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.
- 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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Scott Thomas
Scott is Subject Lead for History at Tutor2u, and works full time as a teacher of History. He has examined for Edexcel and holds a joint degree in History and Politics from Newcastle University
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