Management of the State

Elizabeth and Burghley focused on political stability rather than financial security

Royal Revenue… Elizabeth’s income came from: Crown estates – income increased by 1/3 during her reign She sold land valued at £300,000 Customs duties – the yield only increased by 15% over her reign

Feudal dues… Left over from medieval times Included: monopolies, death duties (for the rich), selling rights of wardship where the wardship of young heirs was sold and often exploited Parliamentary taxes

Political stability… Maintained at the expense of increasing revenues

Consequence of this policy… Elizabeth and her treasurers were careful with money during peacetime and Burghley did manage to build up a reserve

However… War used up the reserve and forced Elizabeth to sell lands and take out loans

Monopolies… She issued monopolies to raise money but the governing classes did not like this

Purveyance… Supplying foodstuffs to the Court There was a lot of corruption concerning supplies in and out of the Court

Recoinage… At the start of her reign the coins were ‘debased’ she quickly had them recalled and reissued with higher rates of gold and silver This act was remembered as one of her finest achievements after the Settlement and the maintenance of peace

Boosting the economy… Low leases to coalminers boosted mining Encouraged immigration of skilled foreign workers to come to England Established an English arms industry – gunpowder and cannon Invested in voyages of discovery (pirates too)

Economic policy seemed to be ad hoc – for a particular purpose Establishing an arms industry gave national security Protected the cloth industry

Regulated economy… Elizabeth and her ministers believed that society ( and the economy) needed to be regulated Elizabeth issued trade monopolies for geographical areas to companies eg the East Indi Company (1600)

Labour was regulated eg the Act of Artificers (1563) Poor relief (1563,1572, 1576, 1597, 1601) Wage levels were regulated when there was inflation Regulation against hoarding food during hard times