Economic Development Flashcards
What was ordinary revenue?
Money that came in regularly that he can rely on
Name 3 example of ordinary revenue
Crown lands
Feudal Dues
Custom duties
Legal dues
What were crown lands?
Held by king by inheritance. He took back land via Act of Resumption and attainders
How did the worth of Crown lands increase from Ed4s reign to H7?
Ed4 - £15,000pa
1509- £42,000pa
What were feudal dues?
Wardships (land gained from minors)
Relief
Marriage of heirs and heiresses
What was the difference in wealth gain from wardships and marriages from 1487 to 1507?
1487= < £350pa 1507= >£6,000pa
What were custom duties ?
Taxes on exports on wool
Tonnage on wine
Poundage on other goods
example of increase in custom duties?
1485- £33,000pa
1495- £40,000pa
What was extraordinary revenue?
money in addition to ordinary revenue that came in on one-off occasions
Give 4 examples of Extraordinary revenue
Bonds and recogs
Loans and benevolences
Feudal dues
Clerical taxes
Evidence of Increase in bonds and recogs
1493- £3,000
1505= £35,000
What were loans and benevolences ?
Benevolences- Forced loans that were not repaid
Between 1485-1509 how much money was taken as benevolences?
£203,000.
Example of an extraordinary revenue feudal due
knighting of Arthur - £30,000
What were Clerical taxes?
Money given to the crown from the church
How much did the clergy give in 1489 for the war against france?
£25,000
what was Bishop Mortons rationale (Mortons Fork)?
Form of unfair taxation- taxed people heavily for wealth and if the wealth wasnt found you were to be taxed anyway for ‘hiding’ it
How much was henry’s income a year?
£113,000
Name 3 ways in which henry was careful with money
He avoided wars at all costs
He didnt spend money in land form for rewarding allies
He recovered lots of land after being crowned
Name 3 examples of henry being careless with money
From 1491-1505 King spent between £200,000 to £300,000 in jewels and plates
Gambling - in 1492 he lost £40 during a game of cards
May 1491, paid £3,800 for cloth
How much did Henry have to pay to deal with the Cornish revolt and Perkin Warbcek?
£13,155
What was the ‘New’ Chamber?
Financial system that allowed Henry to exert more personal control over finances
Who were the treasurers of the Chamber?
Sir Thomas Lovell and Sir John Heron
What was the role of the Exchequer?
To receive and pay out money and to inspect accounts
