Economy (1471-1483) Flashcards
How much did Crown revenues increase by the end of Edward IV’s reign? How did this compare to Henry VI’s Crown revenue?
To between £60,000 to £70,000 - which was more than Henry VI
How did Edward IV streamline the finances of the Crown.
Using chamber finance - by
collecting and storing revenues in the Chamber rather than the Exchequer the Crown (i.e. Edward) had much greater control and access to funds. It meant the bills and debts of the royal household were always met and the money never ran out for the
Crown in these years.
Edward slashed the royal household’s wage bill while also reducing allowances for food and fuel. This was known as what?
This was known for enabling Edward to ‘live of his own’ – a phrase which means the king should meet his own household finances without resorting to taxation or any financial impositions on his subjects. Politically, this was important in placating the
common weal.
When and how much was Edward French pension?
Edward received a French pension of £10,000 pa from 1475 (agreed in the Treaty of Picquigny).
What was the French pension good for?
This was important in Edward being able to ‘live of his own.’ It was also
used to help pay off Crown debts (along with income from Clarence’s forfeited estates).
During the 1470s which country did England commonly trade with?
Italy
What did the treaties with France (1475) and Burgundy (1478) do for the English economy?
Eased trading restrictions and
allowed important trades of cloth and wine to expand.
In Spring 1478 what was established? What was the outcome of this?
Free trade agreements with France led to exports surging to double
the recession years of the 1460s.
By the late 1470s the worst of … was over
The Great Slump
Between 1479 and 1482
the rise in annual imports and exports meant what?
The customs duties being paid were
three times higher than the level they had fallen to between 1456 and 1471.
Early in the reign Edward’s customs revenue was about … pa; towards the end it was …
£24,000
£34,000
The prices of key commodities such as …, …., ….., and, …. had all
recovered. … and …. production increased. Clearly, this recovery in trade consequently led to a significant rise in customs revenue.
Wool
Cloth
Wheat
Barley
Tin and Lead
What new role was created? What did they do?
Royal surveyors of custom duties in ports. Their job was to crack down on the evasion of customs duties and also the bribery of customs and port officials.
There was an increase in what kind of land? Why? Example?
Royal demense land (Crown owned land). Due to the resumptions and forfeiture of land throughout the past years. (Such as York and Warwick’s lands).
What happened to the lands?
All of it was granted out as patronage except for Clarences which was taken as land of the Crown in 1478.
What eventually happened to Clarence’s lands?
They were granted to his son Edward, Earl of Warwick.
What were benevolences?
Forced loans or gifts, but if they were loans they were never likely to
be repaid.
When were benevolences used and why?
1473-74 which raised money for the French campaign of 1475. There was another round in 1481. they were so unpopular that RIII abolished them in 1484.
The new justice system through the New Monarchy system affected the economy - How?
People who were guilty now made to pay fines which went to the Crown.
Between 1471 and 1509 what happened to boost Crown finances?
Between 1471 and 1509 there was a general rise in the price of rental income from land. This boosted Crown finances
Edward was a bit cheeky with taxes.. explain?
In 1464 he kept a tax that had been levied on behalf of Pope Pius II and was meant to fund a crusade. The tax for the French war (1475) was granted reluctantly by Parliament and was conditional on Edward actually going to war with France.
Edward spent heavily on his court - give examples.
£240 to source the finest Flemish
illuminated manuscripts; £3,000 bid (which failed) for a diamond and ruby
ornament; lavish clothing; fine collection of books. People thought he was greedy.
By 1483 Edward needed ………. and was struggling to match income to
expenses on a weekly basis.
Parliamentary taxes
Edward’s … was good and so he could ….. money
Financial credit
Borrow
Why was there not enough money for Edward IV’s funeral?
War with Scotland
How did the economic policies of Edward IV affect England?
There were less people impoverished and overall people were more content with the English economy.
