Chapter 1 - Finance

Question 1

Crown lands and Wardships
Incomes and Expenditures

(Ordinary income)

Answer 1

Beginning of Elizabeth’s reign - £66,000+
End of Elizabeth’s reign - £88,000+
Wardship income - £20,000~
Total land revenue (end of reign) - almost £110,000

Question 2

Compared to Henry VII

Ordinary income

Answer 2

Adjusting for inflation Elizabeth was doing worse off than Henry VII
Her income was declining, she needed to be making £168,000+ just to keep up with increasing costs

Question 3

Income from Customs

Ordinary income

Answer 3

New book of rates increased income to £80,000~
At peak went up to £120,000~
At end of reign customs revenue settled at £100,000~

Question 3

Compared to Henry VII (Customs)

Ordinary income

Answer 3

Henry VII’s total ordinary income - £113,000
Adjusted for 16th century inflation - £450,000

Elizabeth’s total ordinary income - £300,000~