Editing William Pitt the Younger (section)

====Finances====
Pitt was an expert in finance and served as [[chancellor of the exchequer]].<ref>O'Brien, Patrick; "Political Biography and Pitt the Younger as Chancellor of the Exchequer"; ''History'' (1998) Vol. 83, No. 270, pp. 225–233.</ref> Critical to his success in confronting Napoleon was using Britain's superior economic resources. He was able to mobilise the nation's industrial and financial resources and apply them to defeating France.

With a population of 16 million, the United Kingdom was barely half the size of France, which had a population of 30 million. In terms of soldiers, however, the French numerical advantage was offset by British subsidies that paid for a large proportion of the Austrian and Russian soldiers, peaking at about 450,000 in 1813.{{sfn|Kennedy|1987|pp=128–129}}

Britain used its economic power to expand the Royal Navy, doubling the number of frigates and increasing the number of the larger [[ships of the line]] by 50%, while increasing the roster of sailors from 15,000 to 133,000 in eight years after the war began in 1793. The British national output remained strong, and the well-organised business sector channelled products into what the military needed. France, meanwhile, saw its navy shrink by more than half.{{sfn|Briggs|1959|p=143}} The system of smuggling finished products into the continent undermined French efforts to ruin the British economy by cutting off markets.

By 1814, the budget that Pitt in his last years had largely shaped had expanded to £66 million,{{efn|about £{{inflation|UK-GDP|0.066|1814|fmt=c}} billion today}} including £10 million for the Navy, £40 million for the Army, £10 million for the Allies, and £38 million as interest on the national debt. The national debt soared to £679 million,{{efn|about £{{inflation|UK-GDP|0.679|1814|fmt=c}} billion today}} more than [[Debt-to-GDP ratio|double the GDP]]. It was willingly supported by hundreds of thousands of investors and tax payers, despite the higher taxes on land and a new income tax.<ref>{{Cite journal |last=Cooper |first=Richard |title=William Pitt, Taxation, and the Needs of War |journal=Journal of British Studies |volume=22 |issue=1 |pages=94–103 |date=1982 |doi=10.1086/385799 |jstor=175658|s2cid=144666348 }}</ref>

The whole cost of the war came to £831 million. The French financial system was inadequate and Napoleon's forces had to rely in part on requisitions from conquered lands.{{sfn|Halévy|1924|pp=205-228}}{{sfn|Knight|2014|p={{pn|date=August 2023}}}}{{sfn|Watson|1960|pp=374–277, 406–407, 463–471}}
[[File:The huge monument to William Pitt the Younger, Guildhall, London.JPG|thumb|upright=1.0|The monument to William Pitt the Younger by [[J. G. Bubb]] in the [[Guildhall, London]], faces an equally huge monument to his father, [[William Pitt the Elder]], in a balanced composition.]]