Peels economic policies also helped to shape the modern British state. Peel passed a series of economic reforms which allowed the revolution of economics and the railway. Peel passed a number of acts to continue and authorise more railway construction, a further 7,000 miles of of railway was laid raising a capital of £190 billion. By 1844 805 miles of line were sanctioned and by 1845 2700 miles of line were sanctioned. The 1842 Railway act ensured safe running of the railways. New lines were to be inspected by the board of trade who had more authority to demand traffic return and question any accidents. This Act created the Modernisation as we see it today with tightening of rules and regulations all the time. He passed a series of other railway acts which modernised and made efficient the railway. The 1844 Bank Charter Act created stability and confidence in the pound which restricted previous banks from issuing notes, the main objective was to strengthen relationship between paper money and gold reserves. The low lending rate which had been cut to 3¼% which allowed construction of more railway thus creating speculation on railway construction and allowing capital to be generated. Peels economic policy has been described by Blake as successful. His policies led to a time to an age of prosperity which involved financial stability and revision of free trade; His policies moved Britain towards becoming a liberal modern state, these ground breaking acts created the perfect breeding ground for monopolies. The economy was further stabilised through The Companies Act of 1844 which controlled the formation of businesses and stated that all companies had to be registered and submit annual accounts.
In the 1842 budget, Peel reintroduced the income tax for 5 years temporarily to raise revenue; The rate was set at 7d which has been estimated to have raised £3.7 million. Peel believed it was the responsibility of the wealthy classes to help in the financial troubles rather than further burdening the labour classes. The use of income tax is still present in the modern British state highlighting some of the fundamental policies of economics and finance that peel reintroduced and encouraged to be continued. The reintroduction of the income tax led the reduction of 500 tariffs and removal of another 600 including timber and most controversial sugar tariff, Peels idea was to reduce the cost of living for every class not just the lower classes and allow ‘considerable savings in the expenses of every family in the kingdom’. This was done to make the new income tax justifiable; his budget set out to reduce market fluctuations and prevent fraudulent manipulation of the market. Peels economic success was further delivered during the 1845 free trade budget which worked on the accomplishments of the previous budget; the 1845 budget allowed for duties amounting to £1 million to be removed. Gash and Blake argue these two budgets helped to push Britain toward becoming a free trade country., It can be argued that Peels reforms acted upon the laissez faire which was then later practised by the liberal party in the 1850’s and 1860s. Furthermore the controversial repeal of the corn laws was first proposed during the 1842 budget. This was a policy which divided the conservative party, as they still possessed the fundamental tory views; loathing of catholicism, land representation and anti-reformism. This deepening divide since the emancipation of the catholics eventually led to the resignation of Robert Peel. However Blake has given Peel credit for making an effort to tackle the issues of social and political limitations in Ireland.
Robert Peels social reforms also pushed Britain towards becoming a modern state. Peels Social Reforms set out to improve the working conditions of the working classes. Peel felt that harmony and prosperity amongst all the various classes was important especially in a period full of violence, poverty and possible revolution. These views led him to introduce the Mines Act of 1842 which set out to restrict women and children under 10 working underground. He further introduced the Factory Act of 1844 limited the working hours of women and children as well as introducing safety standards for machinery. The working day for women was fixed at 12 hours maximum for women, while the hours for factory children was reduced to six and a half days to allow time for schooling. Gash argues that these acts introduced a new category of protected adults. He further supported and strengthened his reforms with the railway act of 1844 which limited cost of travelling on some trains to 1p. These reforms transitioned into the modern British state which eventually sees the introduction of minimum wage. Blake states in his work that peels reforms showed his abilities as a progressive reformer; Peel encouraged these social reforms in order to keep peace and avoid radicalism.
One can argue that Peels reforms were limited and didn't address enough during 1841 - 1846, however Robert Peel reshaped the modern British state significantly and acted as a catalyst to the creation of the modern British State. He set out to change peoples mentality and general attitude towards political and social policies, while suppressing radicals and avoiding revolution. He encouraged the growth of liberal moderate politics by encompassing the growing middle classes into politics. His political reforms and ideologies led to the formation of the Liberal Party. His economic policies encouraged a railway revolution which acted as a catalyst to expand British economics and help form liberal free-trade economics. While his social reforms created movement towards better working condition for the working classes. Peel set into motion the wheel of reshaping the British state into a modern British state.
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