3. Economic change Flashcards
What economic pressures brought discontent during Somerset’s period of power?
Inflationary pressures
Agrarian issues (encolusure and harvest failure)
taxation
How did Somerset make the economic issues worse?
He continued Henry’s disastrous policy of the debasement of the coinage to finance the war with Scotland.
This raised £537,000 but heightened inflationary pressures and added to social distress.
How did Somerset try to reduce enclosure?
He agreed to set up a commission to investigate the problem and issued a proclamation against enclosure.
Little was achieved however.
He also introduced a tax on sheep (as enclosed land was used for sheep farming) to deter enclosure.
What was the impact of the tax on sheep?
It caused huge financial pressure on small farmers in upland areas who has little choice but to rely on sheep for subsistence.
How did the Scottish war cause discontent?
Money had to be raised to pay for it.
This was mainly financed by land sales which added to the long-term problems of Crown finances.
How did Northumberland impact the economy?
After the disastrous final years of Henry VII’s reign, he managed to bring some stability to national finance.
What did Northumberland do to improve the economy?
He ended the wars against Scotland and France and secured £133,333 for the return of Boulogne.
He increased Crown finances through the melting down of church plate.
He also set up a commission to analyse the shortcomings in royal financial administration.
