Finance and Economy

Question 1

How did HVII improve management of finances?

Answer 1

He made it more centralised in the chambers, allowing him to keep a closer eye on it, and expanded the Royal Council into smaller councils (Star Chamber and Council Learned in Law) that made it more efficient.

Question 2

What did HVII avoid spending money on?

Answer 2

Foreign wars

Question 3

What were HVII’s sources of income?

Answer 3

Crown lands,Feudal dues, Customs duties, Legal dues, bonds, clerical taxes and parliamentary taxes

Question 4

How did HVII use the Crown lands?

Answer 4

He used the 1486 Act of Resumption to take land away from those who fought against him, sometimes holding it above their heads to maintain control, refrained from giving it away to maximise his control and profits.

Question 5

How and by how much did HVII improve income from feudal dues?

Answer 5

1487: £350
1507: £6,000
Appointed Surveyor of the King’s Wards to collect owed wardship money

Question 6

How many times did HVII change the Book of Rates?

Answer 6

2 times

Question 7

By how much did HVII increase customs duties?

Answer 7

£33,000 to £40,000

Question 8

How is William Stanley an example of HVII’s use of legal dues?

Answer 8

His attainder in 1495 made him pay £9,000 and then £1,000 a year after that.