Page 46 - All About History - Issue 08-14

if only temporarily. She was tremendously clever, Although both parents had been desperate for a
with an almost unfailing sense of what her boy, Anne would be a doting mother to her infant
people wanted or needed from her, but had to child, but she was sent to the executioner’s block
see off foreign invasion attempts and homegrown in 1536 after failing to produce a male heir for her
rebellions. While she was sitting on the throne king. Although Henry’s third wife Jane Seymour
of England the country became acquainted with was kind to Elizabeth and Mary, she had her own
some of its greatest triumphs and darkest hours. child to attend to with the birth of her son and
When Elizabeth came to the throne in Henry’s heir, Edward. Henry himself would not
November 1558, the whole of Europe was on see much of Elizabeth until 1542, when he decided
tenterhooks. How would the new Protestant queen the time had come to reacquaint himself with his
follow the reign of her Catholic sister Mary? With young daughter. He found her to be intelligent and
an unstable nation and conspiracies at home charming, and decided that he would reinstate
and abroad, the situation required diplomacy, both Mary and Elizabeth back into his lineage.
intelligence and bravery; three qualities of which In 1543, Henry married Catherine Parr, his
Elizabeth had always had in ample supply. In last wife, and relations within the royal family
fact, the unstable situation was nothing new to warmed, as Mary took a maternal interest in
her; Elizabeth’s position had been precarious young Edward, while Elizabeth enjoyed a sisterly
from the moment she was born. The daughter relationship with both. However, when Edward
of Henry VIII’s second wife, Anne Boleyn, she took the throne upon their father’s death, cracks
was immediately deemed as illegitimate by any started to form. First, Elizabeth had to contend
Catholic nations, who regarded the king’s divorce with the amorous attentions of Catherine’s new
of Catherine of Aragon as illegal. In their eyes, husband Thomas Seymour, which caused a
Catherine’s daughter Mary was the only rightful scandal at court in 1548. Seymour’s intentions

heir to the throne. were seen as treasonous, and Elizabeth was

While the popular image is that Mary left England in Borrowing
a sorry state, Leanda de Lisle explains that Elizabeth’s
fiscal behaviour was far from immaculate. Mary left money in the
England £227,000 in debt, while her sister produced
debts of £350,000. “Mary’s reign was not a ‘disaster’. 16th century
The popular image of Mary – always 'Bloody Mary', Before the English merchant Thomas
rarely Mary I – has been greatly influenced by a Gresham came to prominence, the
combination of sexual and religious prejudice,” explains Tudors had borrowed money from
De Lisle: “Mary I had named Elizabeth as her heir, the great European banks such as the
despite her personal feelings towards her sister, and so Antwerp Exchange. However, these
allowed the crown to be inherited peacefully. Elizabeth banks charged a high interest rate and it
continued to refuse to name anyone. In 1562, believing was generally acknowledged that going
she was dying, she asked for Robert Dudley to be around Europe borrowing money did
made Lord Protector with an income of £20,000.” nothing to improve England’s image as
Elizabeth was notoriously reluctant to engage in a serious power. Money could also be
warfare because of its costs and risk, but the Spanish borrowed from independent merchants,
conflict dragged on for years, while she awarded such as Horatio Palavicino, who
monopolies to her favourites at court and crops failed. Elizabeth was forced to borrow money
“While we remember Elizabeth’s success in repelling from late in her reign. Gresham had
the Armada in 1588," says De Lisle, "We forget that the previously helped Edward VI rid himself
war continued and impoverished the country and the of most of his debts and founded the
crown, a situation made worse by the corruption of Royal Exchange in 1571 to challenge the
court officials including notorious high-ranking figures power of Antwerp.
such as Robert Cecil. People starved in the 1590s and Now that Elizabeth could seek loans
the elite even began to fear possible revolution.” from within her realm, she was able to
exert greater pressure to get what she
Verdict wanted, while Parliament could grant
Elizabeth was forced to deal with circumstances her more funds if they wanted. Later in
beyond her control, such as poor harvests and an her reign, she began to use increasingly
ongoing conflict with Spain, but the fact is that she was severe taxation, which contributed to
not the financial marvel many believe her to be. her decreasing popularity.
Queen Elizabeth I opening the Royal Exchange
46