The image of the Elizabethan ‘Golden Age’ is a potent one even though there were obviously plenty of social and economic problems in the period. The end of the reign in particular has been associated with famine, disorder and protracted wars. Yet the regime did implement effective policies that reduced the impact of these and helped to control inflation and provide relief from the twin ills of poor harvests and overpopulation. In particular, the Poor Laws established a protowelfare state that lasted until the Victorian age.
The end of Henry VIII’s reign had seen massive inflation as between 1542 and 1544 the proportion of gold and silver in coins was secretly reduced to help fund costly wars. A public debasement followed in 1544–45 and the reduction of bullion in coins led to price increases. In December 1560 Elizabeth ordered all debased money to be returned and new coins containing more silver were issued. The quality returned to pre-debasement levels. By October 1561 confidence in the currency had returned and prices stabilised. In addition, the 1563 Statute of Artificers set wage limits for skilled workers. Government intervention had been successful.
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