Elizabeth faced many challenges as Queen of England in the late 1500s. She had to deal with religious divisions in England between Catholics and Protestants by creating a new Church of England that both could attend. She also had to contend with Mary Stuart of Scotland who plotted to kill Elizabeth to become Queen herself, leading to Mary's execution. Additionally, Elizabeth went to war with Philip II of Spain after refusing his marriage proposal and faced financial difficulties trying to fund future wars which she overcame by establishing joint-stock companies and reducing military costs.