AS FP1, HVII's government : Royal Finances Flashcards
How did Henry initially administrate his finances?
He disregarded the chamber and focused on the exchequer as his main form of administration.
In 1486 how much had revenues fallen to due to Henry’s intense focus on his security as opposed to finance?
By 1486 revenues had fallen from £25,000 per annum in Richard III’s reign, to just £12,000
What were the faults of the Exchequer system?
The exchequer was slow and cumbersome, outstanding sums often taking years to collect and audits being equally behind time.
After 1487 how did Henry VII conduct finances?
He made the chamber his main form of administration handling most forms of income, leaving the Exchequer to handle things such as custom duties and accounts of the sherrifs.
By the late 1490s how much money did Henry VIII earn in excess per annum?
By 1494 Henry was getting an annual turnover well in excess of £100,000.
What did the chamber deal with?
Transfer of all revenue from crown lands, profits of justice, feudal dues and the french pension.
What emerged in importance due to the chamber’s increased influence?
The privy chamber.
Who was the head of the financial system, which figures held this role?
The theoretical head of the financial system was the Treasurer of England, it was held by Sir Thomas Lovell (1485-92) and Sir John Heron (1492-1521).
What was the main advantage of the chamber system?
It gave the king much closer control over his finances, Henry worked alongside both men, checking the accounts himself and leaving his signature as proof at the end of each page.
Who was the treasurer of the chamber?
Sir Reginald Bray
What was ‘Ordinary Revenue’?
Ordinary revenue was the revenue that came into the crown every year in fluxtuating amounts.
What was ‘extraordinary revenue’?
Extraordinary revenue was revenue that the king could raise in times of need, derived from the subject’s obligation to help the king.
Ordinary Revenue
What was the Act of Resumption and when was it passed?
1486, the Act of Resumption recovered all properties for the crown that had been granted away since 1455.
Ordinary Revenue
Give specific evidence of the crownlands.
- The Earldoms of Richmond, March and Warwick, the Duchy of Lancaster
Ordinary Revenue
How did Henry gain crownlands?
Through Attainders or through escheats - men dying without heirs and their lands passing to Henry.
