tutor2u | Financial Weakness

Study Notes

Financial Weakness

Level:
GCSE
Board:
AQA, Edexcel, OCR, Eduqas

Last updated 12 Apr 2017

All monarchs need money in order to carry out their own wishes, and they do not have an unlimited supply of money, therefore they need to raise money from a number of different sources.

A Crown from the reign of Henry VIII
  • Custom Duties (Taxes raised from trading)
  • Taxes agreed by Parliament

  • Rent and income raised by their own lands

  • Loans

  • Fines (Known as Profits of Justice)

By the time Elizabeth had become Queen, England had very little money, thanks to the actions of her father and sister when they had been monarch. England under Henry VIII and Mary I had fought many wars and had raised money by selling off lands owned by the crown. England had a huge debt when Elizabeth became Queen. England owed £300,000, which is worth £108 million today. The Crown needed a way to raise money to cover their debts. If Elizabeth did not have money, she could not protect England properly as armies and defences are expensive.

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