Financial, economic and social affairs

• What was the financial situation of the English monarchy during Elizabeth's reign?

  The English monarchy was under-funded.
• How did the increasing expenses of the government affect its funding?

  It had to be funded from the monarch's income.
• What was the long-term effect of the dissolution of monasteries on royal finances?

  It did not strengthen royal finances in the long term.
• What were some of the expenditures that led to the sale of land and goods?

  Expenditures on war and defenses.
• What financial issues did the Crown face during the last years of Henry VIII's reign and under Edward VI?

  The Crown ran up serious debts.
• Which monarch went to war with France, impacting royal finances?

  Mary.
• What were parliamentary grants available for during Elizabeth's reign?

  They were available only for warfare and defense.
• How did inflation affect the Crown's financial situation?

  It undermined the Crown's financial situation.
• What was the most dynamic part of royal income during Elizabeth's reign?

  Taxes on trade.
• How did the cloth trade perform under Elizabeth compared to previous periods?

  It was less buoyant and subject to trade cycles.
• What financial reforms occurred under Mary that benefited trade?

  More tax from trade and greater efficiency with less corruption.
• What was the annual income of the Crown during peacetime?

  About £200,000.
• How did the stock of Crown lands change during Elizabeth's reign?

  It was decreasing in size and income.
• Why did the Crown receive much less than market rent for its lands?

  Due to corruption and fixed rents.
• What was the effect of trade cycles on taxes on trade?

  They were subject to fluctuations according to trade cycles.
• When did exports of cloth tend to peak?

  In the 1550s.
• What interrupted trade with the Low Countries during Elizabeth's reign?

  Disputes between Spain and England.
• Who was important in raising money/loans on the Antwerp money market?

  Gresham.
• What were forced loans and benevolences used for?

  To shore up royal finances.
• How did Elizabeth use the Church as a source of income?

  By keeping bishoprics empty to collect income from sees.
• What was the trend in recusancy fines from the 1570s?

  There was an increase in recusancy fines.
• What did the Court of Wards administer?

  The Crown's feudal rights including wardship.
• How much did the Crown receive from the six 'war parliaments' between 1585-1601?

  Perhaps £2 million.
• What was the controversy surrounding monopolies and patents granted by the Crown?

  They were seen as causing high prices and inflation during an economic crisis.
• What was the impact of plunder from the Spanish Empire on Elizabeth's finances?

  It provided income but led to sustained war against Spain.
• What was the estimated income during wartime?

  Possibly £300,000.
• How did the cost of warfare escalate during Elizabeth's reign?

  It led to continual complaints about underfunded English arms.
• What legacy did Elizabeth leave regarding royal debt?

  She left a legacy of royal debt to James I.
• What was Elizabeth's approach to reviewing income and expenditure?

  There were no serious reviews or attempts at retrenchment.
• Why did Elizabeth avoid making structural changes to royal income?

  Because it was politically problematic.
• How did Elizabeth's financial situation compare to Philip III of Spain?

  Elizabeth never went bankrupt, unlike Philip III.
• What were the key financial problems faced by Elizabeth's regime?

  • Under-funded monarchy
  • Increasingly expensive government
  • Long-term financial issues from the dissolution of monasteries
  • Serious debts from wars
  • Decreasing income from Crown lands
  • Inflation and debasements of coinage
  • Fluctuations in trade income
• What were the main sources of Crown income during Elizabeth's reign?

  • Crown lands
  • Taxes on trade (imports and exports)
  • Parliamentary grants (subsidies)
  • Money from the Church
  • Fines from law courts
  • Court of Wards
  • Monopolies/patents
  • Plunder from the Spanish Empire
• What were the consequences of Elizabeth's financial management?

  • Legacy of financial problems for Stuart monarchs
  • Reputation for parsimony
  • Reliance on Parliament for funding
  • Failure to exploit wartime popularity for new taxes
  • Continuous financial difficulties