Mary 1 economy

Who served as Mary I's Lord Treasurer throughout her reign?

William Paulet, Marquis of Winchester.

How was the Exchequer reformed to improve efficiency?

It expanded to incorporate the Court of Augmentations and the Court of First Fruits, allowing it to handle 75% of Crown income.

What was the approximate annual Crown income during Mary's reign?

Roughly £265,000.

How did Mary specifically increase revenue from Crown lands?

Rents were re-evaluated and raised, which increased annual income by an estimated £40,000.

What significant plan for currency reform did Mary's government initiate?

Plans were made to reissue the coinage after the debasements of the previous two reigns.

Which territorial loss resulted in the removal of heavy garrisoning costs?

The loss of Calais in 1558.

What caused the worst harvest failures of the century in 1555 and 1556?

Heavy rain, which led to unprecedented rises in grain prices and widespread famine.

Identify the health crises that caused the death rate to double between 1556 and 1558.

Typhus epidemics followed by a massive outbreak of influenza.

By what percentage did the English population drop between 1556 and 1561?

As much as 5%.

What was the state of real wages for agricultural workers by 1559?

Purchasing power had dropped by 59% compared to 50 years earlier.

How does historian P. Williams evaluate Mary's financial record?

He describes it as 'at least adequate'.

What was the long-term significance of Marian financial reforms for Elizabeth I?

They were 'fundamental for Elizabeth's solvency' and the overall success of the Elizabethan era.

To what extent was Mary responsible for the economic crises of the mid-1550s?

Historians argue she should bear 'little responsibility'.

Why did Mary's religious policy impact her finances?

She prioritized her conscience over her purse, needing to allocate funds and land to restore monasteries.