Henry VII - finances

Question 1

To what extent did Henry change financial administration?

Answer 1

Used the chamber system, so it had the central role of managing:
-Crown lands
-Feudal dues
-profits from Justice
-French Pension.
King’s privy chamber also had changes: increased importance for Treasurer of the chamber and gentlemen of the bedchamber.

Question 2

What was Ordinary revenue?

Answer 2

Crown Lands:
-Increased amount of land held with 1486 Act of Resumption - £29,000 - £42,000
Customs duties:
-Income on trade depended on relationships between European powers. Dropped to £40,000.
Justice:
-some said Henry charged with crimes merely to fine them.
-Earl of Northumberland fined £10,000 for raping a royal ward
Feudal dues:
-Wardship, marriage, livery and relief.
Bonds and recognisances also.

Question 3

What was Extraordinary revenue?

Answer 3

Parliamentary taxation:
-Unpopular(Yorkshire and Cornish rebellion)
-only in exceptional circumstances, never fully tapped wealth of the country.
Loans:
-Wealthy subjects gave loans but he had to repay them.
-Benevolences = forced loans as a sign of support, would provoke resentment if used too often.
Church:
-1489 - £25,000 in expedition to France
-Sold church offices and claimed Bishoprics - £6000 p/y
Feudal aid:
-Crowning of Prince Arthur
-Marriage of daughter to James IV of Scotland
French pension

Question 4

Financial situation at the end of his reign?

Answer 4

Accused of being greedy

Maintained a lavish court to create an image of power

Nobility alienated - challenge his power?

Risen to £113,000