Was there a financial revolution due to the Glorious Revolution

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31 Terms

1

Was there a financial revolution?

All agree there was a change in finance but to what extent

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2

Dates of 9 year war

1688-97

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3

What did the 9 years war cause between Wiliam and Parliaments relatioship?

Tension- Decided to risk millions of pounds and thousands of troops to the war effort and made sea routes dangerous

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4

What did Parliament do as a result of the 9 years war?

Caused change of William foriegn policy by controlling finance

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5

How many troops were funded by parliament for William?

10,000

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6

How did William get more troops?

Borrowed from the Bank of England and recruited 68,000 more

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7

What did Louis fail to recognise in 1696?

William as king of England

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8

When was peace reached for the 9 years war?

September 1697 in the Treaty of Ryswick as both sides were war weary and facing bankruptcy

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9

What did Louis do under the Treaty Ryswick?

Recognised William and agreed to not help james ii

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10

What was the annual tax revenue during the war?

3.6 mil

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11

What was the expenditure durign the war?

5.4 million

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12

What did William charge excise tax on?

tea

alcohol

tobacco

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13

What was the most efficient way of raising tax?

Land and it raised 1 million in 1692

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14

What was introduced?

Public credit and national debt

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15

What was national debt at in 1698?

16.7 million and 30% of royal revenue

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16

What was the financial settlement of 1690 designed to be?

Insufficient for William to live off

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17

What was created to grant to monarch a salart?

Civil List

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18

How much income was the King given?

£700,000 per year with surplus having to be granted by parliamentary consent

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19

What was parliament respobsible for in peace and war time?

Military spending

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20

Who did William meet regulary?

Parliament to Renew the civil list

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21

What was set up due to concerns of Williams spending?

Spending commissions to scrutinise his expenditure (suggested by William himself)

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22

Was the spending commision successful?

Brought minsiters to account

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23

Was scrutiny detailed?

Yes with regular meetings and interviews (made william reasses the size of his army and navy)

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24

What could commissioners do?

Criticse government expenditure

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25

What did Charles Montagu put forward?

Bank of England in 1694

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26

How did William raise more money?

Lotteries

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27

How much did William aim to raise?

£1 million through selling 100,000 tickets at £10

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28

How else did William raise money?

2 million by promsing stakes in East India Company

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29

Who took over military funding?

The Bank

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30

When was the recoinage act?

1695

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31

What was the Recoinage act 1695

Requested all old silver coins from Charles II rule have new coins minted

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