Elizabeth Economic

1588-71
1. 11/13 parliamentary sessions were to ask to grant revenue. Elizabeth used extraordinary revenue to pay for the Crown's normal expenditure. In 1563 and 1571 parliaments Elizabeth asked for a government subsidy.
2. Expensive foreign policy defending Protestant rebels in the Netherlands
3. Revenue boosted by seizing goods from Spanish vessels - 400,000 florins seized from vessels in Devon and Cornwall.
1571-88
1. Burghley supervised the Court of exchequer and Court of Wards (which aimed at maximising the Crowns feudal revenue). He was strict on royal expenditure which paid off when money was needed for war in Netherlands. However, he failed to reform the Crowns system of raising revenue - there were declining revenues from customs, Crown lands and wardships - created problems for expensive war.
2. 1576 and 1581 parliaments granted her a subsidy to prepare for future trouble.
3. Very expensive war with Spain.
1588-1603
1. declining yield from taxtation
2. declining yield from customs revenue as there was no attempt to revise Marian Book of Rates
3. Yield from parliamentary subsidies declined as valuations were out of date
4. War with Spain strained finance.
5. Financial admin was well controlled and systems worked. There were few attempts to finance war through borrowing (unlike Philip II)
6. Some privateer expeditions presented large sums to Queen - 1589,1593,93 in particular.

Resource summary

	Created by holliemontague about 11 years ago