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Was there a financial revolution?
All agree there was a change in finance but to what extent
Dates of 9 year war
1688-97
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
What did Parliament do as a result of the 9 years war?
Caused change of William foriegn policy by controlling finance
How many troops were funded by parliament for William?
10,000
How did William get more troops?
Borrowed from the Bank of England and recruited 68,000 more
What did Louis fail to recognise in 1696?
William as king of England
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
What did Louis do under the Treaty Ryswick?
Recognised William and agreed to not help james ii
What was the annual tax revenue during the war?
3.6 mil
What was the expenditure durign the war?
5.4 million
What did William charge excise tax on?
tea
alcohol
tobacco
What was the most efficient way of raising tax?
Land and it raised 1 million in 1692
What was introduced?
Public credit and national debt
What was national debt at in 1698?
16.7 million and 30% of royal revenue
What was the financial settlement of 1690 designed to be?
Insufficient for William to live off
What was created to grant to monarch a salart?
Civil List
How much income was the King given?
£700,000 per year with surplus having to be granted by parliamentary consent
What was parliament respobsible for in peace and war time?
Military spending
Who did William meet regulary?
Parliament to Renew the civil list
What was set up due to concerns of Williams spending?
Spending commissions to scrutinise his expenditure (suggested by William himself)
Was the spending commision successful?
Brought minsiters to account
Was scrutiny detailed?
Yes with regular meetings and interviews (made william reasses the size of his army and navy)
What could commissioners do?
Criticse government expenditure
What did Charles Montagu put forward?
Bank of England in 1694
How did William raise more money?
Lotteries
How much did William aim to raise?
£1 million through selling 100,000 tickets at £10
How else did William raise money?
2 million by promsing stakes in East India Company
Who took over military funding?
The Bank
When was the recoinage act?
1695
What was the Recoinage act 1695
Requested all old silver coins from Charles II rule have new coins minted
Note 
Flashcard (36)