Management of the state
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Management of the State. Elizabeth and Burghley focused on political stability rather than financial security. Royal Revenue…. Elizabeth’s income came from: Crown estates – income increased by 1/3 during her reign She sold land valued at £300,000

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Royal revenue
Royal Revenue… than financial security

  • Elizabeth’s income came from:

  • Crown estates – income increased by 1/3 during her reign

  • She sold land valued at £300,000

  • Customs duties – the yield only increased by 15% over her reign

Feudal dues
Feudal dues… than financial security

  • Left over from medieval times

  • Included: monopolies, death duties (for the rich), selling rights of wardship where the wardship of young heirs was sold and often exploited

  • Parliamentary taxes

Political stability
Political stability… than financial security

  • Maintained at the expense of increasing revenues

Consequence of this policy
Consequence of this policy… than financial security

  • Elizabeth and her treasurers were careful with money during peacetime and Burghley did manage to build up a reserve

However… than financial security

  • War used up the reserve and forced Elizabeth to sell lands and take out loans

Monopolies… than financial security

  • She issued monopolies to raise money but the governing classes did not like this

Purveyance… than financial security

  • Supplying foodstuffs to the Court

  • There was a lot of corruption concerning supplies in and out of the Court

Recoinage than financial security…

  • At the start of her reign the coins were ‘debased’ she quickly had them recalled and reissued with higher rates of gold and silver

  • This act was remembered as one of her finest achievements after the Settlement and the maintenance of peace

Boosting the economy
Boosting the economy… than financial security

  • Low leases to coalminers boosted mining

  • Encouraged immigration of skilled foreign workers to come to England

  • Established an English arms industry – gunpowder and cannon

  • Invested in voyages of discovery (pirates too)

  • Economic policy seemed to be than financial securityad hoc – for a particular purpose

  • Establishing an arms industry gave national security

  • Protected the cloth industry

Regulated economy
Regulated economy… than financial security

  • Elizabeth and her ministers believed that society ( and the economy) needed to be regulated

  • Elizabeth issued trade monopolies for geographical areas to companies eg the East Indi Company (1600)

  • Labour was regulated than financial securityeg the Act of Artificers (1563)

  • Poor relief (1563,1572, 1576, 1597, 1601)

  • Wage levels were regulated when there was inflation

  • Regulation against hoarding food during hard times