The English navy defeats the Spanish armada. Bess Throckmorton (Abbie Cornish) and Sir Walter Raleigh (Clive Owen) have a child and Elizabeth (Cate Blanchett) gives the child her blessing. Francis Walsingham (Geoffrey Rush) dies. Elizabeth never marries or has children but considers herself mother of her people and her country. During Elizabeth's reign, England enters an age of peace and prosperity. 10 years later, Philip of Spain dies and leaves his country in bankruptcy.