Why was financial reform a matter of such concern to William pitt

A detailed Summary of Why was financial reform a matter of such concern to William pitt

Why was financial reform a matter of such concern to William pitt in the years 1784 To 1793?

Pitts concern with the financial situation of Britain was not with out reason. In 1783, the Government expenditure exceeds the national income by L10.8 million. This would however drop when expenditures on the armed forces would be cut due to the sing of peace terms, but worrying still was the fact that income to the exchequer was actually falling largely because excise duties had fallen by almost L1 million. This was all toped off with the lack of confidences in the British system that loans were hard to get after the last year of the war of American independence. With Britain's financial future looking bleak, Pitt had no other choice but to make this prime concern, as he knew that with out a stable financial government, he would not have a government at all.

Pitss first target for financial reform was to destroy the threat of smugglers. Smugglers were a great annoyance to the government, so much so that it is estimated that in the early 1780s one-fifth of all imports were smuggled in. It is also estimated that between 3 and 4.5 tons of tea alone found there way into the country each year by the hands of the smugglers. This smugglin

Taxes them self were not to fall directly on to the poor, they would pay like every one else but they were not to be over burdened. So inplace of this Pitt introdued a tax system that was to tax disproportionately on luxsuires. Such as servents, horses, hair powder. This also combined with a window tax that was indirectly aimed at those with money. One thing that was not successful though, was Pitt's tax on shops, which caused riots and was soon lifted.

Pitts concern and pursuit of financial reform was not with out fault. Pitts successful reform had not only made Brittain a better place to live and do buissness with but had kept him in in office and had made him a very succssefull man.

Pitt's tactics in reforming the British financial system was all too successful. A L10.25 million stock was rapidly acquired and the debt of ran down at a welcoming rate. But these were times of peace, in these times there was no need to spend large amounts on the defence of the country, but when did turn its evil face towards the British. Pitt stuck with his reformed policies. This then had the effect of reducing the great power that the sinking fund had given by 1793, reducing to the extent that i

Some common words found in the essay are:
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Approximate Word count = 804
Approximate Pages = 3 (250 words per page double spaced)

Category: History

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