Henry VII and Finance Flashcards
What was Henry’s annual income estimated at?
£113,000
Who controlled Henry’s finance?
Henry moved all Crown Finance from the Exchequer to the Chamber where he could personally oversee it
Why did Henry move finance from the Exchequer?
It was corrupt and slow and unefficient
How did Henry increase Ordinary Revenue?
Feudal dues
Customs duties
What was Henry’s income from wardship in 1487 and what had it risen to in 1507?
1487: £350
1507: £6,000 per year
What were Feudal Dues?
Traditional rights held by the Crown to demand money
Wardship, Marriage, Livery, Relief
What were Customs Duties?
Paid on goods entering or leaving the country.
Money came mainly from tunnage (taxes on exports) and poundage (taxes on imports)
What was the Book of Rates and what did Henry do to it?
Set out the charges on imports and exports of a wide range of items
Henry updated it twice
How much was Customs Duties at the start of the Henry’s reign and at the end?
£33,000 at the start of his reign
£40,000 at the end of his reign
Was Henry financially greedy?
Yes (perhaps this was because of security rather than PERSONAl greed)
How could Henry be seen as financially greedy?
Personally oversees finance
Controls Crown Land (not prepared to give away)
Treasury in surplus
Unprepared to spend on war
Financially punishes rather than physically punishes nobles
