EP: Henry VII and Royal finances

Question 1

Introduction

Answer 1

Introduction:

• Henry VII- “the kings my predecessors, weakening their treasure, have made themselves servants to their subjects”
• Henry did not introduce any new sources of revenue but he was undoubtedly successful in exploiting existing revenue streams
• Greatest success in increasing incomes, especially ordinary incomes

Question 2

3 paragraphs for the question “How successfully did Henry VII strengthen royal finances”

Answer 2

1. Ordinary income (Guaranteed income each year)
2. Extra-ordinary income (Taxes, donations, gifts, pensions)
3. Kings Chamber and expenditure

Question 3

Conclusion

Answer 3

Conclusion:

• Henry did improve royal finances remarkably reaching an income of around £105,000/year by the end of his reign. In doing so he increased royal authority
• Targeting of nobility also helped to consolidate his power
• BUT: He pocketed much of this and by 1509, his reign was characterized by greed, high taxes and oppressive gov.
• Also scale of his achievement is similar to that of Edward IV but traditionally this is all credited to Henry
• Nothing novel or revolutionary
• He was deeply unpopular- esp, by the end of his reign

Question 4

All of Ordinary income (Guaranteed income each year)

Answer 4

• Royal lands- He enjoyed the greatest land estate since William the Conqueror- Annual income from royal lands increased from £29,000 in 1485 to £42,000 by 1509. He gained, Yorks, Neville’s, Lancasters, Beauforts, Woodvilles lands and estates, etc.
• Gave very little away except to his uncle (Jasper), Oxford and Stanley
• Used crown commissioners to give lands higher values than they should to fully exploit their revenues
• Passed an Act of Resumption in 1485, which made any patronage awarded from 1455 redundant
• 1508, he created the Surveyor of the King’s Prerogative whose job was to go through old records to find any law that could generate income
• He exploited the judicial system and was more interested in financial reward than properly administering justice- Cornish rebels in 1497 were fined rather than hanged
• 46/62 noble families were at one time or another financially at Henry’s mercy
• Exploited customs revenue- Brought in £33,000/year in first 10 years. Increased to £40,000/year for remainder of reign

Question 5

All of Extra-ordinary income (Taxes, donations, gifts, pensions)

Answer 5

• Exploited nobility- E.g. Demanded a recognisance of £10,000 in 1485 from the Earl of Westmorland to guarantee his future loyalty- He didn’t even fight at Bosworth
• E.g. Confiscated Sir William Stanley’s assets (worth £9,000) before his execution in 1495 when they should have gone to his brother Thomas (Executed for conspiracy with Warbeck but this is likely falsified)
• Henry was granted 8 parliamentary grants during his reign- Tax was a fixed sum for the purpose of security (BUT: In 1497, every time he imposed a tax it led to rebellion)
• Henry reintroduced benevolences (a.k.a forced loans) after Richard had abolished them in 1484- Raised a sum of £48,500)- Chancellor John Morton visited leading nobles and ‘encouraged’ them to give money to Henry
• Exploited the Church- If bishoprics were vacant, Henry would gain their income (Gained £6,000/year this way)
• Like Edward IV, Henry benefited from the French pension- Brought in £160,000 during his reign
• Also sold numerous offices- E.g. Auction for the office of Speaker of the House of Commons
  BUT: Rogers: “Henry’s main aim in using bonds and recognisances was to fill his coffers”

Question 6

All of Kings Chamber and expenditure

Answer 6

• For first 10 years of his reign, he was a novice at financing and most went through the Exchequer in the traditional way
• From 1495, he increased the role of the King’s Chamber. (It received £27,000/year between 1489-95 and £105,000/year between 1502-09)
• It collected almost everything, bar tax
• Had 1000s of people working there, all loyal to Henry as they had been ‘made’ by him (So-called ‘New Men’)
• New Men included: Sir Thomas Lovell, Sir John Heron and most notably Sir Reginald Bray as Treasurer and Chancellor of the Duchy of Lancaster
• Bebulcho: “Bray controls the King’s treasure”
• King’s chamber was located wherever the King was in residence, effectively his financial department
  BUT: His expenditure was horrendous
• Maintained a lavish and opulent court
• Built Richmond Palace for £20,000 and Greenwich Palace
• Post-1491, Henry spent roughly £300,000 on plates and jewels
• Fortunate French refund him after the invasion in 1492 (potential rebellion)
• He spent £342,000 on attempting to gain support of Philip of Burgundy

Question 7

Quote from Henry VII

Answer 7

• Henry VII- “the kings my predecessors, weakening their treasure, have made themselves servants to their subjects”

Question 8

Quote on Extra-ordinary income

Answer 8

• Rogers: “Henry’s main aim in using bonds and recognisances was to fill his coffers”

Question 9

Quote on King’s Chamber

Answer 9

• Bebulcho: “Bray controls the King’s treasure”

Question 10

What was Henry’s income per year by the end of his reign

Answer 10

• Henry did improve royal finances remarkably reaching an income of around £105,000/year by the end of his reign. In doing so he increased royal authority

Question 11

Overview of areas he exploited for Ordinary income

Answer 11

• Royal lands
• Use of Crown commisioners
• Act of Resumption in 1485
• Surveyor of the King’s Prerogative in 1508
• Exploitation of Judicial system
• Exploitation of Customs revenue
• 46/62 noble families were at one time or another financially at Henry’s mercy

Question 12

How did he exploit crown lands and use of Crown commisioners

Answer 12

• Royal lands- He enjoyed the greatest land estate since William the Conqueror- Annual income from royal lands increased from £29,000 in 1485 to £42,000 by 1509. He gained, Yorks, Neville’s, Lancasters, Beauforts, Woodvilles lands and estates, etc.
• Gave very little away except to his uncle (Jasper), Oxford and Stanley
• Used crown commissioners to give lands higher values than they should to fully exploit their revenues

Question 13

Act of Resumption

Answer 13

• Passed an Act of Resumption in 1485, which made any patronage awarded from 1455 redundant

Question 14

Surveyor of the King’s Prerogative

Answer 14

• 1508, he created the Surveyor of the King’s Prerogative whose job was to go through old records to find any law that could generate income

Question 15

How did he exploit the judicial system and give an example

Answer 15

• He exploited the judicial system and was more interested in financial reward than properly administering justice- Cornish rebels in 1497 were fined rather than hanged

Question 16

How many noble families were at one time or another financially at Henry’s mercy

Answer 16

46 out of 62

Question 17

How did he exploit customs revenue

Answer 17

• Exploited customs revenue- Brought in £33,000/year in first 10 years. Increased to £40,000/year for remainder of reign

Question 18

Overview of Henry’s extra-ordinary revenue

Answer 18

• Exploitation of Nobility
• Use of recognisances
• 8 parliamentary grants
• Use of benevolences
• Exploitation of the Church
• French Pension
• Selling of numerous offices

Question 19

Give 2 examples of Henry exploiting the nobility

Answer 19

• E.g. Demanded a recognisance of £10,000 in 1485 from the Earl of Westmorland to guarantee his future loyalty- He didn’t even fight at Bosworth
• E.g. Confiscated Sir William Stanley’s assets (worth £9,000) before his execution in 1495 when they should have gone to his brother Thomas

Question 20

Purpose and drawbacks of Parliamentary grants

Answer 20

• Henry was granted 8 parliamentary grants during his reign- Tax was a fixed sum for the purpose of security (BUT: In 1497, every time he imposed a tax it led to rebellion)

Question 21

Henry’s use of benevolences

Answer 21

• Henry reintroduced benevolences (a.k.a forced loans) after Richard had abolished them in 1484- Raised a sum of £48,500)- Chancellor John Morton visited leading nobles and ‘encouraged’ them to give money to Henry

Question 22

How did he exploit the Church

Answer 22

• Exploited the Church- If bishoprics were vacant, Henry would gain their income (Gained £6,000/year this way)

Question 23

How much did the French Pension bring in

Answer 23

• Like Edward IV, Henry benefited from the French pension- Brought in £160,000 during his reign

Question 24

Give an example of an office he sold

Answer 24

• E.g. Auction for the office of Speaker of the House of Commons

Question 25

Financing in the first 10 years of his reign

Answer 25

• For first 10 years of his reign, he was a novice at financing and most went through the Exchequer in the traditional way

Question 26

Role of the King’s Chamber and New Men

Answer 26

• From 1495, he increased the role of the King’s Chamber. (It received £27,000/year between 1489-95 and £105,000/year between 1502-09)
• It collected almost everything, bar tax
• Had 1000s of people working there, all loyal to Henry as they had been ‘made’ by him (So-called ‘New Men’)
• New Men included: Sir Thomas Lovell, Sir John Heron and most notably Sir Reginald Bray as Treasurer and Chancellor of the Duchy of Lancaster
• Bebulcho: “Bray controls the King’s treasure”
• King’s chamber was located wherever the King was in residence, effectively his financial department

Question 27

Henry’s problem of expenditure

Answer 27

BUT: His expenditure was horrendous

• Maintained a lavish and opulent court
• Built Richmond Palace for £20,000 and Greenwich Palace
• Post-1491, Henry spent roughly £300,000 on plates and jewels
• Fortunate French refund him after the invasion in 1492 (potential rebellion)
• He spent £342,000 on attempting to gain support of Philip of Burgundy