Protestant England under Elizabeth I was in a cold war against Catholic enemies, not a peace.
Tom Holland opens the episode by establishing that Elizabeth I's England was not genuinely at peace but locked in a cold war with Catholic powers at home and across Europe.
transcript
Tom Holland: When Elizabeth Tuda ascends the throne in 1558, her regime is dangerously fragile. She is a Protestant queen ruling a country that is still in its instincts and in its traditions deeply Catholic. Yet she survives on the throne surrounded by enemies though she is. There is no rebellion. There is no invasion. But this is not a peace. Protestant England is in a cold war. Europe has become a deadly chessboard.
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