Economy fc

Question 1

3 ways in which henry strengthened royal finances

Answer 1

→ re organise financial administration
→ exploiting sources of ordinary revenue
→ increase income from extraordinary revenue

Question 2

Ordinary revenue –

Answer 2

income in every year e.g. rents from land

Question 3

Extra - ordinary revenue –

Answer 3

comes temporarily e.g. tax for war

Question 4

Problems w/ Exchequer: ( slow + external)

Answer 4

• too many ppl (corruption)

- audits = slow - crown w/o money

Question 5

why chamber system was better

Answer 5

-Henry in charge - signature every page

Question 6

state of henrys finances at beginning of reign - estates had

–> compare to richards reign

Answer 6

• ‘fallen into decay’
• -> Richard III = £25,000 / annum
• -> 1486 £12,000

Question 7

key figure in restructuring revenue system

Answer 7

sir Reginald bray

Question 8

two treasurers of the chamber

Answer 8

-sir Thomas lovell then sir John heron

Question 9

ORDINARY
success - crown lands
-increased from?

Answer 9

• attainders + escheats (no heir land goes to king)

- £29,000 to £42,000

Question 10

counter argument to success of ordinary revenue

–> CUSTOM DUTIES

Answer 10

-only £33,000 to £40,000

as smuggling + fragile foreign relations in trade

Question 11

Extraordinary success

-bonds and recognisances

Answer 11

-reciepts bonds rose from £3000 1493–> £35,000 1505

Question 12

the counter argument for the success of bonds and recognisances

Answer 12

• council learned of law - efficient but brutal
• -> 46/62 noble families at henrys financial mercy
• -> however financially it did ultimately benefit Henry despite being morally skewed and perhaps drawing down support (but bred society of desparity in which ppl had to gain henrys support)

Question 13

How serious was the opposition to Henry’s foreign policy ?

Answer 13

• rebellions - Yorkshire + cornwall
• bonds + recognisancesw/ council learned
• henry’s controls + surveillances

Question 14

what were henrys controls over nobility

Answer 14

• spies in every house report back to Henry + his advisors + punsihments distributed
• decreases ‘seriousness’ of opposition

Question 15

counter argument fro threat from nobles not as a serious due to Henry’s surveillances ( what did custom duties rise to?

Answer 15

• revenue from customs duties only rose from £33,000 to £40,000
• due to smuggling in trade nobles operating behind henry’s back despite harsh measures

Question 16

thesis - financial policy seriousness of opposition

Answer 16

-overall not serious when considered in relation to Henry’s surveillance - rebels organized rebellions but not enough influence. Tight restriction on nobles = plans could never be executed

Question 17

evidence for ordinary revenue crown lands

duchy of Lancaster increased

Answer 17

income tenfold after 1486 act of resumption restoring crown lands