what were the financial weaknesses in 1558
- crown was £300,000 in debt and had an average annual income of around £280,000
- over £100,000 of crown debts were owed to foreign money lenders (the Antwerp Exchange) which charged a high interest rate of 14%.
- Mary I had sold off crown lands to pay for the cost of wars with France so the crown had little rent income and was falling
- Elizabeth needed money to remain secure on the throne, as she could use it to reward her supporters
- since the 1540s, the Crown debased the coinage by reducing its silver and gold content, in order to make more money to fight wars against France. this resulted in inflation, as the value of the currency fell.