Why did spain’s economy deteriorate and england’s economy improve in the sixteenth century?

Spain economy began to decline in the late 16th century because they did not utilize the gold and silver they got from mines in Peru, Bolivia and Mexico. Spanish establish colonies in Central America and found mines of silver and gold which they took back to their home country. By investing money in commerce and farming,  they focused on the war in the Netherlands by sending bullion for the Army of Flanders.

England improved its economy by textile production. Queen Elizabeth I increased exports which resulted in more gold and silver to flow into England.    

opinion because one person might not like silk

what are the choices btw if it was me id say the lack of money to continue with education