Mary I- Economic

Progress was made with revenue administration
1. Some of Northumberland's recommended reforms were implimented by Mary in 1554
2. Court of Exchequer took over both the Court of First Fruits and Tenths and the Court of Augmentations
more efficient augmentation methods into Exchequer
Although at war with France, the increase in debts wasn't drastic
1. competent economy
2. remitted the final part of Edward's last subsidy
  1. brought cheap popularity
  2. financial cost
3. Mary's financial records were, according to Penry Williams 'at least adequate'
Book of Rates introduced in 1558
1. badly needed
  1. last fixed in 1507
2. fixed the level of duty to be paid on certain products
3. raised customs revenue dramatically
4. no significant amendments introduced by Elizabeth
  1. Elizabeth reaped the benefits
5. Alan Smith argues that the Marian financial reforms 'were fundamental for Elizabeth's solvency and thus for the Elizabethan achievements as a whole'
Plans for recoinage drawn up from 1556-58
1. boosting security of Crown finances
2. implimented by Elizabeth
  1. lack of time
Mary prepared a good economy for Elizabeth
1. 'able to bequeth to Elizabeth a precious legacy'-L.Porter
2. began her reign with debts of £185,000
  1. only increased to £300,000 by end of reign
    1. through war
3. D.Loades regarded Mary's final debt as a 'considerable achievement'
By 1559, the purchasing power of an agricultural workers wages had dropped to 59% of what it was 50 years before
1. grain prices had increased
2. population had also dropped
significant naval and militia reforms
1. 6 new ships built
  1. many required repairing
2. Crown finances budgeted for a peacetime allocation of £14,000 to the navy
  1. Elizabeth significantly reduced this to £12,000
  2. system worked efficiently
  3. reforms laid the basis for Elizabeth to win the Spanish Armada in 1588
cost of garrisoning removed
1. lost Calais in war
1555 and 1556- heavy rain caused the worst harvest failures of the century
1. couldn't control this

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Mary I- Economic

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