How did Finance show that England had truly become a constitutional monarchy?

What was William’s main drive as king?

War with France and defend Protestantism because he was known as the Protectorate or Protestantism.

How did William’s drive as king cause a transformation in the monarchy?

It was financially changed the monarchy and the military.

What were the three ways that Parliament did to increase revenue and offer William financial support?

• New taxes or extend taxes already in place.

• Taxes were regularly and annually voted by the Parliament.

• MPs increase parliamentary scrutiny of spending.

What was the new tax that the Parliament introduced in order to increase the revenue and offer William support?

Land Tax (1692).

What is the Land Tax (1692)?

It was a 20% tax based on the rental value of land.

What tax was extended in order for the Parliament to increase revenue to support William financially?

Excise tax.

What is the Excise tax?

A tax that limits how much tobacco and alcohol that someone can consume.

What was the name of the act that MPs used to increase revenue and offer William financial support?

Public Accounts Act (1690).

What is the Public Accounts Act?

It was an act that established commissioners to examine the kingdom's finances.

When was the Bank of England created?

1694

Why was the Bank of England created?

It was created as a company that would lend money to the government.

What were the two things that secured financial control of the monarch and government for the Political Nation?

• Million Loan Act 1698

• Establishment of the Bank of England.

What is the Million Loan Act 1693?

An act that aimed to raise £1 million through a tontine and life annuities to fund King William III's war against France. 

What was the financial settlement in 1670?

£1.2 million a year would be given and half would be used for the civil government but caused an immediate debt.

How much did the Nine Years’s War cost?

£38 million.