19 May 1649: The English republic is proclaimed
On this day in 1649, the Commonwealth of England, the eleven-year republic, was officially proclaimed by an act of the Rump Parliament.
Compared to the long-winded bills that pass through Parliament these days, “An act declaring England to be a commonwealth”, dated 19 May 1649, was a masterclass in brevity. But it was also one of England's most important acts.
In just 106 words, it brought the centuries-old monarchy and the House of Lords to an end (although this was more a case of dotting the i's, seeing as the king's head was already off his shoulders).
What really made the act stand out was the declaration, “the People of England shall from henceforth be governed as a commonwealth and free state”. In other words, England was a republic.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The new republic got off to a shaky start, given that it came in the midst of the English civil wars. In December 1648, a few months before the act was passed, Oliver Cromwell's New Model Army forced from Parliament those MPs that were deemed to be too soft towards the king – an event known as Pride's Purge. What was left was a parliament that had lost some of its authority and was ridiculed as the “Rump Parliament”.
An ill-fated beast, the Rump Parliament was saddled with crippling debts. It urgently needed to raise funds to continue the fighting in Ireland and Scotland, and to do so, it introduced two deeply unpopular taxes.
The first was an assessment on property that was widely evaded. Parliament warned that either the landed gentry cough up the £90,000 a month or else they put up the army at their own expense.The other was an excise duty that put up the backs of the humbler classes, and Parliament was forced to beat a retreat faced with social unrest.
Hungry for cash, Parliament turned to the City bankers for a loan. Many of the estates that had belonged to the royal cause were to be sold to provide security. But these sales were also unpopular, and struggled to raise enough money.
In the end, Parliament did get its loan, and the restive army was packed off to Ireland. But the accounts were never put right, and after 11 years, the Commonwealth collapsed. The way was now clear for King Charles II to take the throne.
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
Chris Carter spent three glorious years reading English literature on the beautiful Welsh coast at Aberystwyth University. Graduating in 2005, he left for the University of York to specialise in Renaissance literature for his MA, before returning to his native Twickenham, in southwest London. He joined a Richmond-based recruitment company, where he worked with several clients, including the Queen’s bank, Coutts, as well as the super luxury, Dorchester-owned Coworth Park country house hotel, near Ascot in Berkshire.
Then, in 2011, Chris joined MoneyWeek. Initially working as part of the website production team, Chris soon rose to the lofty heights of wealth editor, overseeing MoneyWeek’s Spending It lifestyle section. Chris travels the globe in pursuit of his work, soaking up the local culture and sampling the very finest in cuisine, hotels and resorts for the magazine’s discerning readership. He also enjoys writing his fortnightly page on collectables, delving into the fascinating world of auctions and art, classic cars, coins, watches, wine and whisky investing.
You can follow Chris on Instagram.
-
Tycoon Truong My Lan on death row over world’s biggest bank fraud
Property tycoon Truong My Lan has been found guilty of a corruption scandal that dwarfs Malaysia’s 1MDB fraud and Sam Bankman-Fried’s crypto scam
By Jane Lewis Published
-
Why undersea cables are under threat – and how to protect them
Undersea cables power the internet and are vital to modern economies. They are now vulnerable
By Simon Wilson Published
-
31 August 1957: the Federation of Malaya declares independence from the UK
Features On this day in 1957, after ten years of preparation, the Federation of Malaya became an independent nation.
By Jasper Spires Published
-
13 April 1960: the first satellite navigation system is launched
Features On this day in 1960, Nasa sent the Transit 1B satellite into orbit to provide positioning for the US Navy’s fleet of Polaris ballistic missile submarines.
By Ben Judge Published
-
9 April 1838: National Gallery opens in Trafalgar Square
Features On this day in 1838, William Wilkins’ new National Gallery building in Trafalgar Square opened to the public.
By Ben Judge Published
-
3 March 1962: British Antarctic Territory is created
Features On this day in 1962, Britain formed the British Antarctic Territory administered from the Falkland Islands.
By Chris Carter Published
-
10 March 2000: the dotcom bubble peaks
Features Tech mania fanned by the dawning of the internet age inflated the dotcom bubble to maximum extent, on this day in 2000.
By Chris Carter Last updated
-
9 March 1776: Adam Smith publishes 'The Wealth of Nations'
Features On this day in 1776, Adam Smith, the “father of modern economics”, published his hugely influential book The Wealth of Nations.
By Ben Judge Last updated
-
8 March 1817: the New York Stock Exchange is formed
Features On this day in 1817, a group of brokers moved out of a New York coffee house to form what would become the biggest stock exchange in the world.
By Chris Carter Last updated
-
7 March 1969: Queen Elizabeth II officially opens the Victoria Line
Features On this day in 1969, Queen Elizabeth II took only her second trip on the tube to officially open the underground’s newest line – the Victoria Line.
By Ben Judge Last updated