Attorney General Noy, in the reign of James I, thought the taking of money by usury was no better than taking a man's life. He said: "Usurers are well ranked with murderers."
In the sixteenth century, under Henry VIII, it was enacted that all interest above ten per cent. was unlawful. Less was not collectable by law, but was not a punishable offence.
Edward VI revived the old laws condemning all interest.
Mary I, next following, executed these laws with extreme severity.
Elizabeth restored the laws of Henry VIII, in which usury less than ten per cent. was not a punishable offence. This edict of Elizabeth adds: "In the interpretation of the law it shall be largely and strongly construed for the repression of usury."
This law of Henry VIII and Elizabeth, with the rate of interest reduced, was the statute law of England until 1854, when all the usury laws were repealed.
In 1694 William and Mary II entered into a contract to secure a permanent loan and pledged the kingdom to pay interest on it forever.
The loan marked the turning point in the popular mind with regard to usury. As it was approved in their necessity by the king and queen at the head of the Protestant world, ecclesiastics began to shift their ground and to apologize for, and excuse, that which had been formerly unequivocably condemned. As the crown was the head of both the church and the state, the condemnation of usury seemed tinged both with disloyalty and heresy. The courts too began to modify their decisions to bring them into harmony with the action of the crown.
The change in the usury laws were not made by enactments of Parliament, but by the decisions of courts. The precedents were gradually accumulated and the statutes were merely made to conform to them.