Acts of Union 1707 the Treaty, "United into One Kingdom by the Name of Great Britain". The two countries had shared a monarch since the Union of the Crowns in 1603, when King James VI of Scotland inherited the English throne from his double first cousin twice removed, Queen Elizabeth I. Although described as a Union of Crowns, until 1707 there were in fact two separate Crowns resting on the same head (as opposed to the implied creation of a single Crown and a single Kingdom, exemplified by the later Kingdom of Great Britain). Prior to the Acts of Union there had been three
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