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“As Prime Minister Peel Was Mainly Concerned With Essay

  • Submitted by: jamesboxx619
  • on February 19, 2012
  • Category: History
  • Length: 593 words

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Below is an essay on "“As Prime Minister Peel Was Mainly Concerned With" from Anti Essays, your source for research papers, essays, and term paper examples.

When Peel began his second term as Prime Minister in 1841, the first and largest problem to be addressed was the economic deficit of £7.5 million run up by the Whigs previously. He also came to power at the time of a world trade slump, with confidence in businesses and banks at a low. Peel realised that the economy at this point was particularly important, as with a sound economy there would be less pressure from Chartists. Peel has seen first hand the radical pressure that could stem from economic depression, especially after bad harvests. Peel was concerned about what the economic depression would do to social harmony, so this issue took Peel’s main focus as Prime Minister.

Peel was more of a begrudging reformer when it came to social policy, but he was in his element when it came to the economy. Peel had studied mathematics alongside classics at Oxford, and had aligned himself the views of his tutor on how to sort out the economy. This was by creating sound money and allowing free trade. He also surrounded himself with like minded people on his front bench (Gladstone, Graham, Herbert) that would share these views. The aim of Peel’s first budget in 1842 was primarily to stimulate trade and in turn balance the budgets of the Government. This was done by reintroducing income tax on the well off and removing 600 duties on different goods including, controversially, sugar. This worked, and the government deficit had been turned into a surplus of £1.2 million. The Bank Charter Act of 1844 showed Peel’s commitment to achieving a secure currency. The Bank of England’s power to print banknotes was now linked to gold reserves, and Banks could not issue promissory notes. Although this seemed successful in the short term, Banks gained business confidence; by 1847 the act was suspended after the collapse of the British financial markets. Overall, these policies were mainly successful, but not flawless. On the other hand, this amount of commitment to reform indicates how...

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  • Submitted by: jamesboxx619
  • on February 19, 2012
  • Category: History
  • Length: 593 words
  • Views: 540
  • Popularity Rank: 182979
  • 1 rating(s)


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