Consequences
With the opportunity to strike a decisive blow against the weakened Spanish lost, the failure of the expedition further depleted the crown treasury that had been so carefully restored during the long reign of Elizabeth I. The Anglo-Spanish war was very costly to both sides, and Spain itself, also fighting France and the United Provinces, had to default on its debt repayments in 1596, following another raid on Cadiz. But the failure of the English Armada was a turning point, and the fortunes of the various parties to this complicated conflict fluctuated until the Treaty of London in 1604, when a peace was agreed.
Spain's navy quickly recovered and shipped a greatly increased amount of precious metals from the Americas.
Read more about this topic: English Armada
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