HENRY VII: FINANCIAL POLICY Flashcards
What act was passed to reclaim all crown lands? include year.
Act of Resumption, 1486.
How could you describe Henry VII’s financial policy?
Cautious and Realistic.
What were clerical taxes?
Special taxes which the King could levy on the Church.
What is ordinary revenue?
Regular income on which the Crown could rely to finance monarchial costs.
What are the four main types of ordinary revenue?
- Crown lands.
- Custom duties.
- Feudal dues.
- Profits of Justice.
What are Acts of Resumption? Give an example of a crown land brought in by an act of resumption.
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.
How much was raised through custom duties? How did they impact finances?
Provided a third of the Crown’s ordinary revenue.
Brought in around £33,000 yearly for the first 10 years.
What are feudal dues?
Proceeds from wardship and marriage. Small amount.
What are profits of justice? Give an example of an individual who had to pay profits of justice.
Legal fines that made a significant contribution to Henry’s income.
E.g. Sir William Stanley.
How many attainders were passed by Henry VII?
138
What is extraordinary revenue?
Money which came to the Crown on particular occasions and therefore with no regularity.
What were the main six sources of extraordinary revenue during Henry VII’s reign?
- Parliamentary grants.
- Loans and benevolences.
- Clerical taxes.
- Feudal obligations.
- French pension.
- Bonds and recognisances.
What are parliamentary grants?
Special grants accumulated through taxes to finance royal policies.
What are loans and benevolences? Give an example.
The King’s right to appeal to his landholding subjects for financial support.
E.g. 1491, forced loan, protecting Brittany, raised £48,500.
What are clerical taxes? Give an example.
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.
What are feudal obligations?
As chief feudal lord, the king had the right to demand feudal aid on special occasions, such as knighting of an eldest son.
What is the French Pension?
Part of the 1492 Treaty of Étaples. France paid Henry annual amounts of about £5000.
What are bonds and recognisances?
Bonds = written obligations. Recognisances = formal acknowledgements of actual debts.
What are the two financial institutions?
Exchequer
Chamber
What did bonds and recognisances practice?
The practice of subjects paying a sum of money to the Crown as a guarantee of their future good behaviour.
How much was Henry’s annual income?
£113,000 per year.
What were the Council Learned in charge of?
Enforcing bonds and recognisances.
What was the issue with the council learned?
Operated without a jury. One of the most detested but important of Henry’s institutions.
Why did custom duties drop? How much did they drop to?
Dropped to £40,000. Due to smuggling and international trade relations.
How much was the income of feudal dues risen to?
From £350 in 1487 to £6000 by 1507.
Who led the Council Learned?
Empson and Dudley.
What were the annual incomes of the Holy Roman Emperor and the King of France?
HRE: £1,100,000
France: £800,000
How much did Henry receive in the first year of his reign? How much had Richard III received?
Henry: £11,700
Richard: £25,000
What did the chamber system allow Henry to do? Who did it give positions to?
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.
How much did Henry receive from vacant bishoprics?
£6,000.
What did Henry do with bishoprics to receive financial gain?
Purposefully left them vacant.
What was the issue with the Exchequer system?
Slow, and had advisors who were externally in control of the finances.
What was the overall result of Henry VII’s financial policy?
Did give him security, however, whether he himself felt this was another matter.
