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Mind Map on Elizabeth Economic, created by holliemontague on 04/29/2014.

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holliemontague
Created by holliemontague about 11 years ago
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Elizabeth Economic1588-7111/13 parliamentary sessions were to ask to grant revenue. Elizabeth used extraordinary revenue to pay for the Crown's normalexpenditure. In 1563 and 1571 parliaments Elizabeth asked for a government subsidy.Expensive foreign policy defending Protestant rebels in theNetherlandsRevenue boosted by seizing goods from Spanish vessels -400,000 florins seized from vessels in Devon and Cornwall.1571-88Burghley supervised the Court of exchequer and Court of Wards(which aimed at maximising the Crowns feudal revenue). He wasstrict on royal expenditure which paid off when money was neededfor war in Netherlands. However, he failed to reform the Crownssystem of raising revenue - there were declining revenues fromcustoms, Crown lands and wardships - created problems for expensivewar.1576 and 1581 parliaments granted her asubsidy to prepare for future trouble.Very expensive war withSpain.1588-1603declining yield fromtaxtationdeclining yield from customs revenueas there was no attempt to reviseMarian Book of RatesYield from parliamentary subsidiesdeclined as valuations were out ofdateWar with Spain strainedfinance.Financial admin was well controlled andsystems worked. There were few attemptsto finance war through borrowing (unlikePhilip II)Some privateer expeditions presented largesums to Queen - 1589,1593,93 in particular.Double click this nodeto edit the textClick and drag this buttonto create a new node