Finances William Pitt the Younger

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in new way pay national debt (1786), james gillray caricatured queen charlotte , george iii awash treasury funds cover royal debts, pitt handing them moneybag.


another important domestic issue pitt had concern himself national debt, had doubled £243 million during american war. every year third of budget of £24 million went pay interest. pitt sought reduce national debt imposing new taxes. in 1786, instituted sinking fund £1,000,000 year added fund accumulate interest; eventually, money in fund used pay off national debt. 1792 debt had fallen £170 million.


pitt paid careful attention financial issues. fifth of britain s imports smuggled in without paying taxes. made easier honest merchants import goods. lowering tariffs on smuggled items such tea, wine, spirits , tobacco, grew customs revenue £2 million.








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