In the year 1546, the taking of interest for money was made legal in England, and the rate was fixed at ten per cent. This Act was repealed in the year 1552, but it was re-enacted in 1571. The legal rate of interest was reduced to eight per cent in 1624, and to six per cent in 1651. In the year 1714 it was reduced to five per cent. After the taking of interest was sanctioned by law, the term usury, which was previously applied to interest in general, became limited, to denote a rate of interest higher than that which the law allowed.