Mary I - Economy

What caused problems for the economy under Mary?

- Heavy rain and harvest failures in 1555-56

- This led to influenza and typhus epidemics that killed 1/10 from 1556-58

- Population increase meant that the these diseases killed 5% between 1556-61

- Real wages fell to 40% lower than early years of the century

How did Mary use the privy council to establish royal finances?

- The role of the privy council in managing the daily running of the government was becoming more established and committees were used to deal with specialist issues

What did Mary try to do to revenue collection?

- Tried to make it more efficient

- A new Book of Rates was introduced in May 1558 to improve Crown income from custom duties

- Plans were drawn up to revalue the currency after the 'Great Debasement of the 1540s

What was the Book of Rates and when was this introduced?

- May 1558

- This meant that all goods leaving the country were taxed as past of ordinary revenues

What were the problems with the Book of Rates?

- It took no account of the inflation

- It provoked hostility from merchants since the new rates coincided with the collapse of the cloth market

What did Mary do with retrenchments?

- Retrenchment = cutting public expenditure

- Continued Northumberland's policy

- The Exchequer was expanded as the Commission of 1552 had recommended, increasing efficiency

How much debt did Mary inherit?

- £185,000

What did Mary's debt increase to due to the war?

- £300,000

What did Mary do to try and aid debt?

- Sell crown lands

How much money did Mary make from Crown lands in 1554 and 1557?

- 1554 - £5000 per annum

- 1557 - £8000 per annum

How much did custom duties increase by in Mary's reign?

- £29,000 to £83,000

How much money did Mary lose due to her benevolence to the Church?

£29,000 per annum

How much money was brought by attainders against the Duke of Northumberland, Sir Thomas Wyatt and other associates?

- £20,000 per annum

- £18,000 in cash and plate

Did Mary do anything about debasement?

- no

What became clear economically by the end of Mary's reign?

- That the government could not function without new sources of revenue or periodic taxation to meet the costs of normal administration