You're listening to an airwave media podcast. Hello and

thank you for joining the American Revolution.

Today, episode 20, the Sugar and Currency Acts of 1764.

The end of the Seven Years War, known in America

as the French and Indian War, left Britain

in undisputed control of North America

east of the Mississippi.

Today we're going to step away from the military battles

and take a look at the exciting world of 18th century tax policy.

Military victories had left Britain awash in debt and with the expenses of controlling and

governing many new territories. Raising the necessary funds to pay off the war debt and manage the empire, led to a series of policies

that probably made great sense to the politicians in London at the time.

In hindsight though, it eventually led to even more conflict and another costly world war.

In London, Prime Minister Grenville wanted to increase revenue.

The recent war had about doubled Britain's national debt, which was sitting at about 150% of GDP.

Interest on the debt alone was substantial and a growing portion of the budget.

International lenders already considered Britain a high risk.

Even at high interest rates, the government found it increasingly difficult to acquire new loans.

Since the British pound was based on gold and silver,

the government could not simply print more money

as it might today.

With the end of the war military costs would go down of course

...