In source 4 we also learn that much must have depended on diplomatic relations with Maximilian and Ferdinand, however Henry’s allies proved unfaithful and unreliable. Source 4, is written by a member of the Government of England. The government is who Henry and Wolsey would go to for Money for these situations. The Government did not like how much Money Henry kept asking for so this could have been reflected in Keith Randall’s report. Henry spent 1.4 millions pounds on fighting wars between 1511-25 and this set England back a far way.
In source 1 Smith states that “The Spanish war imposed heavy burdens on the country” which is shown in the fact Elizabeth incurred debts of ‘£300,000 a year in ordinary revenue’, and her expedition in the new world lost the English over £5,000 and gave henry iv of France £20,000 to gain his loyalty. Elizabeth then decided to ‘sell crown lands’ in order to help pay for the war but by doing so she damaged the English economy as it meant that the income she got from crown lands was a one of payment as they no longer belonged to her, unlike when she had put them up for renting which would gain more money overtime and was a steady way for the crown to gain money. Smith also talks about the ‘monopolies crisis of 1601’ which is
John majors government came into office after the downfall of Margret Thatcher, which ultimately created divisions within the party. Not only did the party suffer from the internal conflict but also faced the problems of the recession after the ‘Lawson boom’. In order to stabilise the economy he joined the ERM getting a good deal but ultimately resulting in ‘black Wednesday’ causing Major to raise interest rates to 15%. This was political suicide and he soon lost the support of the press we had once relied so much on to get re-elected in 1992. The housing market also plummeted leading to negative equity, which the majority of the working class could not afford resulting in the repossession of their houses combined with the drastic increase in unemployment Britain was in a mess.
In the period 1783 to 93 William Pitt was involved in many different reforms, in areas of finance, administrative and commercial. These were crucial in some way and contributed to Pitt trying to bring about a national revival in Britain. The American War of Independence had had a serious affect on Britain, by ruining government finances, due to the costs of war and the disruption to trade caused by the war. The main problem facing Pitt was the national debt; it had rose, by 91%, to £250 million, with the government expenditure exceeding income by £10.5 million per annum. In addition the interest on the debt alone was £9 million per year.
Furthermore, proposed indirect taxes on luxury goods such as motor cars and petrol would have affected the Lords as they were among the few rich enough to afford such luxuries. The Lords set up a budget protest league and denounced the budget as “confiscation and robbery”, and breaking with convention overwhelmingly vetoed the budget. A less important reason was that the Lords believed the budget amounted to a social revolution. They were worried by the idea of progressive and redistributive taxation which taxes the rich more heavily. They feared once these principles were established they could be extended to ‘soak the rich’ and even out the unfair distribution of wealth in Edwardian Britain.
Agrarian discontent took a sharp increase in the late nineteenth century due to various aids. Railroad managements cheated on inventory shippers, through pricing. With deflation, farmers became buried with debt trouble. Growing production of farm products in the cities, created emptiness in the farmers’ pockets. During the period between 1880 and 1900, agrarian discontent increased as a result of the rise of cities, deflation of the American money, and problems with railroads and freight shipping.
Towards the end of the war however, people had problems with supporting the war when there was national problems which should be dealt with instead of the war. The horrible situation in Britain by 1902 was reflected in economy, health, education and poverty problems. This was the focus of the Liberal party, and they therefore got increasingly popular. Firstly, the motive of the war is the main reason for why one may argue that the popular enthusiasm did decline as a result of the Boer War. Imperialism was seen as more and more capitalism.
The high interest rate of 1979 and 1980 had a negative impact on Massey’s sales performance. The cost of short-term debt and expense rose dramatically. High interest rate depressed the market and decreased the demand of farm and industrial machinery which shrank the company sales. 2. Why would the Canadian government have any interest in helping Massey-Ferguson refinance its debt?
In fact, Henry often carried out high levels of unnecessary expenditure, for example after 1491 he spent £300,000 on plate and Jewels. So in truth Henry raised money and spent money on a large scale and therefore the financial position of the crown was not improved in this case. Additionally, Henry's improvement of his financial position compared to that of his predecessors can be greatly exaggerated by some historians. Edward IV had efficiently restored royal finances after Henry VI's reign and therefore when Henry VII usurped the throne the finances of the crown were already relatively stable. Additionally, Henry's grasping nature was particularly unpopular among those expected to pay him and this stirred opposition making it difficult for Henry to collect revenues and improve financial stability.
There were various factors behind on why the Estates General was called in 1789 but the two main factors can be seen as the critical financial crisis in France and also the failure of reforms. In 1786, Calonne, the Controller General, told Louis that the country was in the verge of bankruptcy – there were deficit of 112 million being made due to the extravagant and lavish spending of the royal expenditure compared to how much they were earning. In two years, the deficit increased to 126 million livres, worsening the situation. The financial crisis was the result of France being at war for the past 20 years. First, the War of Austrian Succession 1740 to 1748, then Seven Years War which lasted from 1756 to 1763 and caused France to lose huge amounts of overseas territory due to its defeat.