Elizabeth Economic changes

• When did Elizabeth rebase the coinage?

  1560
• Who was put in charge of rebasing the coinage?

  Thomas Gresham and William Cecil
• What profit did Elizabeth make from rebasing the coinage?

  £50,000
• Elizabeth ensured only what type of coins were in circulation?

  Sound rather than soundly minted
• Why was it important for only sound coins to be in circulation?

  1. Increases the value of coin

  2. Reduces inflation

  3. Crown control what goes in and out
• Why was the coin circulation important for government?

  As they were no longer responsible for rising prices
• What do debased coins lead to?

  1. Inflation

  2. Bad reputation
• When did Elizabeth create the disastrous act to help the deserving poor?

  1563 act
• When was the Statute of Artificers?

  1563
• What 3 rules did the Statute of Artificers make to labour?

  1. Implemented compulsory labour

  2. A one year contract

  3. A 7 year apprenticeship before having a craft
• What did the Statute Of Artificers implement for JPS?


  Maximum wage rates for every county
• What happened to those who refused the Statute of Artificers?

  those refusing to pay the poor rates could be put in prison
• What was the penalty for those who tried to organise poor relief, under the Statute of Artificers?

  Officials who failed to organise poor relief could pay a penalty of up to £20
• What form of income for the poor continued but wasn't enough?

  Private benefactors
• What were private benefactors?

  Money left for the establishment of almshouses for the poor
• Which type of Poor was punished in Elizabeth's reign?

  Undeserving
• The deserving poor included people such as

  The old, windows and disabled
• Inflation had risen by how much over the 16th century?

  400%
• Which book did Elizabeth use to help her with economic problems?

  Mary's 1558 book of rates
• What did the book of rates do for custom duties?

  Increased the income from exports
• Which 2 religious tactics did Elizabeth use for the economy?

  First of fruits tax

  Delayed appointment of bishops to receive tax from church
• How much were crown lands sold off for under Elizabeth?

  £800,000
• Which counties established wage rates for professions?

  Buckinghamshire and Northamptonshire
• When was an act passed that distinguished between idle and impotent poor?

  1572 by Parliament
• What was made compulsory under the 1572 Poor Law?


  Donations to local authorities
• When were houses of corrections established?

  1576
• What were houses of corrections?

  Institutions that punished those too lazy to work
• What 3 things did the 1597 poor law act set out?

  1. Compulsory poor rate

  2. Apprenticeships for boys and girls

  3. Proper aid to impotent poor