Abolition of the Corn Laws comes fully into effect (1849)

The Importation Act 1846, which repealed the Corn Laws, stipulated a three-year transition period ending on 1 February 1849. This date marked the full abolition of tariffs, leaving only a nominal duty. The legislation resulted from political maneuvering and economic pressures, including the Great Famine, culminating in the Act's passage in 1846.

Episodes

Background and detail

Legislative Framework. The Importation Act 1846 established a gradual reduction of tariffs over three years. Prime Minister Robert Peel announced that the Corn Laws would be abolished on 1 February 1849, leaving only a 1 shilling duty per quarter. This transition period was designed to mitigate economic shock while moving toward free trade.

Political Context. Repeal was achieved in 1846 with Whig support, overcoming Conservative opposition. The Duke of Wellington persuaded the House of Lords to pass the bill on 25 June 1846. The legislation was driven by the urgent need for food supplies during the Great Famine, which forced a resolution to the long-standing trade restrictions.

Economic Impact. Prior to full abolition, the ceiling price for domestic grain was high but never reached between 1815 and 1848. After the transition period ended in 1849, the price of wheat averaged 52 shillings a quarter during the subsequent two decades, reflecting the market adjustments following the removal of significant trade barriers.

People involved

Sources

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