2nd Parliament of William III and Mary II

In the second session a number of innovative measures were approved to deal with the question of raising the large amounts of short-term money required to finance the Williamite war in Ireland and the Nine Years War in Europe and North America.

The 1693–94 session concerned itself with the raising of huge amounts of money to support the war effort.

A financial crisis was averted when the new Chancellor of the Exchequer, Charles Montagu introduced the successful Million Lottery and established the Bank of England.

After the death of Queen Mary in December the Tories were again resurgent and highly critical of the cost and conduct of the war with France.

But accusations of corruption against certain leading Tories resulted in the replacement of the Speaker by Paul Foley and the impeachment of Lord Carmarthen, now the Duke of Leeds.