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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…
  • 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…
  • 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…
  • Maintained at the expense of increasing revenues
consequence of this policy
Consequence of this policy…
  • Elizabeth and her treasurers were careful with money during peacetime and Burghley did manage to build up a reserve
  • War used up the reserve and forced Elizabeth to sell lands and take out loans
  • She issued monopolies to raise money but the governing classes did not like this
  • Supplying foodstuffs to the Court
  • There was a lot of corruption concerning supplies in and out of the Court
  • 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…
  • 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 ad hoc – for a particular purpose

  • Establishing an arms industry gave national security
  • Protected the cloth industry
regulated economy
Regulated economy…
  • 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 eg 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