finance, society and administration Flashcards
finance policy
was disastrous. complete failure as it depleted the countries treasury as well as creating more unrest
Somerset was not a long-term planner
John Guy describes his financial policy as “his worst”
crowns revenue
£200,000 a year
not nearly enough to cover a war
war with scotland
in 1546 under Henry had depleted the treasury
Henry had resorted to raising loans from continental banks
somerset needed to introduce taxation and customs reforms but instead continued his policy of debasing- spiralling inflation more - he did not tackle it at all
debasement of the coin
inflation already bad in 1547- with bad harvests and poor state of the Antwerp market
the poor were hit hard, while the rich watched the value of their wealth be eaten away
led to a loss of confidence in the currency, which made it hard for the government to obtain credit abroad
enclosures
Enclosure Commission 1548- made him seem like ‘the good duke’
there was a real expectation amongst the poor that a reversal of enclosures would follow, which it did not and they were bitter
fear of rebellion
the nobility feared rebellion as there were problems of vagrancy and poverty in the town
riots in 1548 and in 1549 there were two rebellions
somersets rule
used letters of patent which granted him quasi-royal power
ruled almost independently- John Guy calls his type of rule “autocratic”
took control of the dry stamp
opposition to somerset
as he ruled without reference of Privy council or nobles, he was exposed to charges of arrogance and incompetence- accused of ‘evil government’ by the council
E. N Williams
“in the circumstances, efficient pragmatism would have been better than this high-minded incompetence”
A.F Pollard
traditional view- Somerset was motivated by a keen desire to help the poor
not driven by “selfish motives but the desire to achieve aims that were essentially noble”
he criticised the wealth, self-seeking men
food cost
by 1547 food was 45% more expensive than in 1540
rose another 10% by 1549
the government raised the taxes
on sheep and cloth by 5% in 1548-9, which infuriated the landowners and poor alike
vagrancy act
was truly shocking, however, none of it was ever put into effect
