Model answer

    By revising the official valuations on which customs were charged, it roughly doubled customs income and made it the most valuable single item of ordinary revenue.

  5. 5

    What forms did parliamentary taxation take?

    Model answer

    The traditional fifteenth and tenth levied on communities, and the subsidy, a tax on assessed wealth in land or goods, which had to be voted by Parliament for a particular purpose.

  6. 6

    Why did the yield of the subsidy fall during the reign?

    Model answer

    Assessment was left to local gentry commissioners who valued themselves and their neighbours far below their real wealth, so that the same nominal tax raised steadily less as prices rose.

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