Edward VI: Economy under Somerset

Question 1

What 3 problems plagued Somersets economy

Answer 1

Inflationary Pressures

Agrarian issues

Taxation

Question 2

Inflationary pressures

Answer 2

The rate of inflation had been rapidly increasing since Henry VIII. Population was rising

Debasement of the coinage destroyed the economy

Somerset continued to debase, funding £500,000 for Scottish war in 1547

Question 3

Agrarian issues

Answer 3

Harvest failure of 1548

Setup an enclosure commission in 1548, annoyed landowners and brought false hope to the peasants because nothing was done.

Conversion of arable to pastural land created enclosure.

Norfolk Foldcourse system - gave landowners the right to enclose land.

Question 4

Taxation

Answer 4

1548 Sheep tax - Created massive financial pressures on the Peasants.

The rate of enclosure was slowing down - wrong response and was counterproductive