The Elizabethan era is often referred to as the Golden Age of English history. Elizabeth reigned from 1558-1603, and her reign saw relative peace come to England: peace between the Catholics and Protestants, and peace between parliament and the monarchy. The conflict between France and England also calmed during Elizabeth's reign.
This also proved to be the height of the English Renaissance, producing the best in English poetry, music, other literature, and theatre. Notables such as Shakespeare wrote during this period, of course.
In contrast, the continental Renaissance had waned by this time.
The Protestant Reformation also became more acceptable to the English people during this period.
England possessed a centralized, well-organized, effective government during Elizabeth's reign, and the government and the English benefited from trans-Atlantic trade.