Henry Pelham became prime minister in 1744 and continued Walpole's policies. He worked for an end to the War of the Austrian Succession. His financial policy was a major success once peace had been signed in 1748. He demobilised the armed forces, and reduced government spending from £12 million to £7 million. He refinanced the national debt, dropping the interest rate from 4% p.a. to 3% p.a. Taxes had risen to pay for the war, but in 1752 he reduced the land tax from four shillings to two shillings in the pound: that is, from 20% to 10%.