HENRY VII: FINANCIAL POLICY

Question 1

What act was passed to reclaim all crown lands? include year.

Answer 1

Act of Resumption, 1486.

Question 2

How could you describe Henry VII’s financial policy?

Answer 2

Cautious and Realistic.

Question 3

What were clerical taxes?

Answer 3

Special taxes which the King could levy on the Church.

Question 4

What is ordinary revenue?

Answer 4

Regular income on which the Crown could rely to finance monarchial costs.

Question 5

What are the four main types of ordinary revenue?

Answer 5

• Crown lands.
• Custom duties.
• Feudal dues.
• Profits of Justice.

Question 6

What are Acts of Resumption? Give an example of a crown land brought in by an act of resumption.

Answer 6

Act of Resumption meant the Crown recovered all properties granted away since 1455.
E.g. Dutchy of Lancaster by 1509 brought in nearly £7000 under Sir Reginald Bray.

Question 7

How much was raised through custom duties? How did they impact finances?

Answer 7

Provided a third of the Crown’s ordinary revenue.

Brought in around £33,000 yearly for the first 10 years.

Question 8

What are feudal dues?

Answer 8

Proceeds from wardship and marriage. Small amount.

Question 9

What are profits of justice? Give an example of an individual who had to pay profits of justice.

Answer 9

Legal fines that made a significant contribution to Henry’s income.
E.g. Sir William Stanley.

Question 10

How many attainders were passed by Henry VII?

Answer 10

138

Question 11

What is extraordinary revenue?

Answer 11

Money which came to the Crown on particular occasions and therefore with no regularity.

Question 12

What were the main six sources of extraordinary revenue during Henry VII’s reign?

Answer 12

• Parliamentary grants.
• Loans and benevolences.
• Clerical taxes.
• Feudal obligations.
• French pension.
• Bonds and recognisances.

Question 13

What are parliamentary grants?

Answer 13

Special grants accumulated through taxes to finance royal policies.

Question 14

What are loans and benevolences? Give an example.

Answer 14

The King’s right to appeal to his landholding subjects for financial support.
E.g. 1491, forced loan, protecting Brittany, raised £48,500.

Question 15

What are clerical taxes? Give an example.

Answer 15

Usually when Parliament made a grant, the Convocations followed suit with their own contributions.
E.g. put £25,000 toward the cost of the French War.

Question 16

What are feudal obligations?

Answer 16

As chief feudal lord, the king had the right to demand feudal aid on special occasions, such as knighting of an eldest son.

Question 17

What is the French Pension?

Answer 17

Part of the 1492 Treaty of Étaples. France paid Henry annual amounts of about £5000.

Question 18

What are bonds and recognisances?

Answer 18

Bonds = written obligations.
Recognisances = formal acknowledgements of actual debts.

Question 19

What are the two financial institutions?

Answer 19

Exchequer

Chamber

Question 20

What did bonds and recognisances practice?

Answer 20

The practice of subjects paying a sum of money to the Crown as a guarantee of their future good behaviour.

Question 21

How much was Henry’s annual income?

Answer 21

£113,000 per year.

Question 22

What were the Council Learned in charge of?

Answer 22

Enforcing bonds and recognisances.

Question 23

What was the issue with the council learned?

Answer 23

Operated without a jury. One of the most detested but important of Henry’s institutions.

Question 24

Why did custom duties drop? How much did they drop to?

Answer 24

Dropped to £40,000. Due to smuggling and international trade relations.

Question 25

How much was the income of feudal dues risen to?

Answer 25

From £350 in 1487 to £6000 by 1507.

Question 26

Who led the Council Learned?

Answer 26

Empson and Dudley.

Question 27

What were the annual incomes of the Holy Roman Emperor and the King of France?

Answer 27

HRE: £1,100,000
France: £800,000

Question 28

How much did Henry receive in the first year of his reign? How much had Richard III received?

Answer 28

Henry: £11,700
Richard: £25,000

Question 29

What did the chamber system allow Henry to do? Who did it give positions to?

Answer 29

Oversee and have a tighter control on his income.

Gave positions to his closest advisors who were not nobility e.g. Sir Lovell and Sir Heron.

Question 30

How much did Henry receive from vacant bishoprics?

Answer 30

£6,000.

Question 31

What did Henry do with bishoprics to receive financial gain?

Answer 31

Purposefully left them vacant.

Question 32

What was the issue with the Exchequer system?

Answer 32

Slow, and had advisors who were externally in control of the finances.

Question 33

What was the overall result of Henry VII’s financial policy?

Answer 33

Did give him security, however, whether he himself felt this was another matter.