Economic Development Edward + Mary

Question 1

What was the economy like under Seymour and what economic policies did he make?

Answer 1

• Discontent grew because of taxation, inflation and bad harvests
• He raised 580,000 through taxes to go to war with Scotland 1547-49 and poor harvest in 1548 lead to higher inflation
• He debased the coinage raising 500,000 but again worsened inflation
• He also sold land gained from the dissolution of the chantries to fund war with Scotland lowering royal income

Question 2

What was the economy like under Dudley?

Answer 2

• Ended war with Scotland which had costed 580,000
• Poorer harvests in early 1550s
• Statue of Merton in 1550 allowed lords to enclose land at their own discretion
• Pension from France of 133.333 for giving back Boulogne

Question 3

How did the economy change under Mary?

Answer 3

• Revenue administration – created the court of exchequer to control monsters land and clergy tax
• Royal Finances – sold 5,000 worth of crown lands + another 8,000, Acts of attainder on executed nobles land brought her 20,000 a year
• Poor relief – due to bad harvests, illness and taxation. She brought in the poor act 1555 which raised money for those in need.