#7 Exploiting financial resources Flashcards
2 reasons exploiting his financial resources was important
- Allow him to raise forces to put down unrest
- On his death, would provide his son with resources to fight any challenger
3 ways Henry attempted to achieve strong royal finances
- Reorganising financial administration
- Exploiting sources of ordinary revenue
- Increase income from extraordinary revenue
Evidence of resentment in increasing revenue
Yorkshire and Cornish tax rebellions
How much money did Henry make in his first year as king compared to Richard III?
Embarrassing consequences?
Henry: £11,700
Rich III: £29,000
Had to take out loans to pay for his coronation
In 1487 could not afford to pay for celebrations at Windsor for the feast of St George
How did Henry change his financial administration for the better?
Began to revert from Exchequer to Chamber system in 1487-90
What did the Chamber system take a central role in managing?
- Crown lands
- Feudal lands
- Profits from justice
- The French Pension
Handled all income except customs duties
How did the changes to the Chamber system change the Chamber?
Increased importance ofthe Treasurer of the Chamber and officials such as the Gentlemen of the Bedchamber
As a result of Henry’s developments to the Chamber system..
… he had a much closer control of his finances
Define ordinary revenue
Came in annually from:
- Crown lands
- Customs
- Profits from justice
- Profits from feudal dues
Amounts varied
Define extraordinary revenue
Not regular
Only raised in times of need by taxation
Raised in times of emergency by borrowing
What successes did Henry make with exploiting the crown lands?
Maximised his income from existing lands, and increased crown lands by 5 times amount at start of reign
How did Henry increase number of crown lands?
Act of Resumption 1486
Land attained from those declared traitors
Income from crown lands increased from ____ on death of Rich III to ____ by 1509
Income from crown lands increased from £29,000 on death of Rich III to £42,000 by 1509
How did Henry avoid antagonising the nobility over crown lands?
Did not claim all he was entitled to
Perhaps Henry’s greatest success in maximising income from the crown lands?
Duchy of Lancaster
Skilful management increased income from its lands ten-fold
Evaluation of Henry’s customs revenue success
Why?
- Only £40,000 annual average whereas Edward’s had been £70,000
Henry tried to imitate Edward’s methods but:
- Smuggling was a problem
- Trade depended heavily on relationship between European powers, which Henry had no control over
What did some claim after HEnry’s death about his profits from justice?
Sometime’s charged subjects just to fine them
How did Henry definitely exploit his profits from justice?
Example
Often punished by fines rather than imprisonment
Cornish rebels
Earl of Northumberland fined £10,000 for raping a royal ward
What was the consequence of Henry exploiting his feudal rights?
Income from feudal rights rose from under £350 in 1487 to over £6,000 in 1507
Were bonds and recognisances exploited to their full?
Yee - see other deck
Why was Henry wary about misusing extraordinary income?
Unpopularity of taxation had led to Yorkshire and Cornish rebellions
During which exceptional circumstances did HEnry VII ask for money from parliament?
For defeating Simnel 1487
Resisting Scottish invasion in support of Warbeck 1496
As a result of what did Henry never successfully tap the wealth of the country using extraordinary measures?
The sums levied were based on out-of-date assessments of wealth
They did not bring in the amounts they should have done
How much did Henry get from loans from subjects?
Why is this not really a success?
£203,000
Had to pay it all back
