Economic changes

Question 1

Which 3 interconnected factors helped bring economic discontent during Somerset’s rule?

Answer 1

1. Inflation
2. Agrarian issues - enclosure and harvest failure
3. Taxation

Question 2

What happened to inflation under Somerset and explain why?

Answer 2

• Rate of inflation had been increasing rapidly during H8 reign -> marked reduction in real wages for many
• Problems grew worse under Somerset as he continued to debase the coinage to finance war against Scot and so inflation grew
• This added to social distress many were feeling
• Poor harvest 1548 reinforced high inflation

Question 3

How did Somerset approach enclosure?

Answer 3

• serious political issue
• Somerset thought enclosure was the cause of soc/eco problems therefore he set up a commission to investigate and issued a proclamation against enclosure
• Enclosure commissioners achieved little except to raise the expectations of the poor and annoy landowners.

Question 4

Why did taxation cause “great discontent”?

Answer 4

• Money had to be raised to pay for the Scot war - mostly financed by land sales and borrowing which added to long term problems of crown finances

Question 5

Explain how a ‘failed social experiment’ caused short term problems?

Answer 5

• Main reason for enclosure was perceived to be increased profits from converting arable farming to pasture for sheep thereby providing wool and cloth for exports
• So to deter enclosure Somerset introduced a sheep tax
• However its main effect was to put huge financial pressure on small farmers in upland areas who had no choice but to rely on sheep for subsistence

Question 6

How did N’land achieve a measure of stability in national finances?

Answer 6

1. Brought an end to wars with Fr + Scot which
   a) reduced crown expenditures significantly
   b) brought in £133,333 as Fr payment for the return of Boulogne
2. Did not continue to debase coinage

Question 7

Give details on improvements to crown income?

Answer 7

• Increased revenue from Church e.g. melting down Church plate (objects made of precious metal) for bullion (gold or silver)
• Made plans for streamlining of financial administration

Question 8

What were other pressing soc/eco problems in addition to finance?

Answer 8

• Population increase putting pressure on food supplies and prices
• Poor harvests made grain prices rise rapidly
• Unrest after popular uprisings 1549
• Cloth trade with Netherlands, important to textile workers. Sudden drop in exports 1551 -> increased unemployment in East Anglia