What was the problem? - Debt from Mary; £227,000 in debt, £106,000 owed to Antwerp exchange at 14% interestHow did Elizabeth solve it? - Reducing spending on royal household, Frozen salaries, and Using monopolies as patronage
Success or failure? - “Greatest glory” William Camden and £330,000 of savings by 1574
What was the problem? - Inflation; 75% inflation between 1558-1603, and Population increase 3- 4.1 million (1561-1601)
How did Elizabeth solve it? - Debasement of Coinage in 1560
Success or failure? - Didn’t fully understand the issue - in fact biggest financial problem but £50,000 saved
What was the problem? - Cost of War; War with Spain had cost £4 million
How did Elizabeth solve it? - Use purveyance to purchase cheap cannons, Forced nobility to give loans to the Crown, which totalled £330,000 and Sold crown lands worth £600,000
Success or failure? - Saved £40,000 per year, but Businesses went bankrupt, Loans were rarely paid back, and Future monarchs couldn’t get taxes from this land
Cost of war?
Ordinary sources of revenue were around £300,000
War in the Netherlands 1585-1598: £2 million
Armada Campaign 1588: £161,000
Campaign to crush Irish rebellion 1599-1603: £1 million
