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British Royals or needed from her, but had to see off foreign invasion attempts and homegrown rebellions While she was sitting on the throne of England the country became acquainted with some of its greatest triumphs and darkest hours When Elizabeth came to the throne in November 1558, the whole of Europe was on tenterhooks How would the new Protestant queen follow the reign of her Catholic sister Mary? With an unstable nation and conspiracies at home and abroad, the situation required diplomacy, intelligence and bravery; three qualities which Elizabeth had always had in ample supply In fact, the unstable situation was nothing new to her; Elizabeth’s position had been precarious from the moment she was born The daughter of Henry VIII’s second wife, Anne Boleyn, she was immediately deemed as illegitimate by any Catholic nations, who regarded the king’s divorce of Catherine of Aragon as illegal In their eyes, Catherine’s daughter Mary was the only rightful heir to the throne Although both parents had been desperate for a boy, Anne would be a doting mother to her infant child, but she was sent to the executioner’s block in 1536 after failing to produce a male heir for her king Although Henry’s third wife Jane Seymour was kind to Elizabeth and Mary, she had her own child to attend to with the birth of her son and Henry’s heir, Edward Henry himself would not see much of Elizabeth until 1542, when he decided the time had come to reacquaint himself with his young daughter He found her to be intelligent and charming, and decided that he would reinstate both Mary and Elizabeth back into his lineage In 1543, Henry married Catherine Parr, his last wife, and relations within the royal family warmed, as Mary took a maternal interest in young Edward, while Elizabeth enjoyed a sisterly relationship with both However, when Edward took the throne upon their father’s death, cracks started to form First, Elizabeth had to contend with the amorous attentions of Catherine’s new husband Thomas Seymour, which caused a scandal at court in 1548 Seymour’s intentions were seen as treasonous, and Elizabeth was reported to be pregnant The young princess denied these rumours, confounding her interrogator “She hath a very good wit and nothing is gotten of her but by great policy,” he wrote This “She was tremendously clever, with an almost unfailing sense of what her people wanted, or needed from her” How good was Elizabeth at balancing the books? While the popular image is that Mary left England in a sorry state, Leanda de Lisle explains that Elizabeth’s fiscal behaviour was far from immaculate Mary left England £227,000 in debt, while her sister produced debts of £350,000 “Mary’s reign was not a ‘disaster’ The popular image of Mary – always 'Bloody Mary', rarely Mary I – has been greatly influenced by a combination of sexual and religious prejudice,” explains De Lisle “Mary I had named Elizabeth as her heir, despite her personal feelings towards her sister, and so allowed the crown to be inherited peacefully Elizabeth continued to refuse to name anyone In 1562, believing she was dying, she asked for Robert Dudley to be made Lord Protector with an income of £20,000.” Elizabeth was notoriously reluctant to engage in warfare because of its costs and risk, but the Spanish conflict dragged on for years, while she awarded monopolies to her favourites at court and crops failed “While we remember Elizabeth’s success in repelling the Armada in 1588," says De Lisle, "We forget that the war continued and impoverished the country and the crown, a situation made worse by the corruption of court officials including notorious high-ranking figures such as Robert Cecil People starved in the 1590s and the elite even began to fear possible revolution.” Verdict Elizabeth was forced to deal with circumstances beyond her control, such as poor harvests and an ongoing conflict with Spain, but the fact is that she was not the financial marvel many believe her to be Borrowing money in the 16th century Before the English merchant Thomas Gresham came to prominence, the Tudors had borrowed money from the great European banks such as the Antwerp Exchange However, these banks charged a high interest rate and it was generally acknowledged that going around Europe borrowing money did nothing to improve England’s image as a serious power Money could also be borrowed from independent merchants, such as Horatio Palavicino, from whom Elizabeth was forced to borrow money late in her reign Gresham had previously helped Edward VI rid himself of most of his debts and founded the Royal Exchange in 1571 to challenge the power of Antwerp Now that Elizabeth could seek loans from within her realm, she was able to exert greater pressure to get what she wanted, while Parliament could grant her more funds if they chose Royal revenues were supposed to cover the basic expenses of governance, while Parliament could add to the war chest Later in her reign, she began to use increasingly severe taxation, which contributed to her decreasing popularity Queen Elizabeth I opening the Royal Exchange 100 vk.com/englishlibrary vk.com/bastau