KQ5 - Financial Revolution

Countries in 9 Years War

Holland, Spain, England and Holy Roman Empire versus France

Aims of 9 Years Wars

Rebalance power in Europe away from France

Relations with Parliament

War caused a strain due to the huge sums of money required for war.

Funding for 10,000 troops only

Treaty of Ryswick, 1697

French abandoned claims for land in Germany and Holland and accepted William as king

The Public Accounts Act

Improved financial oversight and prevented corruption

Commission of Public Accounts

Group of MPs responsible for reviewing expenditure

Establishment of Bank of England

Allowed government to raise money via public investment

First form of long-term national debt

Military Expenditure

Scrutinized by Parliament as the monarchy could not raise army or tax without approval

Civil Expenditure

Money used for government, Public administration and the crown’s household expenses

Monarch received a fixed income

Restructuring Government finances

Parliament controlled taxation and borrowing, shifting control from monarch to parliament