Economy

• What was the average expenditure during the Nine Years' War?

  £5.4 million
• What was the average annual tax revenue?

  £3.6 million
• When was England bankrupt by?

  1697
• When was the Treaty of Ryswick signed?

  September 1697, French king had to accept William as the legitimate King
• What goods were excise taxes extended to?

  Tea, Tobacco, Alcohol
• When was the land tax made?

  1692
• What did the land tax charge?

  20% of profits landed elite mad from their land with Catholics expected to pay double
• How much did the land tax yield in the first year?

  £1 million
• What percentage of the required funds for war did the land tax raise?

  1/3
• When was the Marriage duty act made?

  1695
• What did the Marriage duty act charge for?

  Christenings, marriages and burials
• What were charges for nobles by the Marriage Duty Act?

  Baptisms: £30

  Marriages and Burials: £50
• How much did the Marriage Duty Act raise by 1696?


  £50,000
• When was the Window tax introduced?

  1696
• When was the Window tax abolished?

  1851
• How much was charged for each window

  2 shillings (10p) per window with an additional 4 shillings for 10 and 8 shillings for 20
• What was levied on multiple occassions between 1688-1698?

  A poll tax
• Why was the Poll tax unpopular?

  It was a tax on every adult relative to rank/profession which annoyed some as it wasn't based on income
• What other taxes were introduced?

  -Taxes on hackney coaches

  -Tobacco pipes

  -Salt and coal
• What was the total raised through taxation between 1689 and 1702?


  £58 million
• How much was raised through taxes between 1689 and 1697?


  £40 million
• Why was the National Debt created?

  The Crown took out long term loans from merchants and city traders and repaid them with interest
• What did the National Debt stand at by 1698?


  £16.7 million
• When was the Million Loan Act introduced?

  1693
• What was the Million Loan Act inteded to raise?

  A loan of £1 million
• When was the Million Lottery?

  1694
• How many tickets were sold in the Million Lottery?

  100,000 tickets costing £10 each
• How many fortune tickets were there in the Million lottery?

  2500
• What was the interest rate for investors in the Million lottery?

  14%
• How was the repayment of the Million Loan Act guaranteed?

  From the income of excise taxes
• How was the Million Lottery funded?

  From the taxes on salt
• When have lotteries existed since?

  1567
• When were investors invited to pay for the war?

  1694
• How much were investors invited to pay?

  £1.2 million
• What were investors allowed to establish after funding the war?

  The Bank of England which provided banking services and raised further crown loans
• How much was raised by promising investors a stake in the East India Company?

  £2 million in 1698
• What did William agree to in 1690?

  The Public Accounts Act
• What did Parliamentary commissions investigate?

  Government expenditure
• How many commissioners were there?

  9
• How much were the commissioners paid each year and who were they responsible to?

  £500 annually and responsible to Parliament not King