Mid Tudors Economic Policy

  • Created by: wanjikar
  • Created on: 24-05-22 15:30
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  • Mid Tudor Economic Policy
    • Edward
      • 1547: Inflation and economic instability began as a result of H8's debasement of coinage
      • 1550: War with Scotland became too expensive
      • H8's economic legacy
        • Debasement of coinage: created inflation, loss of confidence in currency and economic disruption
        • Debt- H8 left a debt of 100K to the Antwerp market
        • Heavy expenditure
      • Somerset
        • Scottish campaigns cost 500K
        • debasement carried on and no solutions were attempted
      • Northumberland's solutions
        • Corrected the amount of metal in coins in 1560 to fight the effects of debasement
          • Collapse of Antwerp market in 1551-52
        • Boulogne was given back for 133,333 and garrisons in Scotland were withdrawn
        • established the Privy Coffer
        • Reduced debts to 180K by 1553
    • Mary
      • Financial reforms
        • Court of Exchequer took over Court of First Fruits and Tenths and Court of Augmentations
        • Crown finances were boosted by the recoinaege plans from '56 to '58
        • New Book of Rates introduced in 1558
          • raised custom revenue dramatically
        • The Muscovy Company was formed in 1557
        • Wiliiam Paulet- Lord Treasurer from 1550 to 1572


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