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What is the Financial Revolution?

The Financial Revolution

It was a series of economic and financial reforms in England after the Glorious Revolution of 1688-89 when William III invaded. Until that time, the monarch took all the kingdom’s income, but Parliament began to take more revenue and became responsible for the national debt and paying the armed forces.

Where have you heard about the Financial Revolution?

You might know about it from history lessons. The period at the end of the 17th century saw great change in both public and private investment in England. An effective stock market emerged as companies offered investors the chance to put money into projects ranging from paper-making to the search for sunken treasure.

What you need to know about the Financial Revolution.

The reforms saw the rise of taxation, borrowing and financial institutions such as the Bank of England in 1694, and the first government bonds were issued.

Another aspect of the Financial Revolution was the creation of the Civil List in 1698. This was how Parliament granted the Crown expenses to meet the costs of running the royal household.

It's widely thought that the Financial Revolution was a major factor in Britain’s rise to world dominance in the 18th century.

Find out more about the Financial Revolution.

Read our definition of Bank of England to learn more about its origins.

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