Economic Issues Flashcards
economic issues under Somerset
There were several economic factors which helped bring discontent during Somerset’s rule :
Inflation
Enclosure and harvest failure
Taxation
enclosure - somerset
Enclosure refers to the illegal fencing off of land which stopped others from using the land for their economic needs. Somerset was anti-enclosure and saw it as the main cause of social and economic problems in the country. Somerset, therefore like Wolsey before him agreed to set up a commission to investigate the problem. Little was achieved apart from rising the expectations of the poor and annoying landowners, though the rate of enclosure did slow down. - failed - ketts
inflation - somerset
The rate of inflation had been increasing rapidly during the later stages of Henry VIII’s reign, due to debasement - this led to a reduction in wages. These problems grew worse under Somerset who continued Henry’s policy of debasing the coinage to finance the war against Scotland although this raised £537,000, it heightened the inflationary pressures and added to the social distress of many at the time. There was a rise in food prices such as bread, meat and cheese, which was made worse by the rising population - 3M by 1550 as there was greater demand for food. A poor harvest in 1548 reinforced inflationary pressures even more.
how much did Somerset raise for war with Scotland
£537,000
Taxation - Somerset
Somerset had to raise money for a war with Scotland and this was mainly achieved by crown lands sales and borrowing which added to the long-term problems of crown finances
what was the main cause of increased enclosure
The main cause was the profits that could be gained by converting land from arable to pasture to graze sheep, these would provide wool and cloth for the export market.
what did somerset do to deter enclosure and people using arable pasture to graze sheep
Somerset introduced a tax on sheep to deter the process and enclosure, he introduced a 5% tax on personal property and a tax on sheep in 1549 which led to financial pressure on small farmers who relied on sheep
when did somerset introduce the sheep tax
1549
what act did Somerset pass to deal with the poor and when
He passed the vagrancy act in 1547
what was a vagrant
A vagrant is a person without a settled home or regular work who wanders from place to place
what did the Vagrancy act do
People who were out of work for 3 days were to be branded with a V and sold into slavery for two years. It made local officials find accommodation for old and maimed people. It was an unpopular act which never came into full force and was seen as an action by the government to reduce the number of poor to reduce fears of disorder
arguments that somerset was the good duke
The reputation of the Good Duke rested on his apparent desire to help those who had suffered from the consequences of the enclosure of land. He established a court of requests at his own London house to hear the cases of poor people and refused to allow anyone to be tortured or burned. He had a progressive social policy, wanted to abolish enclosures and criticized wealthy men.
key economic issues facing N
Population and inflation still rising
The collapse of Antwerp cloth market, which led to unemployment among textile workers
Grain prices rose, worsened by harvest failures in the early 1550s
Northumberland’s plan with finances
Northumberland wanted to get the crown’s finances back on course and he was aided by William Paulet, Marquis of Winchester- who was appointed Lord Treasure and cecil His plans were threefold
- End debasement
- Reduce expenditure so that it matched income.
- Get out of debt.
problems facing N’s financial policy
Revenue remained a serious problem. The government was bankrupt in 1549 as Somerset had spent £1,356,000 on the war and sold crown lands worth £800,000.
