Economy

• What was there a continued pressure on?


  Demand due to rapid increase in population
• When were the harvest failures?

  1555 and 1556
• What did the harvest failures bring about?


  Severe food shortages and strain on real wages for the poor
• What had the Duke of Northumberland sought to do?


  Improve the administration of Crown finances by setting up a commission to recommend reforms
• What were implemented in 1554?

  Some of the changes
• What did the Court of Exchequer take over?


  Court of First Fruits and Tenths

  Court of Augmentations
• What mistake did Mary make?


  Cancelling the final part of Edward's last subsidy
• What happened as a result of Mary's mistake?

  Cheap popularity, but at financial cost
• What rose?


  Level of royal indebtness
• What was the security of crown finances boosted by?

  Plans for recoinage drawn up 1556-58
• When were the plans for recoinage implemented?

  Under Elizabeth
• Why had inflationary pressures been caused?

  Spreading of debased coins in circulation
• What enabled efficient implementation under Elizabeth?


  Thoroughness of preparation under Mary
• What did Elizabeth also reap the benefit from?

  Introduction of Book of Rates 1558
• What was the Book of Rates?


  Fixed levels of duties on products, new rates were 100% higher
• What was the result of the Book of Rates?


  Raised customs revenue dramatically
• What did the Court of First Fruits and Tenths deal with?

  Funds which had previously gone to the papacy
• What did the Court of Augmentations deal with?

  Income from monastic lands