Domestic policy: improving royal finances (2) Flashcards
Name 6 sources of royal income.
1) Crown lands
2) Profits from feudal dues and the exercise of the royal prerogative.
3) Customs revenue
4) Pensions from other powers
5) Profits of justice
6) Extraordinary revenue
What two things were assumed about Henry VII and finance?
1) He was a miserly king who begrudged throwing money away like many other contemporary rulers.
2) he had transformed the royal finances by leaving a vast amount of money to his son.
Who was the largest landowner?
Henry by far
What was a very important part of the Crown’s ordinary revenue?
The rental income from his property
At the beginning of Henry’s reign, how much had income dropped to?
About £12,000 per year.
Why had income dropped at the beginning of Henry’s reign?
Because the income from lands was collected and administrated through inefficient Court of Exchequer, which exemplifies Henry’s inexperience in financial matters.
What did Henry decide to revert to when incomes dropped and what were the results?
Henry decided to revert to Edward’s system of administration through the Chamber, where policies were formulated and decisions were made. Income from land had increased by the end of the reign to around £42,000 per year. Partly due to effective treasurers of the Chamber, such as Sir Thomas Lovell and Sir John Heron.
What were there increased profits from?
Wardship and Parliament granted a feudal aid in 1504.
What had been granted at Henry’s first parliament?
Customs revenue: tonnage and poundage.
What increase in revenue had tonnage an poundage done?
Increased from £34,000 to £38,000.
What were other sources of revenue relating to other powers?
Pensions: the Treaty of Etaples in 1492 the French agreed to pay Henry a pension of £5000 per annum.
What did profits of justice result in?
Between 1504 and 1507 a total of at least £200,000 was promised to the king, though not all was collected.
How much did Henry receive of extraordinary revenue?
Over £400,000 from extraordinary taxation.
In total how much did Henry leave in terms of jewels and cash?
Around £300,000 worth of jewels and £10,000 in cash.
