Monarchy of the United Kingdom Act 1705, threatening to devastate the Scottish economy by restricting trade. The Scottish and English parliaments negotiated the Acts of Union 1707, under which England and Scotland were united into a single Kingdom of Great Britain, with succession under the rules prescribed by the Act of Settlement. In 1714, Queen Anne was succeeded by her second cousin, and Sophia's son, George I, Elector of Hanover, who consolidated his position by defeating Jacobite rebellions in 1715 and 1719. The new monarch was less active in government than many of his British predecessors, but retained control over his German kingdoms, with which
Acts of Union 1707 known as the Seven ill years which led to strained relations with England. In 1698, the Company of Scotland Trading to Africa and the Indies received a charter to raise capital through public subscription. The Company invested in the Darién scheme, an ambitious plan funded almost entirely by Scottish investors to build a colony on the Isthmus of Panama for trade with East Asia. The scheme was a disaster; the losses of over £150,000 severely impacted the Scottish commercial system. The financial losses incurred have often been suggested as one of the drivers behind Union. Deeper political integration had been