Edward VI: Economic policy

Question 1

end of Somerset’s reign money

Answer 1

spent £1,356,000 on scottish war

Question 2

what tax did Somerset impose on sheep?

Answer 2

created a 1458 tax on sheep as wool trade made up 90% of englands infastucture.

however this made genty landowners who made their wealth from sheep farming angered

Question 3

how much did Somerset manage to sell off of crown lands

Answer 3

£800,000

Question 4

what economic policies did northumberland implament to reverse the awful crown finances

Answer 4

• sold chantry lands
• succsessfuly debased the coinage
• after crown lands were all sold off had to increased crown revenue by rasing custom duties

Question 5

Thomas Gresham

Answer 5

Northumberland appointed him to be in charge of financial planning

Question 6

failures of Northumberland’s economic policy

Answer 6

population continued to increase exponetially causing inflation and madd povery

repealed the 1548 sheep tax in 1550 which angered gentry landowners

Question 7

how did northumberland improve finances?

Answer 7

repealed 1548 sheep tax abd made anti ecolose legislation to aid farmers

was pragmatic and sold off boulogne back to France

sold off chantry land and reverted debasement by adding more silver in

Question 8

how did somerset damage finances?

Answer 8

• rapid infaltion whilst somerset pesued an agressive foreing policy and war against scotland in 1547 which lead to another debasement of the coinage
  economic issues fuelled 2 rebellions uner somerset

Question 9

what treaty ended the expensive and sour relationships with france and scotland

Answer 9

1550 treaty of boulogne and the 1551 treaty of horsham