Was there a financial revolution due to the Glorious Revolution

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