GR - Economic Factors

• How does the Bill of Rights link to economic factors?

  Monarch cannot introduce laws without parliament's consent
• What were the parliamentary commissions?

  They were set up to investigate the government spending

  The commissions questioned ministers and wrote reports and were responsible to parliament

  The commissions also led to the opening of the 1690 Public Accounts Act
• What success did the parliamentary commissions manage to obtain?

  • Speaker Trevor was expelled for financial mis management after inquiry
  • The commissions suggestions led to William reviewing the size of the army and navy
• Importance of the Bank of England 1694?


  Was established by a parliamentary act

  Gave confidence to the investors and this helped boost the economy

  One of the banks main success was through them providing long term loans
• What was the significance of the 1696 re coinage?


  Old coins were recalled and new ones which were worth more were issued which improved the economy
• Main points regarding taxes during the GR?

  The annual tax revenue was £3.6m which derived from tea, tobacco and alcohol

  Land tax was introduced from 1692 and raised £1m in the first year
• National Debt?

  There was £16.7m in 1698 - repayments of this debt took up 30% pf income
• What was the significance of the 1697 Civil List Act?


  Parliament were to now grant £700,000 a year to William

  The money granted included the salaries for civil servants and judges

  Parliament and king were to meet regularly to renew this
• the civil list act of 1697 helped in resolving the long term issue of monarch's financial stability - previously asking parliament for money had caused problems for monarch's