Henry VII - Domestic Policy, Finance Flashcards
What does it mean to be solvent?
Solvency ensures that Henry’s income covered his expenses. Henry was the only solvent tudor king.
How did Henry VII manage finance initially?
Initially used the Exchequer but he found the system inadequate.
* Forced to take out loans
* Slow and often did not deal with cash
* Made only £11,700 in the first year
How did Henry change his management of finance?
Passed over the use of the exchequer to the chamber.
* The chamber collected revenue from Crown property, taxes and customs.
* Faster than the Exchequer
What is one problem for historians with the chamber?
The chamber did not always keep records of revenue and therefore there is no true way to find out exactly what Henry’s expenditure and income was.
How did Henry spend money on his image?
1.Violet coloured gowns.
2.1505, Lady’s Chapel and Westminster Abby was built.
What was England’s income in comparison to other countries?
- England : £115,000
- HRE : £1,100,000
- France £800,000
How did Henry spend money on his court?
Decorated buildings with the symbol of the tudor rose, Cadwalar dragon, Hawthorn Bush, Richmond Greyhound and the Beaufort Portcullis.
His court had to be lavish and impressive, it was a ‘small hall hung with handsome tapestry.’
How did Henry VII spend money on security?
In 1505 he lent £158,000 to Philip of Burgundy to finance his voyage to spain.
Also lent between £226,000 and £342,000 to Emperor Maximillian between 1505 and 1509.
These were never repayed but the money was spent on the security and relations of England.
How did Henry VII spend money on entertainment?
Enjoyed entertainment such as fools.
Gambled, e.g £5 at cards.
What were the forms of ordinary revenue?
[5]
- Custom Duties
- Crown Lands
- Feudal Dues
- Profits of Justice
- Bonds and Recognisances.
What were custom duties?
A form of ordinary revenue - tonnage and poundage.
Money that came in from tax tarrifs and so on.
Income rose from £33k to £40k after introduction.
How were the crown lands a form of revenue.
Ordinary Revenue.
Act of resumption 1486.
Money from lands resumed by crown, icnome raised from £12k in 1486 to £42k in 1508.
Estimated that the amount of cronwland was five times larger at the end of H7’s reign than in the 1450s.
How were feudal dues a form of income?
Ordinary revenue
Wards had to pay money to inherit land.
The King had right to the income from an underaged magnate’s land.
Tenants had to pay money to the king when their eldest son was knighted or their daughter married.
What are profits from justice?
OR : Profits made from people comitting crimes and paying fines.
Fines went directly to the king.
What were bonds and recognisances?
Form of Ordinary Revenue:
A person promised to pay a sum of money if they fail to carry out a promise and they formally recognise a debt.
Payments were decided by the Council Learned.
