economic changes

• Economic Problems faced by mary:

  1. Pressure on demand brought about by the rapid increase in the population - long-term factor in increasing inflation.
  2. The inflationary impact of debasement of the coinage - medium-term factor 
  3. Harvest failures in 1555+1556 - short term
  4. The impact of the ‘sweating sickness’ in 1557 + 1558 (the death toll was possibly the worst since the black death) - short term 
  5. High taxation to pay for war against France - short term
• In 1552 several commitssions had been established under Northumberlland to examine the state of royal finances.

  Walter Mildmay had been the main architect for these and although he was prtoestant his ideas were still implemented
• Reforms:

  1. 1554 All revenue courts (court of first fruit and tenths + the court of Augmentation) were amalgamated into the Exchequer and this took its orders straight from the council (streamlining). 

  • Under The Lord Treasurer, Winchester the exchequer operated more efficiently

  1. The council was to oversee the recoinage and it subsequently looked into the customs income which increased by 75% from 1557-1558. 
• crown finances:

  • Mary remitted the final part of Edward’s last subsidy and focused on Import tariffs. This brought her short-term popularity, but came at a large financial cost.
  • Northumberland had looked to create a new book of Rates in 1553. Mary continued this policy. It finally arrived in 1558 and benefitted elizabeth 

  It allowed previously untaxed imports to receive duties and old taxes were upgraded with inflation 

  • Mary also set up the post of Surveyor General of Customs (william Paulet) to oversee effective collection. 
• Overall finances under Mary

  • England’s debt rose but not dramatically 
  • The slow rise in debt can be seen as a success as they were at war with France
  • Security of Crown finances was boosted by recoinage
  • Elizabeth saw the benefit from recoinage and the book of rates
• • 1555 The Poor Law Act extended the act of 1552 and ordered licensed beggars to wear badges; this was intended to encourage fellow parishoners into donating more alms for poor relief. 
• 
  

  • Mary’s government first pioneered the idea of giving responsibility for the poor to Jps
  • Movement of industries to the countryside was discouraged to reduce urban unemployment
• • Action was taken to extend the work of 5 charities (e.g. St. barts and Bedlam/bethlem) to provide for the sick and needy across london.
  • Action was taken against grain hoarders
  • Encouragement was given to the conversion of pasture land to crop farming.
• Northumberland had drafted a new book of rates in 1553 which was introduced by Mary in 1558 but only really benefited Elizabeth
• customs revenue improved by 75% from 1557 --> 1558 due to the new book of rates and recoinage
• actions to address other issues:

  1. 1555 poor law act made licensed beggars wear badges & encouraged the donation of more alms for poor relief
  2. JP's given responsibility of the poor
  3. encouragement from converting land from pasture into crop farming
  4. action taken against grain hoarders
  5. work of 5 charities extended