EP: Henry VII and Royal finances Flashcards
1
Q
Introduction
A
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
2
Q
3 paragraphs for the question “How successfully did Henry VII strengthen royal finances”
A
- Ordinary income (Guaranteed income each year)
- Extra-ordinary income (Taxes, donations, gifts, pensions)
- Kings Chamber and expenditure
3
Q
Conclusion
A
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
4
Q
All of Ordinary income (Guaranteed income each year)
A
- 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
5
Q
All of Extra-ordinary income (Taxes, donations, gifts, pensions)
A
- 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”
6
Q
All of Kings Chamber and expenditure
A
- 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
7
Q
Quote from Henry VII
A
- Henry VII- “the kings my predecessors, weakening their treasure, have made themselves servants to their subjects”
8
Q
Quote on Extra-ordinary income
A
- Rogers: “Henry’s main aim in using bonds and recognisances was to fill his coffers”
9
Q
Quote on King’s Chamber
A
- Bebulcho: “Bray controls the King’s treasure”
10
Q
What was Henry’s income per year by the end of his reign
A
- 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
11
Q
Overview of areas he exploited for Ordinary income
A
- 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
12
Q
How did he exploit crown lands and use of Crown commisioners
A
- 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
13
Q
Act of Resumption
A
- Passed an Act of Resumption in 1485, which made any patronage awarded from 1455 redundant
14
Q
Surveyor of the King’s Prerogative
A
- 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
15
Q
How did he exploit the judicial system and give an example
A
- 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
