Failures [M1 Economy]

How did Somerset's past monetary policies affect prices during Mary's reign

Debasement of the coinage under Somerset caused severe inflation that hit Marian prices

How high did inflation levels rise under Mary compared to the start of the century

Inflation levels rose 200 to 300 percent higher than at the beginning of the century

What happened to the purchasing power of English citizens during Mary's reign

Purchasing power dropped to the lowest level seen in 300 years

Why did Mary's short reign limit her ability to utilize her own economic reforms

Her short reign meant that Elizabeth would reap the long term financial benefits of the Book of Rates

What economic consequence did the war with France have on the English population

The war was highly expensive and led directly to high levels of taxation

Which years suffered the worst harvest failures of the 16th century

1555 and 1556 were the worst harvest failures of the century

By what percentage did basic wheat staples increase during the 1556 harvest crisis

Skyrocketed with a 200 percent increase in the price of basic wheat staples

What proportion of the English population was killed by the mid Tudor influenza epidemic

Killed 6 percent of the total population which equates to 1 in 15 people

What was the initial financial state of the realm when Mary took the throne

Mary inherited an economy that was already in serious debt

How did the decline in the Antwerp cloth trade affect the Crown's borrowing

Forced the government to raise further short term loans on the Antwerp money markets

Why did Mary's planned currency reform fail to resolve the inflation crisis

The necessary plans for full recoinage could not be implemented in time

What commercial impact did the loss of Calais have on England

Represented a serious blow to English interests due to the loss of trade coming through the port

How much did the total English royal debt increase from Mary's accession to her death

Began her reign with debts of 185000 pounds but this increased to 300000 pounds by her death

How severely did the combination of harvest failures and French wars affect agricultural earnings

Caused deep inflation and agricultural wages decreased to 59 percent of what they had been 50 years earlier

How much emergency revenue could Mary raise to defend the northern border against the Scots

Mary could only raise 108000 dollars to fend off Scotland

What interest rate was England charged on the Antwerp Exchange and what did it signal

Charged 14 percent interest rates on short term Crown loans showing foreign lenders lacked confidence in England